Answer:
D) $40,000
Explanation:
The Joneses qualify for a Section 121 exemption since they lived at their house for 20 years. They are exempted from paying capital gains taxes on the first $500,000 ($250,000 if single) in realized gains from selling their home.
Joneses taxable gain = $750,000 (sales price) - $210,000 (basis) - $500,000 (section 121) = $40,000
They will have to recognize only $40,000 in gains.
Individuals who wait until they turn 65 to apply for medicare will cause a delay in the start of part b coverage, because they will have to wait until the next GENERAL enrollment period, which is held January 1 through march 31 of each year, with part b coverage starting on July 1 of the year.
Answer:
S/n Account Title and Explanation Debit Credit
a. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
b. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
Answer:The entry to record the sale will include a Credit toPaid in Capital from treasury stock at $4,000.
Explanation:
Journal entry to record sale of shares
Accounts and explanation Debit Credit
Cash $18,000
Treasury stock $14,000
Paid in Capital from Treasury STOCK $4,000
Calculation
CASH = Number of shares x Price per share
= 400 x $45=$18,000
Treasury stock = Number of shares x Price per share
= 400 x $35=$14,000
Paid In Capital = Cash - Treasury stock= $18,000- $14,000= $4000
Money can be the number one source of frustration in relationships. These frustrations ring true for couples regardless of the length of their courtship or the number of years they have been married. This Tip Sheet offers tips to help couples handle the financial strain that often accompanies a long-term relationship.
For many couples, ample money can represent fun, good health, a new car, or owning a home. However, lack of money can mean frustration, anxiety, credit card debt, foreclosure, and even depression.
While money means different things to different people, there is no denying that we all need it! And for everyone, especially couples, the challenge is to manage it consistently.