On May 1 of this year, Ingrid sold her personal residence for $250,000. Commissions on the sale were $20,000. Ingrid also incurred $10,000 of costs for painting and repairs, which were all completed and paid for two weeks prior to the sale of her home. Ingrid's basis in her old home was $180,000. Ingrid's realized gain upon the sale of her first home is
A) $0.
B) $40,000.
C) $50,000.
D) $70,000.
C) $50,000.
The repairs do not impact the realized or recognized gain.
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_____________ occurs when the fair value of an asset is less than its carrying value
A) ?Unidentification B) ?Amortization C) ?Goodwill D) ?Impairment
Organizations that function as open systems receive input from the environment and often change as a result of that input. This situation represents which of the following organizational worldviews and cultures?
A. Asymmetrical worldview and participative organizational culture B. Asymmetrical worldview and authoritarian organizational culture C. Symmetrical worldview and authoritarian organizational culture D. Symmetrical worldview and participative organizational culture E. None of the above
The federal Truth-in-Lending law:
a. requires the lender to show how much profit is made on a particular sale. b. regulates the maximum cost of credit. c. is a uniform law, like the UCC, made available to all states. d. is intended to allow comparison of various credit offers or advertisements.
The following are some predictions from Smithsonian magazine regarding the future sociocultural dynamics in the world: The U.S. population will expand by 100 million.The portion of the population that is currently at least 65 years old is expected to increase from 13 percent to 20 percent by 2050 in the United States.By 2050, the working age group of people between 15 and 64 years old is expected to grow by 42 percent in the United States, but decline by 10 percent in China, 25 percent in Europe, 30 percent in South Korea, and 40 percent in Japan.With respect to these predictions, which one of the following statements is true?
A. All of these predictions refer to population demographic characteristics. B. By 2050, the United States will have proportionately less workers in its population than Japan will have. C. If these predictions come true, the average age of the populations of Japan and South Korea will be lower than the United States. D. If these predictions come true, there will be less of a strain on environmental resources in the years to come. E. Based on these predictions, it is expected that the average age of the population in the United States will be lower in 2050 than it is today.