Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. angela, a real estate broker, had the following in

Angela, a real estate broker, had the following income and expense in her business: Commissions...

80.2K

Verified Solution

Question

Accounting

Angela, a real estate broker, had the following income and expense in her business: Commissions Income: $100,000

Expenses: Commissions paid to non-brokers for referrals (Illegal under state law and subject to criminal penalties): $20,000 Commissions paid to other real estate brokers for referrals (not illegal under state law): $10,000 Travel & Transportation: $12,000 Supplies: $4,000 Office & Phone: $5,000 Parking Tickets: $500 How much net income must Angela report from this business? A. $48,500 B. $49,000 C. $60,000 D. $68,000 E. $69,000

(The correct answer is E. $69,000 but I dont know how they got that answer)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

7-31 Consider the following LP problem: Maximize profit=5X+6Y subject to2X+Y≤120, 2X+3Y≤240X,Y≥0 What is the optimal solution to this...

Basic Math
Q

ok here is my homework This assignment focuses on file streams. Your program will accept the name...

Programming
Q

Find electric field everywhere on a plane containing the borders of two parallel half planes...

Physics
Q

The expression x a means that we have x as a base and a as...

Basic Math
Q

In an office building, 91 offices are currently being rented. This represents 70% of the...

Basic Math
Q

Explain why the graph shown to the right has no Euler paths and no Euler...

Algebra
Q

Problem 2: Silica Chemicals (Production Planning with Multiple Resource Constraints) Silica Chemicals produces...

Accounting
Q

Structuring a Special-Order Problem Harrison Ford Company has been approached by a new...

Accounting
Q

The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince, Capital...

Accounting
Q

yeni Company issued 500 shares of $2 par common stock at $5 per share. ...

Accounting
Q

Discuss at least two (2) ways in which you anticipate using what you have learned...

Accounting
Q

Analysis the Facebook and Starbucks in 2 paragraph. Please

Accounting