In 1970, Mr. and Mrs. Self purchased their first principal residence for $80,000. In 1995, they sold the house for $300,000 and purchased a new residence for $1.5 million. At that time, the Selfs were allowed to defer the $220,000 gain because they purchased a more expensive residence, but the basis of the residence was reduced by the gain deferred. The Taxpayer Relief Act of 1997 eliminated this deferral provision and made it easier for taxpayers who sell a principal residence to exclude the gain resulting from the sale even if they do not purchase a replacement residence. In 2001, the Selfs spent $200,000 to add a porch to their house that overlooks the small pond behind their house. In 2004, they hired painters to paint the entire house at a cost of $18,000. They estimate that $20,000 has been spent on routine repairs since 1995, but insurance of $11,00 was collected for the repairs resulting from a small tornado in 2008. No casualty loss deduction was allowed. They hold the residence as joint tenants. 1. What is the current adjusted basis of the house

Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations. issued 2,900 shares of $0.01 par value common stock to investors for cash at $29 per share. borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years. paid $1,000 for the current month's rent of a warehouse and another $1,000 for next month's rent. paid $1,440 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). purchased furniture and fixtures for the warehouse for $16,000, paying $3,200 cash and the rest on account. the amount is due within 30 days. purchased for $2,800 cash the university of pennsylvania, notre dame, the university of texas at austin, and michigan state university baseball caps as inventory to sell online. placed advertisements on google for a total of $340 cash. sold caps totaling $1,900, half of which was charged on account. the cost of the caps sold was $1,100. (hint: make two entries.) made full payment for the furniture and fixtures purchased on account in (e). received $280 from a customer on account.

Juwana was turned down for a car loan by a local credit union she thought her credit was good what should her first step be

The retained earnings account has a credit balance of $24,650 before closing entries are made. if total revenues for the period are $77,700, total expenses are $56,900, and dividends are $13,050, what is the ending balance in the retained earnings account after all closing entries are made?