Ask Question
28 October, 21:36

Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200, and the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in this transaction? a. $5,000b. $7,800c. $8,200d. $19,800e. $20,200

+3
Answers (1)
  1. 29 October, 01:01
    0
    The correct answer is E

    Explanation:

    The amount which is received or collected by Vijay in the transaction is as follows:

    Amount received = Cash received by selling land + Selling motorcycle + Tickets of Super Bowl + Mortgage on the land

    where

    Cash received by selling land is $5,000

    Selling motorcycle is $2,000

    Tickets of Super Bowl is $1,200

    Mortgage on the land is $12,000

    Putting the values above:

    = $5,000 + $2,000 + $1,200 + $12,000

    = $20,200
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers