The condition that results from society not having enough resources to produce all things people would like to have is known as

A. capitalism

B. scarcity

C. Free enterprice

D. Tinstaafl

TPW, a calendar year taxpayer, sold land with a $535,000 tax basis for $750,000 in February. The purchaser paid $75,000 cash at closing and gave TPW an interest-bearing note for the $675,000 remaining price.

Headland Corporation borrowed $54,100 on November 1, 2020, by signing a $55,240, 3-month, zero-interest-bearing note. Prepare Headland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.

Investment is equal to all purchases of newly produced capital goods Select one: a. minus changes in business inventories. b. plus fixed investment minus inventory investment. c. plus changes in business inventories. d.

The net income earned by the cooper, cross, and crane partnership is $18,000. their respective average capital balances are $20,000, $20,000, and $40,000.

Russ owns a fried chicken stand that operates at the local beach. in calculating how much he earns from his business, russ notices a difference between his economic and accounting profits.

The Brights are buying a home from the Stones. They are splitting the escrow service fees 50-50. Do they live in Northern or Southern California?

Eugene and Velma are married. For 2018, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns. They have no deductions for adjusted gross income. Eugene's itemized deductions are $14,200 and Velma's are $4,000.

Don Krump wants to triple his investment in 6 years. An investment firm offers him an attractive interest rate. If the interest is compounded monthly, determine the nominal interest for this investment.

If a customer exercises an equity call contract, the customer must: A pay the strike price for the security in next business day B pay the strike price for the security in 2 business days C deliver the security the next business day D deliver the

Spartan Corporation, a U. S. corporation, reported $5.4 million of pretax income from its business operations in Spartania, which were conducted through a foreign branch.