Assume That the Colemans in the Preceding Problem Instead Sold

question 80

Multiple Choice

Assume that the Colemans in the preceding problem instead sold their home on December 1, 2012, for $800,000. How much gain must the Colemans recognize?

• A) $425,000
• B) $291,667
• C) $133,333
• D) $-0-
• E) None of the above

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Definitions:

Net Income

The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue, indicating the financial performance in a given period.

Total Revenue

Total Revenue is the full amount of income generated by the sale of goods or services related to a company's primary operations.

Profit Margin

A financial metric that measures the amount of net income earned with each dollar of sales generated by comparing net income and revenue.

Days' Sales

A financial metric that calculates the average time it takes for a company to convert its inventory into sales.