Ask Question
14 January, 02:19

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

+5
Answers (1)
  1. 14 January, 02:30
    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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers