Ask Question
2 August, 12:16

Rob and Lori purchased a home for $350,000 with an additional $5,000 in related purchase costs and then added a garage at a cost of $25,000. They sold the home for $450,000 and paid $28,000 in selling costs. How much was the gain on the sale of their home

+4
Answers (1)
  1. 2 August, 12:43
    0
    Profit = $42,000

    Explanation:

    Given:

    House price = $350,000

    Additional price = $5,000

    Garage value = $25,000

    Selling price = $450,000

    Selling cost = $28,000

    Total cost of the Assets

    Purchase Home $350,000

    Add: Additional Purchase $5,000

    Add: Purchase of Garage $25,000

    Total cost of the Assets $380,000

    Profit = Sale Price - (Cost Price + Selling Cost)

    Profit = $450,000 - ($380,000 + $28,000)

    Profit = $450,000 - $408,000

    Profit = $42,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Rob and Lori purchased a home for $350,000 with an additional $5,000 in related purchase costs and then added a garage at a cost of ...” 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