Ask Question
11 August, 21:09

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

+5
Answers (1)
  1. 11 August, 22:28
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers