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kati45 [8]
2 years ago
12

Your client, beth, has a home in california with a first and second mortgage. she's looking for a vacation home and has asked if

she can deduct mortgage interest. what could you tell beth?
Business
1 answer:
slega [8]2 years ago
4 0

If my client Beth has a home in California with a first and second mortgage and is looking for a vacation home and asks if she can deduct mortgage interest, I would suggest obtaining a mortgage secured by the second home and deducting the interest from the loan.

Mortgage interest settled on a second home used personally is deductible as long as the mortgage fulfills the exact prerequisites for deductible interest as on your primary home, and if the second home is put on for rent, the loan taken for the second home will not have a limit for the deduction of interest payment.

Vacation Home with Second house mortgage

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A The following section is taken from Blossom's balance sheet at December 31, 2021.
loris [4]

Answer:

Date    Account titles and explanation          Debit       Credit

1-1-21    Bond interest payable                       $46,000

                  Cash                                                               $46,000

            (To record payment of interest)

1-1-21    Bond payable                                    $155,000

            Loss on redemption bond                $15,500

            (155,000/100*10)

                    Cash                                                              $170,500

            (To record bond redemption)

31-1-21   Interest expenses                              $36,450

                    Bond interest expenses                               $36,450

                    (560,000-155,000)*9%

             (Adjusting entry to accrue the interest on the remaining)

6 0
3 years ago
In order for the us to keep up with the advancements of other countries, __________ was created to lead computing research, whic
Elena L [17]

In order for us to keep up with the advancements of other countries, ARPA was created to lead computing research, which then led to the creation of the first wide area network.

This is further explained below.

<h3>What is a wide area network.?</h3>

Generally, A telecommunications network that is spread out across a vast geographical region is known as a wide area network (WAN). Frequently, leased telecommunication circuits are utilized in the process of establishing wide area networks.

In conclusion, ARPA was established to take charge of computer research so that the United States could keep up with the technological achievements of other nations.

This eventually resulted in the development of the very first wide area network.

Read more about the wide area network.

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3 0
1 year ago
Valley markets has an inventory turnover of 3.2 and a capital intensity ratio of 1.9. what are the days in inventory for valley
Aleonysh [2.5K]

The days in inventory for valley markets is 114

<h3>How to calculate the days in inventory for valley markets ?</h3>

Valley markets has an inventory turnover of 3.2

The capital intensity ratio is 1.9

There are 365 days in a year, the days in inventory for valley markets can be calculated as follows

= 366/3.2

= 114

Hence the days in inventory for valley markets is 114

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6 0
2 years ago
Hartong Corporation is contemplating purchasing equipment that would increase sales revenues by $185,000 per year and cash opera
krek1111 [17]

Answer:

The simple rate of return on the investment is closest to: C. 10.6%

Explanation:

In Hartong Corporation:

Increasing net income = Increase sales revenues - Cash operating expenses - Annual depreciation expense = $185,000 - $89,000 - $52,000 = $44,000

This is the net income from the equipment per year

Return on the investment (ROI) is calculated by using following formula:

ROI = (Net income/Cost of investment )x 100%

Cost of investment  = Cost of equipment = $416,000

ROI = ($44,000/$416,000) x 100% = 10.6%

8 0
3 years ago
Costs, also called differential costs, are the additional costs from selecting a certain course of action.
Ilia_Sergeevich [38]

It is true that Costs, also called differential costs, are the additional costs from selecting a certain course of action.

<h3>What is differential costs?</h3>

Differential cost serves as the  difference between the cost of alternative decisions.

Therefore, It is true that Costs, also called differential costs, are the additional costs from selecting a certain course of action and the  cost do take place when a business have several similar options,

Learn more about differential costs, at

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8 0
2 years ago
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