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Pani-rosa [81]
3 years ago
10

In January of year 0, Justin paid $4,800 for an insurance policy that covers his business property for accidents and casualties.

Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.)
a. The policy covers the business property from April 1 of year 0 through March 31 of year 1.
b. The policy begins on February 1 of year 1 and extends through january 31 of year 2.
c. Assume Justin paid $6,000 for a 24-month policy that covers from April1,year0 through March31,year2.
d. Assume that instead of paying an insurance premium,Justin paid $4,800 to rent his business property from April1 of year 0 through March 31 of year 1.
Business
1 answer:
Alla [95]3 years ago
6 0

Answer: 1million

Explanation Joffrey

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BaLLatris [955]

Answer:

Ending inventory will be lower if Blake uses the weighted-average rather than the FIFO inventory cost flow method.

Explanation:

Ending inventory will be lower if Blake uses the weighted-average rather than the FIFO inventory cost flow method.

True as under weighted average:

(17 + 18) / 2 = 17.50

the ending inventory will be one unit valued at $17.50

while under FIFO the 17 dollar unit was sold and declare cost

while the second is keep under ending invenotry at $18.00

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Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the
julsineya [31]

Answer:

Final Accounts Receivable $ 3191

Explanation:

Opening Accounts Receivable  $3,200

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Ending Cash Balance = $2100 + 9-17 + 25=  $ 2117

<h2><u>Accounts Receivable </u></h2><h3><u>Debit                          Credit</u></h3>

Opening   $3,200

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<u>                                    Ending  $ 3191</u>

<u>$3200                                    $3200 </u>

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6 0
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Question 13 of 20
KATRIN_1 [288]

Answer:

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Explanation:

5 0
3 years ago
"Assuming the market of soda has a regular downward sloping" demand curve and upward sloping supply curve, the tax will ________
Scrat [10]

Answer:

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5 0
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