1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Shtirlitz [24]
2 years ago
8

Jed is an electrician. Jed and his wife are accrual basis taxpayers and file a joint return. Jed wired a new house for Alison an

d billed her $15,000. Alison paid Jed $10,000 and refused to pay the remainder of the bill, claiming the fee to be exorbitant. Jed took Alison to Small Claims Court for the unpaid amount and was awarded a $2,000 judgement. Jed was able to collect the judgement but not the remainder of the bill from Alison. What amount of loss may Jed deduct in the current year?
a. $0
b. $3,000
c. $2,000
d. $5,000
e. None of these choices are correct.
Business
1 answer:
poizon [28]2 years ago
3 0

Answer:

b. $3,000

Explanation:

Jed was refused payment of $5000, the court awarded only $2000, rest $3000 is a loss for Jed. He can only deduct $3000 and not full $5000 as $2000 has been realized.

Therefore, The amount of loss may Jed deduct in the current year is $3,000.

You might be interested in
Carducci corporation reported net sales of $3.6 million, average total assets of $1.1 million, and net income of $847,000. The t
Marrrta [24]

CALCULATE TOTAL ASSETS TURNOVER :

TOTAL ASSETS TURNOVER = NET SALES/AVERAGE TOTAL ASSETS

                                            = 3.6/1.1

TOTAL ASSETS TURNOVER = 3.27 TIMES

In financial accounting, an asset is a resource owned or controlled by a company or entity. It is anything that can be used to create positive economic value. Assets represent the value of an asset that can be converted into cash.

An asset is a resource of economic value owned or controlled by an individual, business, or state with the expectation of providing future benefits. Assets are reported on the company's balance sheet. They are classified as short-term, fixed, financial, and intangible.

Despite all this, a car is an asset even for less than what you paid for it because it can be quickly turned into cash on the market. That alone, by definition, makes it an asset. It's these additional costs and constant depreciation that make a car worthless.

Learn more about ASSETS here

brainly.com/question/11209470

#SPJ4

4 0
11 months ago
Northwestern Lumber Products currently has 17,500 shares of stock outstanding. Patricia, the financial manager, is considering i
SpyIntel [72]

Answer:

<em>15,101.15 shares</em>

Explanation:

<em>Northwestern Lumber products has =17,500 shares of stock</em>

<em>The Manager Patricia considers issuing  $135,000 of debt, at an interest rate of 6.6%</em>

<em>Let us find how many shares of stock will be outstanding once the debt is issued,</em>

<em>Given that </em>

<em>$65,000/17,500 =  ($65,000 − 135,000(.066))/X </em>

<em>Then X = 15,101.15 shares</em>

5 0
3 years ago
List the three types of résumé formats.
Radda [10]

Answer:

Chronological: Classic format that lists your work experience in order, starting with the most recent.

Functional: Emphasizes qualifications and accomplishments instead of specific jobs, but isn’t recommended.

Hybrid: Modern format where skills and highlights go at the top before a detailed work history.

Explanation: brainliest pls

8 0
3 years ago
Read 2 more answers
Which of the following is not a characteristic of intangible assets?(a)They lack physical existence.(b)They are not financial in
AysviL [449]

Answer: Option C

Explanation:

A. Assets with physical existence are called tangible assets.

B. There are several financial instruments that lacks physical substance but are not considered as intangible assets.

C. Intangible assets can be either long term or short term.

D. Only those intangible assets that have definite lives are amortized, others with indefinite life are not.

4 0
3 years ago
When budgets are used for control,
ladessa [460]

Answer:

(C) actual amounts from different years are compared.

Explanation:

Budgets are used for control. To compare the performace is necessary to have a same period, with almost the same characteristics and evaluate the actual performance. In sales for example, the bussineses has different seasons around the year, and because some sociodemographic reasons.

5 0
3 years ago
Other questions:
  • Lopez Corporation incurred the following costs while manufacturing its product.Materials used in product $129,600 Advertising ex
    15·1 answer
  • According to the principle of comparative advantage, worldwide output and consumption will be higher when nations specialize in
    13·1 answer
  • Women are severely underrepresented at the top of u.s. corporations. less than _____ percent of the executive jobs at fortune 50
    7·1 answer
  • Clarke Manufacturing Company makes a single product that is produced on a continuous basis in one department. All materials are
    9·1 answer
  • At January 1, 2019, Alpha leased restaurant equipment from Spring Corporation under a six-year lease agreement in a finance leas
    14·1 answer
  • If a person has $1,000 in a savings account and earns $20 a year in interest on that account, the rate of return on the money is
    11·1 answer
  • You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budg
    5·2 answers
  • You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or stud
    11·1 answer
  • XYZ Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. It based its
    13·1 answer
  • When a pharmaceutical company advertises that its product has a greater pain-relieving effect than Tylenol, it is using _____ ad
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!