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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
Pineapple Motor Company manufactures two types of speciality electric motors, a commercial motor and a residential motor, throug
Usimov [2.4K]

Answer:

a. Single Plant wide  Factory Overhead  Rate = $ 140 per machine hour

Overhead Rate of  Assembly Department $ 120 per machine hour

Overhead Rate of  Testing Department=    $ 150 per unit per machine hour.

Total Overhead per Unit    Commercial  $ 588      Residential $  462      

Explanation:

Pineapple Motor Company

Assembly Department  Factory Overhead 360,000

Testing Department  Factory Overhead 900,000

Total  Factory Overhead 1,260,000

Direct machine hours were estimated as follows:

Assembly Department 3,000 hours

Testing Department 6,000

Total 9,000 hours

                                      Commercial              Residential

Assembly Department       1.4 dmh                    1.1 dmh

Testing Department             2.8                           2.2

Total machine hours per unit 4.2 dmh           3.3 dmh

Single Plant wide  Factory Overhead  Rate = Total  Factory Overhead 1,260,000/Total 9,000 hours

a. Single Plant wide  Factory Overhead  Rate = $ 140 per machine hour

Overhead Allocated to Assembly Department = No of Hours * Rate

                      = 3000  * $ 140 = $ 420,000

Overhead Allocated to Testing Department = No of Hours * Rate

                      = 6000  * $ 140 = $ 840,000

b. Overhead Rate of  Assembly Department = Factory Overhead / Machine Hours= 360,000/3,000 hours = $ 120 per machine hour

                     

Overhead Rate of  Testing Department=   Factory Overhead / Machine Hours=  900,000/ 6000 hours=  $ 150 per unit per machine hour.

Overhead Allocated

                                         Commercial              Residential

Assembly Department       1.4 *120                   1.1 dmh *120

                                               168                          132

Testing Department             2.8*150                    2.2*150

<u>                                                420                             330                    </u>

<u>Total Overhead per Unit     $ 588                       $  462              </u>

c. ABC approach is better as it gives an estimate of the overhead per unit both for the Commercial and Residential department using the assembly and testing overheads rates separately. The single plant wide rate gives a mere estimate of the overall costs.

3 0
3 years ago
Assume Intel Corporation (INTC) and Texas Instruments (TXN) report the following information. Intel Corp Texas Instruments ($ mi
KATRIN_1 [288]

Answer:

d. INTC: 2.36 TXN: 3.43

Explanation:

The property , plant equipment turnover is the ratio of sales divided by the amount of PPE as shown below:

PPE turnover=sales/(beginning PPE+ending PPE)/2

Intel Corporation (INTC):

PPE turnover=$38,826/($15,768+$17,111)/2

PPE turnover=$38,826/$16,439.50  

PPE turnover=2.36 times

Texas Instruments (TXN):

PPE turnover=$13,392/( $3,918+$3,899)/2

PPE turnover=$13,392/$3,908.50

PPE turnover=3.43 times

The correct option is D

3 0
2 years ago
4. Trade policies Tariffs and quotas do which of the following? Benefit domestic producers of the protected good and harm domest
irina [24]

Answer:

Benefit domestic producers of the protected good and harm domestic consumers of the protected good.

Explanation:

Trade policies tariffs and quotas benefit domestic producers of the protected good and harm domestic consumers of the protected good as they're made to pay for the consumption of imported products. Hence, under free trade there are more societal benefits due to the specialization of domestic goods.

Tariffs can reduce both the volume of exports and imports in a country.

In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.

5 0
3 years ago
If monetary policy can influence ________ prices and conditions in ________ markets, then it can affect spending through channel
Temka [501]

Answer:

asset;credit

Explanation:

.................

4 0
3 years ago
Read 2 more answers
A new alloy can be produced by Process A, which costs $200,000 to implement. The operating cost will be $10,000 per quarter with
Andreyy89

Answer:

Difference between A and B =$42398.5

Process B is better as its PW value is smaller than Process A.

Explanation:

In order to use present worth, both Alternatives must have same time period. Since Process B has 4 years means 16 quarters so we make process A to have 16 quarters two with 2% interest rate per quarter.

Note:

We are going to use Compound Interest tables to simplify our work. Formulas can also be used.

For Process A:

Present value of process A=-200,000-200,000(P/F,2\%,8)-10,000(P/A,2\%,16)+25,000(P/F,2\%,8)+25,000(P/F,2\%,16)

Present value of process A=-200,000-200,000(0.8535)-10,000(13.578)+25,000(0.8535)+25,000(0.7284)

Present value of process A=-$466,932.5

For Process B:

Present value of process B=-250,000-15,000(P/A,2\%,16)+40,000(P/A,2\%,16)

Present value of process B=-250,000-15,000(13.578)+40,000(0.7284)

Present value of process B=-$424,534

Difference between A and B =(-$424,534)-(-$466,932.5)

Difference between A and B =$42398.5

Process B is better as its PW value is smaller than Process A.

7 0
3 years ago
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