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balandron [24]
3 years ago
11

Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market va

lue of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2019 is $37,000.
Belinda's casualty loss deduction (after any limitations) is :________
Business
1 answer:
Katen [24]3 years ago
3 0

Answer: $200

Explanation:

To qualify as a Casualty loss, the event that led to the damage or destruction must have been unexpected such as an accident, hurricane, fire etc.

When calculating for the Casualty loss deduction, we simply deduct the money received from the insurance from the Adjusted basis,

Casualty loss deduction = Adjusted basis - Cash received from the Insurance company

= $14,000 - $10,000

= $4,000

Since it is After any limitations, we also deduct a cost per event floor of $100 and 10% of the AGI

=4,000 - 100 - (37,000*0.1)

= $200

Belinda's casualty loss deduction (after any limitations) is $200.

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Which of the following are arguments that are given to support trade barriers?
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Answer:

E To prevent dumping

Explanation:

There are several arguments that are given to support trade barriers; one of which is to prevent dumping. A country would place embargo on imports with respect to some of the goods that are produced in her country. This is to enable and encourage local production of such goods. Where a country permits importation of goods that are produced locally, such action could being down the efforts of local production ; hence local industries might not thrive in terms of production.

Also, placing embargo on the importation of goods that are produced locally in a country would take away the possibility of making the country for dumping ground in terms of goods that are not up to standard, produced in a foreign country and same would have been imported.

5 0
3 years ago
You want to buy a new sports car from Muscle Motors for $38,000. The contract is in the form of an annuity due for 60 months at
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Answer:

$800.71

Explanation:

In this question we use the PMT formula that is shown on the attachment below:

Data provided in the question

Present value = $38,000

Future value = $0

Rate of interest = 10% ÷ 12 months = 0.83333%

NPER = 60 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

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5 0
3 years ago
​Midtown, Inc. had the following transactions in​ 2018, its first year of​ operations: bullet Issued​ 31,000 shares of common st
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Answer:

The stockholders' equity is $6,90,000.

Explanation:

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3 0
3 years ago
Karla starts her speech by saying, “Many of you know that I work closely with the AIDS Alliance agency in our city. You may also
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Journalise the followung transactions.
katovenus [111]

Answer:

Explanation:

S/No        Date        Transaction          Dr($)          Cr($)

1             Oct.1         Rent Expense      3,600

                                    Cash                                 3,600

2.           Oct.3        Advert. Expenses  1,200

                                    Cash                                   1,200

3.            Oct.5           Supplies              750

                                     Cash                                      750

4             Oct.6       Office equipment     8000

                                Accounts Payable                       8,000

5             Oct.10               Cash                1 4,800

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6              Oct.15    Accounts payable      7,110

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7.              Oct.27    Miscellaneous             400

                                        Cash                                        400

8               Oct.30    Utilities Expenses      250

                                       Cash                                          250

9               Oct 31     Accounts receivable   33,100

                                       Fees earned                             33,100

10              Oct.31          Utility Expense       1,050

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