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
n200080 [17]
3 years ago
13

A hurricane (declared a federal disaster) damaged a personal auto owned by Mr. and Mrs. South on June 15, 2018. Fair market valu

e before the flood $18,500 Fair market value after the flood 2,000 Cost basis 20,000 Insurance proceeds 13,000 Adjusted gross income for this year 25,000 Calculate the South's deductible casualty loss.
Business
1 answer:
QveST [7]3 years ago
5 0

Answer:

$900

Explanation:

South's deductible casualty loss = $900

Fair market value before the flood                               18500

Fair market value after the flood                                   (2000)

Decline in FMV                                                                16500

Cost basis                                                                        20000

Lesser of basis or decline in FMV                                 16500

Minus: Insurance proceeds                                           (13000)

Net loss                                                                           3500

Minus: $100 Floor                                                           (100)

10% of AGI                                                                      (2500)

Deductible Loss                                                             900

You might be interested in
abares Corporation had these transactions during 2020. Indicate whether each transaction is an operating activity, investing act
scZoUnD [109]

Answer:

(a) Issued $50,000 par value common stock for cash = Financing Activities

b) Purchased a machine for $30,000, giving a long-term note in exchange. Financing Activities = Non-cash Investing and Financing Activity

(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000 =  Non-cash Investing and Financing Activities

(d) Declared and paid a cash dividend of $18,000 = Financing Activities

(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash = Investing Activities

(f) Collected $16,000 from sale of goods = Operating Activities

Explanation:

The Cash flows related to raising of capital is known as Cash flow from Financing Activities.

The Cash flows related to growing and selling of Assets of the business is known as Cash flow from Investing Activities.

The Cash flow related to trade in Ordinary course business of the Company is known as Cash flow from Operating Activities.

7 0
3 years ago
Why are pricing decisions important to organization?
gregori [183]

Answer:

  • Pricing is important since it defines the value that your product are worth for you to make and for your customers to use.
8 0
2 years ago
Use the following selected balance sheet and income statement information for Caroline Supply Co. (in millions) to compute asset
lidiya [134]

Answer:

3.15 times

Explanation:

Asset turnover = Sales revenue / Average total assets

Asset turnover = $1,135,420 / $360,600

Asset turnover = 3.15 times

7 0
2 years ago
A country reported nominal GDP of $200 billion in 2010 and $180 billion in 2009. It also reported a GDP deflator of 125 in 2010
QveST [7]

Answer:

19%

Explanation:

Given that,

Nominal GDP in 2010 = $200 billion

Nominal GDP in 2009 = $180 billion

GDP deflator in 2010 = 125

GDP deflator in 2009 = 105

Percentage change in prices:

= Percentage change in GDP deflator

= (Change in GDP deflator ÷ GDP deflator in 2009) × 100

= [(125 - 105) ÷ 105] × 100

= (20 ÷ 105) × 100

= 0.19 × 100

= 19%

Therefore, the prices increases by 19%.

6 0
3 years ago
The logical sequence of the phases of a business cycle is: ____________
koban [17]

Answer:

phases in the sequence of Recession, trough, expansion and Peak

Explanation:

we know that 4 phases of a business cycle are

peak and  downturn (recession) and trough and upturn (expansion)

top of cycle is called peak

and boom is a very high peak

recession where conomic activity is falling from the peak

and when decline persist for more than 2 consecutive quarters that is recession

and The bottom of the recession is trough

so we know business cycle is a economic model  that describe fluctuation in economic activity

and that includes production of goods and service and business cycle go through its phases in the sequence of Recession, trough, expansion and Peak

7 0
3 years ago
Other questions:
  • What is the key to building lasting customer​ relationships?
    10·1 answer
  • Durham offers to sell his pick-up truck to estelle for $1,500. estelle agrees. they complete and sign a printed form titled "con
    13·1 answer
  • Ken just purchased new furniture for his house at a cost of $15,000. The loan calls for weekly payments for the next 5 years at
    8·1 answer
  • Who would be more likely to join the cross-country team (individual sport) instead of the volleyball team (team sport) and want
    10·2 answers
  • Assume an organization's cost of capital is 10% and Division X has operating income of $3 million and uses $20 million of capita
    8·1 answer
  • Kristi is considering an investment that will pay $5,000 a year for 7 years, starting one year from today. How much should she p
    13·1 answer
  • Question + answers in photo, please help!
    8·1 answer
  • Timothy purchased a new computer for his consulting practice on October 15 th of the current year. The basis of the computer was
    14·1 answer
  • Sales Transactions and T Accounts Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Al
    5·1 answer
  • You’re a broker writing an mls policy for your firm. which would you likely want to include?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!