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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

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tamaranim1 [39]

Answer:

Predetermined manufacturing overhead rate= $14.77 per direct labor hour

Explanation:

Giving the following information:

Estimated overhead cost for the period= $325,000

Estimated total direct labor hours for the period= 22,000

<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 325,000 / 22,000

Predetermined manufacturing overhead rate= $14.77 per direct labor hour

8 0
3 years ago
Cynthia works as a salesperson at an apparel showroom. A week ago, she met a customer who stated that a particular dress was qui
olasank [31]

Answer:

Assumptive close

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\boxed{\sf Discount=Sold\:Price-Cost\!Price}

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\\ \sf\longmapsto Discount=S.P-C.P

8 0
3 years ago
The preemptive right is important to shareholders because it a. protects bondholders, and thus enables the firm to issue debt wi
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Answer:

b. protects the current shareholders against a dilution of their ownership interests.

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According to Scott, the COO of Barcelona Restaurant Group, employees are given the opportunity and freedom to achieve organizati
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3 years ago
Accessory Industries has 2 million shares of common stock outstanding, 1 million shares of preferred stock outstanding, and 100
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Answer:

Equity is 0.29

Debt is 0.64

Preferred stock 0.07

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WACC=Ke*E/V+Kd*D/V*(1-t)*Kp*P/V

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E is the value of equity=2,000,000*$22=$44,000,000

D is the value of debt =100,000*$1000*96%=$96,000,000

P is the value of prefered stock=1,000,000*$10.50=$10,500,000

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p/v=$10,500,000/$150,500,000=0.07

4 0
2 years ago
Read 2 more answers
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