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Archy [21]
3 years ago
6

Marin operates a manufacturing business, and this year the three-year-old van she used in the business was destroyed in a fire.

The van was originally purchased for $23,000 and the adjusted basis was $5,425 at the time of the accident. Although the van was worth $6,300 at the time of accident, insurance only paid Marin $1,575 for the loss. What is the amount of Marin's casualty loss deduction
Business
1 answer:
DIA [1.3K]3 years ago
7 0

Answer: $3850

Explanation:

From the question, we are informed that Marin operates a manufacturing business, and this year the three-year-old van she used in the business was destroyed in a fire. We are further told that the van was originally bought for $23,000 and the adjusted basis was $5,425 at the time of the accident and that although the van was worth $6,300 at the time of accident, insurance only paid Marin $1,575 for the loss.

The amount of Marin's casualty loss deduction will be the difference between the adjusted basis and the amount paid to Marin by the insurance company for the loss. This will be:

= $5425 - $1575

= $3850

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Described below are certain transactions of Pina Corporation. The company uses the periodic inventory system. 1. On February 2,
nadya68 [22]

Answer:

Question: From the details given, make all the journal entries necessary to record the transactions above using appropriate dates.

                                  Pina Corporation

                                   Journal Entries

Date                          Details                                    Debit               Credit

                                                                                    $                       $

February 2              Purchases                               62,034

                               Accounts Payable                                            62,034

Being credit purchase of goods at discount of 2%

February 26           Accounts Payable                   62,034

                               Purchase - Discount                  1,266

                               Cash                                                                 63,300  

Being payment made for goods purchased

April 1                      Vehicle                                      52,000

                                Cash                                                                   3,000

                                10% 1-year Note payable                                49,000

Being purchase of vehicle by part cash, part note-payable

May 1                       Cash                                            82,900

                                Note Payable - Discount             9,600

                                1-year Note payable                                         92,500

Being borrowing from bank

August 1                   Dividend                                     280,000

                                 Dividend Payable                                            280,000

Being dividend declared, not yet paid

September 10           Dividend Payable                      280,000

                                  Cash                                                                280,000

Being cash payment of dividend

Explanation:

a) 2/10, n/30 means that the buyer is to pay within 30 days but is entitled to 2% discount if the purchase is paid for in 10 days. Since Pina records at net amounts after cash discount

To record this purchase = 63,300 * 0.02 = 1,266

                                        = 63,300 - 1266 = $62,034

b) Since payment was made on 26th, it means the 10 day discount was not utilized hence Pina pays full price for the goods

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All standalone pdp formularies have a ___-tier structure for 2022.
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The current practice is six plans in about 34 regions across all 50 states and D.C.

Hence, in this case, it is concluded that " All standalone PDP formularies have a Five-tier structure for 2022."

Learn more here: brainly.com/question/17043850

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Cash flows from investing do not include cash flows from: Multiple Choice lending money to another corporation. the sale of equi
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Cash flows from investing do not include cash flows from : Borrowing.

<h3><u>Explanation:</u></h3>

The cash flows either inward or outward of any company refers to the Cash flow from investing activities. The long term usage of cash will be considered under this. The investing activities includes the following such as purchasing a fixed asset, selling a fixed asset. These assets includes any property, plants, equipment,etc.

The cash flows are associated with the generation or spending of amount in the investing activities. This is a section that is included in the cash flow statement of an organisation. Thus, the cash flows for investing activities will not include the cash flows from Borrowing.

7 0
3 years ago
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miskamm [114]

Answer:

The correct answer is option E.

Explanation:

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It is one of the four factors of production and essential for production of goods and services. It is already produced durable good.

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3 years ago
Which approach describes how leaders act?
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Answer:

d. Behavioral

Explanation:

Behavioral approach defines how a leader interact with its followers. It also includes the actions of a leader towards its followers.

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