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Sophie [7]
3 years ago
10

Sam owns a small apartment building. This is the only rental building that Sam owns. During the year, Sam incurs the following e

xpenditures. Discuss the proper tax treatment of each expenditure
Item Amount Expense or Capitalize Basis for your decision
Replace roof and roof underlying structure because of building code requirements $80,000
Repaint the exterior $9,000
Repair door handles and door locks $1,000
Replace broken windows $1,500
Replace crumbling sidewalks and stairs because of building code requirements $47,000

Business
1 answer:
Dmitrij [34]3 years ago
7 0

Answer:

Please see attachment

Explanation:

Please see attachment

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Which is the new crime created by Sarbanes-Oxley? a. mail fraud b. obstruction of justice c. certification of false financial st
meriva

Answer:

The correct answer is letter "C": certification of false financial statements.

Explanation:

The Sarbanes-Oxley Act (SOX) is a statute that aims to increase corporate governance and enhance internal control of companies. SOX's primary purpose is to protect stakeholders from false corporate financial statement representations. Investors must know that the financial information on which they rely is accurate and that their accuracy has been checked by an independent third party.

<em>Altering, destroying, covering-up or falsifying information in the financial statements of a firm is considered a crime since the SOX implementation with a maximum sentence of 20 years.</em>

3 0
3 years ago
Havermill Co. establishes a $460 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
frozen [14]

Answer:  Debit Petty cash $408; Credit Cash $408.

Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.

In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.

5 0
3 years ago
By definition, imports are Group of answer choices people who work in foreign countries. limits placed on the quantity of goods
Naddik [55]

Answer:

goods produced abroad and sold domestically.

Explanation:

Exports are goods produced in the domestic economy and sold abroad.

Quotas limits placed on the quantity of goods leaving a country.

Countries trade goods for which they have comparative advantage and not absolute advantage.

I hope my answer helps you

5 0
3 years ago
List at least two signs that entrepreneurship might not be a good fit for you.
ikadub [295]
Many people are entrepreneurs. My dad actually is, but anyway...

Entrepreneurs are people who own a company or business. They are not working for another company but working for themselves.

Many citizens don't feel confident in entrepreneurship and many don't know where to start. 

Some people prefer following orders instead of making them.
Or even some don't prefer hard work. 
Just to point out, entrepreneurship is very hard, not all are successful.

I hope this helped!
5 0
3 years ago
Read 2 more answers
Iceland produces two goods: Viking hats (Y) and fish (X). Its production possibilities frontier is characterized as: Y = 50 – 2X
svlad2 [7]

Answer: C

Explanation: from the given function Y=50-2X, Y is the dependent variable which represent the Viking Hat, while X is the independent variable representing Fish production.

4 0
3 years ago
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