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
jonny [76]
3 years ago
15

QUIZLLET Robin’s automobile, which she uses exclusively in her trade or business, was damaged in an accident. The adjusted basis

of the automobile prior to the accident was $8,000. The fair market value of the automobile before the accident was $10,000 and the fair market value of the automobile after the accident was $500. Insurance proceeds of $9,500 were received. What are Robin’s income tax consequences resulting from this transaction?
Business
1 answer:
Leno4ka [110]3 years ago
4 0

Answer:

No impact for income tax purposes.

Explanation:

The Fair market Value before accident     $10,000

The fair Market Value after accident         ($500)

Decrease in Fair Market Value after accident $9,500

Sale proceeds received  from Insurance coverage ($9,500)

Casualty Gain/(loss)                                               $0

Therefore there is no gain or loss on this transaction for income tax purposes

You might be interested in
Communist values are disappearing because:
drek231 [11]

Answer:

D. Shortages abound due to the fact that the government cannot rely on good information.

8 0
4 years ago
Which of the following would be considered private goods?.
jek_recluse [69]

Answer:

those goods that belongs to one individually

8 0
3 years ago
The unemployment rate in an economy is 7.5 percent. The total population of the economy is 250 million and the size of the civil
Masteriza [31]

The number of employed workers in this economy is A. 13.5 million

Explanation:

The number of unemployed people in the economy means the percentage of people who are actively seeking employment but cannot find a job for sustenance.

Thus, the ones who are seeking a job are the only ones that can be considered here.

So, the total population cannot be considered and the pool that justifies this demographic is the total labor force which is 180 million.

And the number of unemployed people would be calculated by multiplying the percentage of them with the total labor force which would be

7.5 * 180 = 13.5 million people.

Thus 13.5 people in the force are unemployed.

5 0
4 years ago
When Scott says, “Human resources is one of the most important things we do in our business,” what is he referring to?
vfiekz [6]
<span>Scott's reference to Human Resources refers to the treatment of employees. Employees are important to a business for numerous reasons. Retention of employees reduces the costs associated with the on boarding of new hires. Employees that feel invested in also often form loyalty for their employer and may contribute more than expected to their tasks.</span>
6 0
3 years ago
The Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly.
Bond [772]

Answer:

$60 per unit

Explanation:

Total overheads:

= Overheads of fabrication department + Overheads of assembly department

= $90,500 + $109,700

= $200,200

Total labor hours:

= Blinks + Dinks

= (1,013 × 4) +  (1,859 × 5)

= 4,052 + 9,295

= 13,347

Overhead rate per hour = Total overheads ÷ Total labor hours

                                        = $200,200 ÷ 13,347

                                        = $15 per hour

Total overhead cost for blinks:

= Total hours for blinks × rate per hour

= 4,052 × $15 per hour

= $60,780

Overhead cost per unit for Blinks:

= Total overhead cost for blinks ÷ Total units

= $60,780 ÷ 1,013

= $60 per unit

5 0
3 years ago
Other questions:
  • Western Inc. purchases a machine for $70,000. This machine qualifies as a five-year recovery asset under MACRS with the fixed de
    10·1 answer
  • Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin
    7·1 answer
  • When a good is rival in consumption,
    13·1 answer
  • A company has budgeted direct materials purchases of $210000 in July and $390000 in August. Past experience indicates that the c
    6·1 answer
  • True or false<br> Supply schedules and curves are useful tools for procedures
    9·2 answers
  • Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby’s s
    13·1 answer
  • Which of the following leadership behaviors would be considered task-oriented and aimed at maximizing output?which leadership mo
    12·1 answer
  • A note receivable due in 18 months is listed on the balance sheet under the caption A. long-term liabilitiesB. fixed assetsC. cu
    14·1 answer
  • Tiffany Crowe works as a showroom executive at a clothing boutique in London. Today, she is in a positive mood and instantly gre
    13·2 answers
  • WHICH ADVANTAGES ARE PART OF RENTING A HOME?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!