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riadik2000 [5.3K]
3 years ago
10

Martha, an accrual-method taxpayer, has an accounting practice. In 2015, she performs tax analyses for Arnold and sends him an i

nvoice for $10,000. In 2016, Martha sells her practice and all accounts to David. Arnold's debt becomes worthless that year after David has purchased the practice. The result is A) Martha deducts a nonbusiness bad debt in 2016. B) Martha deducts a business bad debt in 2016. C) David deducts a business bad debt in 2016. D) David deducts a nonbusiness bad debt in 2016.
Business
1 answer:
podryga [215]3 years ago
8 0

Answer:

The correct answer to the following question will be Option C (David deducts a business bad debt in 2016).

Explanation:

  • David recently obtained an allowance as either a means of taking a poor deduction on income, the justification being the liability accrued in the company or sector where certain David is working. Therefore he has the right to the deduction.
  • Although I guess it will be 2016 throughout the view of poor debt reduction in 2015. Because he has not inherited that at this point.

Other choices have no relation with the specified scenario. As well as the answer to the above seems to be the right one.

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klemol [59]

Answer:

The correct word for the blank space is: Financial.

Explanation:

Financial management within an organization is in charge of planning, organizing, and controlling the financial sources in a way that matches the company's needs with its objectives. It aims to generate profit for a business to make sure the Return Over Investment (<em>ROI</em>) of the firm is good enough.

7 0
3 years ago
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Which agricultural system trapped many southern blacks in a cycle of debt and poverty despite their hard work?
Citrus2011 [14]

Answer:

sharecropping

Explanation:

Sharecropping is a system of tenancy agriculture . In it a landowner gives a portion of his land to  a labour for the purpose of raising crop . In return , he gets a share of crop raised by him for free.

After the civil war , former slaves were in search of jobs . Due to depression and absence of credit system ,they went into this deal of sharecropping with whites . They also borrowed heavily for getting seeds and fertilizer. Landlords charged high interest rate for that which led them to debt-trap. Landowner also put condition like selling the yield on  their condition  at pre-specified cheap price.

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3 years ago
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RideAnS [48]

Answer:

A B C E

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8 0
2 years ago
Use the information presented in Southwestern Mutual Bank's balance sheet to answer the following questions. Bank's Balance Shee
lord [1]

Answer:

Southwestern Mutual Bank

This would increase the loans account and the deposit account by $100 respectively.

Explanation:

a) Data and Calculations:

Southwestern Mutual Bank

Balance Sheet

Assets                                    Liabilities and Owners' Equity

Reserves             $150          Deposits                         $1,200

Loans                 $600           Debt                                 $200

Securities           $750           Capital (owners' equity)  $100

Total assets     $1,500          Total liabilities + equity $1,500

New customer deposit = $100

New loans made by the owners = $100

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2 years ago
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2 years ago
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