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
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.

You might be interested in
A new assessment tool does a good job of differentiating those who later will be depressed and those who will not be depressed,
Marina CMI [18]

Answer:

A. predictive validity.

Explanation:

The tool has predictive-validity because it can assess, or predict, out of a sample, which subjects will be depressed in the future, and which subjects will not, producing similar results to other tools that also measure depression, something that gives it credibility.

8 0
3 years ago
Given the following data for Vinyard Corporation:
rosijanka [135]

Answer:

C

Explanation:

D / V = 1000 / 4000

Dividing 1000 by 4000 gives 0.25 = 25%

E / V = 3000 / 4000

Dividing 3000 by 4000 gives 0.75 = 75%

7 0
3 years ago
Primera Company produces two products and uses a predetermined overhead rate to apply overhead. Primera currently applies overhe
pychu [463]

Answer:

Primera Company

1. Plantwide predetermined overhead rate:

= $1,536,000/768,000

= $2.00 per direct labor hour

Overhead assigned to each product:

                                   Product 1    Product 2

Direct labor hours     480,000        147,200

Predetermined overhead

 rate  = $2 per direct labor hour

Total overhead =    $960,000    $294,400

2. Predetermined departmental overhead rates:

Department 1:    

Direct labor hours $2 ($1,536,000/768,000)

Department 2

Machine hours = $7.385 ($1,536,000/208,000)

Overhead assigned:

Product 1 = $960,000 (480,000 * $2)

Product 2 = $70,896 (9,600 * $7.385)

3. The applied overhead for the year:

Department 1 = $1,254,400 (627,200 * $2)

Department 2 = $1,512,448 (204,800 * $7.385)

Total   =            $2,766,848

Overapplied overhead for the firm = $1,134,848 ($2,766,848 - $1,632,000)

4. Debit Manufacturing overhead $1,134,848

Credit Cost of goods sold $1,134,848

To transfer the overapplied overhead to cost of goods sold.

Additional information needed if the variance is material is to determine the percentages to allocated to Work in process, Finished Goods, and Cost of Goods Sold.

Explanation:

a) Data and Calculations:

Estimates:

                            Department 1   Department 2      Total  

Direct labor hours    640,000            128,000        768,000

Machine hours            16,000            192,000        208,000

Overhead cost       $384,000       $1,152,000    $1,536,000

Actual results:

                            Department 1   Department 2      Total  

Direct labor hours     627,200             134,400       761,600

Machine hours             17,600            204,800      222,400

Overhead cost       $400,000       $1,232,000  $1,632,000

                       Product 1 Product 2        Total  

Direct labor hours:

Department 1 480,000    147,200      627,200

Department 2  96,000     38,400       134,400

Machine hours:

Department 1    8,000        9,600         17,600

Department 2 24,800    180,000      204,800

3 0
2 years ago
A business plan should be rewritten every three to five years<br> true<br> false
Kisachek [45]
The answer would be True.
6 0
3 years ago
Read 2 more answers
Scott defines "minority owned" in his study of businesses in Northeastern City as being those businesses that are currently owne
Sphinxa [80]

Answer:

conceptualized

Explanation:

Based on the information provided within the question it can be said that in this scenario Scott has conceptualized the concept of "minority owned". This term refers to when an individual creates an abstract but very simplified view of something. Which in this case he gave the term "minority owned" a simplified definition of being only owned by women or African Americans, when there can be many other minorities in a certain area.

4 0
2 years ago
Other questions:
  • The two reasons why bankruptcy is a false concern about the public debt are:
    7·1 answer
  • One of the appeals of a sole proprietorship is that business expenses are
    9·2 answers
  • A company will make $74,000 in annual revenue each year for the next seven years from a new investment. The interest rate of 7.2
    11·1 answer
  • Barnes Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost info
    5·1 answer
  • A company is expected to have free cash flows of $0.75 million next year. The weighted average cost of capital is WACC = 10.5%,
    10·1 answer
  • An advertising campaign: a. may contain a wide variety of themes and slogans. b. extends for a defined period of time. c. acts a
    12·1 answer
  • Assume that the price of the sub sandwiches is $4 and the price of tacos is $2. When Harry's income is $14 he buys two Italian s
    10·1 answer
  • The units of an item available for sale during the year were as follows:
    14·1 answer
  • One of the reasons service failures need to be addressed quickly is to: increase empowerment zones. avoid a situational ethics c
    14·1 answer
  • When the university’s provost sets a major student retention goal, the cascading-goals process would occur if the.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!