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kifflom [539]
3 years ago
15

Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. The sawmill had an adjusted basis of

$35,000 and a fair market value of $50,000 before the fire. The sawmill was uninsured. Steve's casualty loss is:________.1) $49,900.
2) $50,000.
3) $35,000.
4) $34,900.
Business
1 answer:
pashok25 [27]3 years ago
8 0

Answer: $35,000

Explanation:

A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.

Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.

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How much time after selling a house do you have to buy a house to avoid the tax penalty?.
kati45 [8]

Answer:

no idea but im pretty sure its 6 months

Explanation:

becuase i think so

7 0
2 years ago
Read 2 more answers
In which of the following cases is outsourcing likely to be the best solution to the firm's data processing needs? a) Peterson I
Alex73 [517]

Answer:

a) Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

Explanation:

Outsourcing likely to be the best solution to the firm's data processing needs because Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

5 0
3 years ago
The Pak-It-Your-Way Company makes custom packaging of all kinds. The firm has evolved into a big business due to quality and inn
lozanna [386]

Answer:

<u><em>Social Audit</em></u>

Explanation:

The Pak-It-Way Company makes custom packaging of all kinds . The firm has evolved into a big business due to quality and innovative work . Recently , top management asked company departments to list and evaluate the kinds of socially responsible efforts conducted internally and externally in the business and also to list negative occurrences that supervisors observed . Top management is essentially conducting a <u>social</u> <u>audit.</u>

<em>Social audit is an audit to examine how an organisation is behaving or working for its employees , society and environment.</em>

Social audit helps in encouraging the participation of the community , it also helps in encouraging the local democracy, it promotes the decision making and helps in developing the human resources.

Social audit has wide coverage , it is evaluated very systematically , it is always conducted in a regular period of time , it measures the social performance of the organisation towards its employees society and the environment. But social audit is difficult to conduct.

8 0
3 years ago
On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an in
Westkost [7]

Answer:

A) using an excel spreadsheet and the NPV function, I calculated the present value of the note to be $24,036.49

=NPV(1.5%, 24 values of 1200 each) = $24,036.49

B)

December 1, merchandise purchase:

Dr Merchandise inventory 34,536.49

    Cr Cash 10,500

    Cr Notes payable - Colonial House 24,036.49

    Cr Interest payable - Colonial House 4,763.51

December 31, first installment in note payable:

Dr Notes payable - Colonial House 768

Dr Interest payable - Colonial House 432

    Cr Cash 1,200

Interest = $28,800 x 1.5% = $432

C) If the note payable is classified as a current liability:

Current liabilities:

Notes payable - Colonial House $23,268.49

Interest payable - Colonial House $4,331.51

8 0
3 years ago
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Among the short-term obligations of Larsen Company as of December 31, the balance sheet date, are notes payable totaling $250,00
UkoKoshka [18]

Answer:

A. current liabilities

Explanation:

notes payable are for a period of 90 days which falls under the definition of current liabilities and not for any other given option. current liabilities are those liabilities which are maximum up to 12 months of period. so we should answer A. current liabilities

6 0
3 years ago
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