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
brilliants [131]
3 years ago
13

Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the accident, the car had an adjusted b

asis of $40,000. Jim used the car 100% of the time for business use. He received an insurance recovery of 70% of the value of the car at the time of the accident. If Jim’s AGI for the year is $60,000, determine Jim's deductible loss on the car.
Business
1 answer:
arlik [135]3 years ago
5 0

Answer:

the deductible loss on the car is $12,000

Explanation:

The computation of the Jim deductible loss on the car is shown below:

Given that

Car value = $40,000

Insurance recovery = 70%

Now the deductible loss is

= Car value - (car value × insurance recovery)

= $40,000 - ($40,000 × 70%)

= $40,000 - $28,000

= $12,000

hence, the deductible loss on the car is $12,000

You might be interested in
A company had the following partial list of account balances at year-end: Sales Returns and Allowances $ 1,000 Accounts Receivab
ArbitrLikvidat [17]

Answer:

$91,900

Explanation:

The computation of net sales revenue is shown below:-

Here, for reaching the net sales revenue we add the sales revenue and deduct the sales return and allowances with sales discounts

Net sales revenue = Sales Revenue - Sales Returns and Allowances - Sales Discounts

= $95,000 - $1,000 - $2,100

= $91,900

Therefore we have applied the above formula.

4 0
3 years ago
You are a professional financial analyst that is employed to help evaluate possible merger and acquisition candidates. You have
kipiarov [429]

Answer:

Explanation:

Below are some of the financial ratios he should consider:

a) Financial leverage ratios: This is used to measure the company earnings to service debt payments.

b) Return on investment: This is the ratio that is used to evaluate the profitability of the firm and the profit that is available to the stakeholders after all payments have been made.

c) Price to Earnings Ratio: This is an indicator of the price of the company's stock concerning the earnings per share. It is used to analyze if the stock price is over-priced or under-priced.

4 0
3 years ago
What is the best Honda dirt bike?
Illusion [34]

Answer:

KTM 350 full-size 450s, the 350 remains the bike for the common man. The KTM 350, along with its blood brother the Husqvarna FC350, appeals to the rank-and-file rider who doesn’t want to deal with 60 horsepower. The 350s have steadily improved over their lifespan and are currently better than ever.

Explanation:

7 0
3 years ago
Why might the current and quick ratios for the electric utility and the​ fast-food stock be so much lower than the same ratios f
yulyashka [42]

Current ratio is a comparison of current assets to current liabilities, calculated by dividing your current assets by your current liabilities.

The quick ratio compares the total amount of cash + marketable securities + accounts receivable to the amount of current liabilities.

A. Inventory would be a factor in both of these ration (assets). In both of these industries, inventory would be low. You cannot readily stockpile energy and burgers are perishable items.

B. It is true that both of these industries would have low outstanding accounts receivable because people will need their power to survive and fast food places don't offer credit.

C. These two industries deal with cash mainly. Cash doesn't have to be physical currency, but accounts that can easily be paid.

D. Low current and quick ratios are actually signs of good management not poor management.

All of the above are correct EXCEPT answer D.

6 0
4 years ago
Net income for the year was $29,500. Accounts receivable increased $2,500, and accounts payable increased $5,400. There were no
mylen [45]

Answer:

True

Explanation:

The net cash flow for the year can be calculated using the following equation:

net cash flow = net income + accounts payable - accounts receivable

net cash flow = $29,500 + $5,400 - $2,500 = $32,400

We have to subtract accounts payable since they were included in the net income but the cash has not been received yet.  

4 0
3 years ago
Other questions:
  • Look at the table below showing an example of a checkbook ledger.
    5·1 answer
  • The XYZ Company is a world leader in medical device manufacturing. Aiming to continue its market position in this industry, the
    15·1 answer
  • On January 1, the first day of its fiscal year, Pretender Company issued $12,700,000 of five-year, 11% bonds to finance its oper
    10·1 answer
  • 5. If a business letter is part of a series of correspondence, a/an _______ line is often included. A. attention B. urgent C. co
    10·1 answer
  • Which life insurance policy would be eligible to include an automatic premium loan provision? increasing term level term decreas
    10·1 answer
  • Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insuran
    9·1 answer
  • Why do you think the feudal system disappeared over the course of time? Best answer will be mark braniest
    12·1 answer
  • Not knowing the roles of key players in the buying process could cause a sales representative to?
    12·1 answer
  • After obtaining the dried weight of your product, you ran two irs. One of them is of the product. Briefly explain which was the
    6·1 answer
  • Drawing a vertical line from the profit-maximizing output on horizontal axis to the demand curve represents the:_______
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!