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
SashulF [63]
2 years ago
12

On September 1 of the current year, Mr. Z, a cash-basis, calendar-year, self-employed mechanic, borrowed $10,000 at 10% for 5 ye

ars (i.e., 60 months) to purchase equipment with a useful life of 10 years. Z paid the lender a loan origination fee of $3,000 on the loan date. This fee was solely for the use of the money. How much of the $3,000 fee may Z deduct on his Schedule C for the current year
Business
1 answer:
wlad13 [49]2 years ago
4 0

Answer:

$200

Explanation:

Calculation for How much of the $3,000 fee may Z deduct on his Schedule C for the current year.

Amortized over life of loan = ($3,000/60 months) x 4 months

Amortized over life of loan=$50×4 months

Amortized over life of loan=$200

Note that September 1 to 31 December will give us 4 months

Therefore what Z deduct on his Schedule C for the current year is $200

You might be interested in
Ferguson Company recognized $400 of estimated manufacturing overhead costs at the end of the month. How does this transaction af
nadezda [96]

Answer:

This leads to a reduction in net income

Explanation:

Manufacturing overheads refer to those costs which indirectly relate to a good's production. Examples of manufacturing overheads would include depreciation charged on equipments used for production, rent of the factory wherein production takes place.

The effect of recognition of $400 of estimated manufacturing overheads would be reduction in net income since their recognition raises the cost of production which reduces gross profit. Consequently this would reduce the net income.

8 0
3 years ago
Lok Co. reports net sales of $5,856,480 for 2016 and $8,679,690 for 2017. End-of-year balances for total assets are 2015, $1,686
mart [117]

Answer:

2016 = $3.36

2017 = $4.59

Explanation:

The solution of total assets turnover is shown below:-

Particulars                                              2016          2017  

Total assets in the beginning     $1,686,000    $1,800,000

Total assets at the end                $1,800,000    $1,982,000

Average assets                            $1,743,000    $1,891,000

(Assets in the beginning + Assets at end) ÷ 2

Sales revenue                               $5,856,480   $8,679,690

Total assets turnover                     $3.36              $4.59

(Sales revenue ÷ Average Total assets)

4 0
3 years ago
Marshall Welding Company has two service departments (Cafeteria and Human Resources) and two production departments (Machining a
Serhud [2]

Answer:

the  cost of Human Resources would be allocated to Machining is $480,000

Explanation:

The computation of the cost of Human Resources would be allocated to Machining is given below:

= Cost of the human resource × machining department ÷ (machining department + assembly department)

= $1,200,000 × 100 ÷ (100 +  150)

= $480,000

hence, the  cost of Human Resources would be allocated to Machining is $480,000

5 0
3 years ago
Sylvia is a member of a team that uses e-mail, messenger, and blogging to communicate. although she sees members of her team on
denpristay [2]
Sylvia' s team can best be described as a virtual team.
Hope this helps!
6 0
3 years ago
he Triffin paradox warned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long ru
Zarrin [17]

Answer: all of the options

Explanation:

Triffin paradox simply explains the economic interests conflicts that are faced by the countries that have their currencies been used as standards for global currencies.

The Triffin paradox was first proposed by Professor Robert Triffin. He also

warned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long run and was also responsible for the eventual collapse of the dollar-based gold-exchange system in the early 1970s.

7 0
3 years ago
Other questions:
  • if Lei bikes to and from work everyday in order to train for the Olympics what is important to Lei? hey her A.job outlook B. her
    14·2 answers
  • When there is a shortage in a market, price will tend to ; and when there is a surplus in a market, price will tend to . Equilib
    8·1 answer
  • The U.S. Treasury bill is yielding 3.0 percent and the market has an expected return of 11.6 percent. What is the Treynor ratio
    13·1 answer
  • How do aggregate demand and aggregate supply differ from regular demand and supply?
    8·1 answer
  • Petrus Framing's cost formula for its supplies cost is $2,300 per month plus $6 per frame. For the month of March, the company p
    6·1 answer
  • In what form of business do members of an organization own and control its activities
    10·1 answer
  • Janice, a citizen of Nevada, was injured by a defective product manufactured by Hot Plates, Inc., a company incorporated in Cali
    13·1 answer
  • After a major earthquake, the San Francisco Opera Company is offering zero coupon bonds to fund the needed structural repairs to
    10·1 answer
  • Give like the LATEST NEW PLAYLIST "Sad Boy Intro" if you want to heard (Unrelease) playlist and listen to "A love Letter Heart B
    8·2 answers
  • a. Suppose the marginal propensity to consume (MPC) for a nation is 0.67. What is the tax multiplier for this nation
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!