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
kirza4 [7]
3 years ago
11

This year, Amy purchased $1,900 of equipment for use in her business. However, the machine was damaged in a traffic accident whi

le Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation or cost recovery expense for the equipment. Problem 9-57 Part-a (Algo) a. After the accident, Amy had the choice of repairing the equipment for $2,260 or selling the equipment to a junk shop for $620. Amy sold the equipment. What amount can Amy deduct for the loss of the equipment
Business
1 answer:
Veseljchak [2.6K]3 years ago
4 0

Answer:

For the complete destruction of a business asset, Amy can claim a casualty loss deduction for the tax basis of the machine less any recovery.  Hence, Amy can claim a casualty deduction for $1,700 ($2,000-$300)b.

For partial destruction of a business asset, Amy can claim a casualty loss deduction for the lesser of the economic loss (the cost of repair) or the tax basis of the machine.  In this case, Amy can deduct $800

You might be interested in
Creative Sound Systems sold investments, land, and its own common stock for $31 million, $14.9 million, and $39.8 million, respe
Pie

Answer:

cash generated from investing activites 9.1 millions

Explanation:

proceeds from investment 31 millions

proceeds from land           14.9 millions

purchase of equipment      (24.9 millions)

purchase of patent             (11.9   millions)

cash generated from investing activites 9.1 millions

The purcahse of treasury stock

and the sale of treasury stock (own common stock)

should be disclosure in the financing activities

6 0
3 years ago
A student finds data on an internet site that contains financial information about selected companies. he plans to analyze the d
garri49 [273]

The kind of data source is not known. Results may be invalid because some internet websites don’t upgrade their formats to the latest one. A lot of important details may also be missing from internet sites since some of their formats are incorrect while their data cannot be used as resource in some statistic software.

6 0
2 years ago
The systematic risk principle states that the expected return on a risky asset depends only on the asset’s ___ risk.
Ahat [919]

The systematic risk principle states that the expected return on a risky asset depends only on the asset’s <u>market </u>risk.

<h3>What are systematic risk principles?</h3>

According to the systemic risk concept, the expected return on an asset is solely determined by its systematic risk. As a result, regardless of how much overall risk an asset carries, just the systematic part is significant in estimating the expected return (including risk premium) on such asset.

Market risk is a kind of systematic risk that affects the entire market. Because it cannot be diversified and distributed, the investor is compensated for it.

Learn more about systematic risk principles here:

brainly.com/question/25821437

#SPJ1

Learn more about systematic risk principles here:

5 0
1 year ago
USA Airlines uses the following performance measures. Classify each of the performance measures below into the most likely balan
n200080 [17]

Answer:

1. Cash flow from operations: F (financial).

2. Number of reports of mishandled or lost baggage: C (customer).

3. Percentage of on-time departures: C (customer).

4. On-time flight percentage: C (customer).

5. Percentage of ground crew trained: I (innovation and growth).

6. Return on investment: F (financial).

7. Market value: F (financial).

8. Accidents or safety incidents per mile flown: P (internal process).

9. Customer complaints: C (customer).

10. Flight attendant training sessions attended: I (innovation and growth).

11. Time airplane is on ground between flights: P (internal process).

12. Airplane miles per gallon of fuel: P (internal process).

13. Revenue per seat: F (financial).

14.Cost of leasing airplanes: F (financial).

Explanation:

The performance measures associated with an airline (USA) business are;

1. Customer (C): this includes all the passengers or clients who have done business with the airline company in the past or in the future. It gives full details about everything pertaining to the clients or customers.

2. Financial (F): this is a measure of all the revenues and expenses associated with the successful running of the airline business.

3. Innovation and growth (I): this is a measure of the manpower or labor, equipments, welfare and training used to ensure the business continues to run smoothly, effectively and efficiently.

4. Internal process (P): it involves all of the strategic decisions, policies, rules and regulations formulated by the executive management in order to enhance the smooth operations of the airline business.

5 0
3 years ago
When originally purchased, a truck costing BD 23.000 had an estimated useful life of 8 years and an estimated salvage value of B
GREYUIT [131]

Answer:

d. BD 2,500

Explanation:

Accumulated Depreciation through the end of year 4 = [ Asset's cost - Salvage Value) / Estimated Useful Life] * Years Elapsed

= [(23,000 - 3,000)/8] * 4

= BD 10,000

Depreciation in Year 3 = [Asset's cost - Salvage Value - Accumulated Depreciation] / Remaining Estimated Useful Life

Depreciation in Year 3 = [23,000 - 3,000 - 10,000] / 4

Depreciation in Year 3 = 10,000 / 4

Depreciation in Year 3 = BD 2,500

6 0
3 years ago
Other questions:
  • If annual demand is 12,000 units, the ordering cost is $6 per order, and the holding cost is $2.50 per unit per year, which of t
    6·1 answer
  • Is a Polo shirt proper for a business job?
    6·1 answer
  • Technological advances such as long-range missiles mean that countries can to inflict harm on each other from great distances. r
    9·1 answer
  • Revenues that are legally restricted for expenditure on specified operating purposes should be accounted for in special revenue
    12·1 answer
  • A put on Sanders stock with a strike price of $31 is priced at $2 per share, while a call with a strike price of $31 is priced a
    9·1 answer
  • Minor Electric has received a special one-time order for 600 light fixtures (units) at $12 per unit. Minor currently produces an
    12·1 answer
  • After multiple years of building a business in the same location, Timothy has
    13·1 answer
  • Mel suddenly finds an opportunity to sell boxed dinners. The new opportunity would require the use of the 30 percent unused capa
    5·1 answer
  • SME Ads Inc. (SME) Steven Monahan owns SME Ads Inc., an advertising agency. At present, the company focuses on advertising only.
    12·1 answer
  • If you were thinking about investing in the securities market, would you prefer individual stocks, mutual funds, or ETFs? Explai
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!