Prodigy membership account please i need one anyone have a spare one please

Which of the following statements is correct in connection with the investigation of a business? a.Regardless of whether the tax

jekas [21]

Answer:

c. That business must be related to the taxpayer's present business for any expense ever to be deductible.

Explanation:

If the business is acquired, the expenses may be deducted immediately by a taxpayer engaged in a similar trade or business. The expenses may be deducted regardless of whether the business being investigated is acquired.

7 0

3 years ago

Mercury Inc. purchased equipment in 2019 at a cost of $497,000. The equipment was expected to produce 580,000 units over the nex

Ivan

Answer:

1.

Gain or (Loss) on sale = (17000) Loss

2.

Cash 253600 Dr

Accumulated Depreciation 226400 Dr

Loss on Sale 17000 Dr

Equipment 497000 Cr

3.

Gain or (Loss) on sale = 9400 Gain

4.

Cash 280000 Dr

Accumulated Depreciation 226400 Dr

Gain on Sale 9400 Cr

Equipment 497000 Cr

Explanation:

We first need to calculate the carrying value of the equipment at the date of disposal. The carrying value is calculated as follows,

Carrying value = Cost - Accumulated depreciation

Depreciation 2019 = (497000 - 33000) * 83000 / 580000

Depreciation 2019 = 66400

Depreciation 2020 = (497000 - 33000) * 133000 / 580000

Depreciation 2020 = 106400

Depreciation 2021 = (497000 - 33000) * 67000 / 580000

Depreciation 2021 = 53600

Carrying value = 497000 - [ 66400 + 106400 + 53600 ]

Carrying value = $270600

1.

Gain or (Loss) on sale = Sales price - Carrying Value

Gain or (Loss) on sale = 253600 - 270600

Gain or (Loss) on sale = (17000) Loss

2.

Cash 253600 Dr

Accumulated Depreciation 226400 Dr

Loss on Sale 17000 Dr

Equipment 497000 Cr

3.

Gain or (Loss) on sale = Sales price - Carrying Value

Gain or (Loss) on sale = 280000 - 270600

Gain or (Loss) on sale = 9400 Gain

4.

Cash 280000 Dr

Accumulated Depreciation 226400 Dr

Gain on Sale 9400 Cr

Equipment 497000 Cr

6 0

2 years ago

Sam, an engineer, supervises the construction of a new bridge. When the bridge collapses due to faulty construction, Sam is sued

aleksandr82 [10.1K]

Answer: Other Engineers.

Explanation:

Sam is held responsible for the bridge collapse based on his role as the engineer in charge of the project. As an engineer care has to be taken in making accurate calculations and design to ensure there are no accidents or failure as a result of poor design.

3 0

3 years ago

Is interest on loan an expense or a liability....Please help

GREYUIT [131]

Answer:

expense

explanation :

when we're about loan we are talking about a business or a person who is taking a loan. in this case the person or the firm pay interest on the loan.

3 0

1 year ago

After an initial investment of $20,000, Joseph's bank account has earned $16,000 in interest over the last 10 years. At what rat

Daniel [21]

Answer:

what rate is he earning interest

Interest rate is 8%

Explanation:

I = C·i·t,

C Initial Investement

i Anul interest rate

t time

16000=20000*i*10

16000=200000*I

I=16000/200000

I=0,08

I=8%

6 0

2 years ago