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ollegr [7]
3 years ago
12

On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi

s of $7,000. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $50,000, calculate the amount of his theft loss deduction.
Business
1 answer:
Mama L [17]3 years ago
3 0

Answer: $1,900

Explanation:

Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.

Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

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alukav5142 [94]

Answer:

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8 0
2 years ago
The following balance sheet accounts of a foreign subsidiary at December 31, 2017, have been translated into U.S. dollars as fol
exis [7]

Answer:

$1,300,000

Explanation:

The computation of the total amount included in the translated balance sheet is shown below:

= Account receivable at current rate + account receivable, long term at current rate  + inventories at current rate + goodwill at current rate

= $600,000 + $300000 + $180,000 + $220,000

= $1,300,000

We recorded at the current rate or lower value of current rate or historical rate but the goodwill is recorded at current rate

6 0
3 years ago
Nancy Company has a balance of $15,000 in accounts receivable on December 31, of which $1,500 is more than 30 days overdue. The
BabaBlast [244]

Answer:

E. $330 credit to allowance for doubtful accounts

Explanation:

With regards to the above, the adjusting entry on December 31st is computed as;

= [($15,000 - $1,500)× 0.1)]

= $135

1% of the balance less than 30days

= $1,500 × 0.1 = $150

Total = $45 + $135 + $150 = $330

5 0
3 years ago
1
adelina 88 [10]

Answer:

  • She then cuts potatoes into 1" chunks.
  • She adds potatoes to the broth, covers the lid and cooks it at low heat until the potatoes become tender.

Explanation:

Stewed Potatoes is a very popular dish in the South and can be prepared in various ways but there are methods that are universal.

One such method is to cut the potato into chunks then adding these chunks to water/ broth and then ingredients. When the potato boils, cook it at a low heat until it becomes the desired level of tender.

4 0
3 years ago
As one of the key management functions, leading focuses on a manager's efforts to:
Mnenie [13.5K]
As one of the key management functions, leading focuses on a manager's efforts to: e (all of the above).


Hope I helped you :).
4 0
3 years ago
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