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faust18 [17]
3 years ago
11

Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchase

d for $15,500 and the adjusted basis was $1,050 at the time of the accident. The taxi was repaired at a cost of $2,975 and insurance reimbursed Don $757 of this cost. What is the amount of Don's casualty loss deduction
Business
1 answer:
Leno4ka [110]3 years ago
4 0

Answer:

$293

Explanation:

Calculation for the amount of Don's casualty loss deduction

Using this formula

Casualty loss deduction amount=Adjusted basis -Insurance reimbursed

Let plug in the formula

Casualty loss deduction amount=$1,050- $757

Casualty loss deduction amount=$293

Therefore the amount of Don's casualty loss deduction will be $293

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In its most recent annual report, Appalachian Beverages reported current assets of $39,900 and a current ratio of 1.90. Assume t
iVinArrow [24]

Answer:

Appalachian Beverages

The Updated current ratio is:

= 1.65

Explanation:

a) Data and Calculations:

Current assets = $39,900

Current ratio = 1.90

Current liabilities = $21,000 ($39,900/1.90)

Current Assets:

Beginning balance = $39,900

Inventory                      $5,100

Cash                           ($2,000)

Ending balance =      $43,000

Current Liabilities:

Beginning balance = $21,000

Accounts Payable       $5,100

Ending balance =      $26,100

Analysis of Transactions:

1. Inventory $5,100 Accounts Payable $5,100

2. Delivery Truck $10,000 Cash $2,000 Two-year Note Payable $8,000

Updated current ratio = Current assets/Current liabilities

= $43,000/$26,100

= 1.65

6 0
3 years ago
Which of the following goods would you expect to have the largest income elasticity of demand?
mr Goodwill [35]

Answer:

stereo equipment.

hope this helps

6 0
3 years ago
Which of the following is NOT a basic assumption of perfect​ competition? A. Production is characterized by significant economie
Alex17521 [72]

Answer: Production is characterized by significant economies of scale is not an assumption of perfect competition (A)

Explanation:

A perfect competition is a form of market structure that has many buyers and may sellers. In a perfect competition, there is a free entry and exit for producers as there is no barrier.

Also, firms are price takers as no producer can influence the price of the goods in the market unlike in an imperfect competition which is a price maker as producers can influence price. Firms also sell identical products that are the same in quality, size etc.

In a perfect competition, production is not characterized by significant economies of scale. That is an assumption that can be found in monopoly.

Therefore, option A is the right answer.

7 0
3 years ago
Put the following steps in order to indicate how a malignant tumor may develop. a - An environmental mutagen such as UV light mu
oksian1 [2.3K]

Answer:

The answer is B, D, A, C.

Explanation:

The order to indicate how a malignant tumor may develop is:

b - A single mutation of BRCA1 is inherited.

d - An oncogene forms when DNA mistakes are not corrected.

a - An environmental mutagen such as UV light mutates the p53 gene.

c - Mutation that allows invasion of other tissues develops.

4 0
3 years ago
Gilda has an idea that would streamline​ operations, reduce​ costs, and increase profits. Her idea requires the cooperation of s
Jet001 [13]

Answer:

Evidence based.

Explanation:

Evidence: It is something that furnishes proof or testimony or something legally submitted to ascertain in the truth of matter.

Evidence basedis the conscientious (effort), explicit (clarity) and judicious (critical of quality) use of the best available evidence from multiple sources to increase the likelihood of a favourable outcome.

Characteristics:

- It’s about the process

- It’s not about certainties (this will work)

- It’s is about probabilities and likelihoods

- It is about reducing uncertainty (given our context this is more likely to lead to the outcome we want than doing something else or doing nothing)

7 0
3 years ago
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