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JulsSmile [24]
3 years ago
6

Riley operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident.

The van was originally purchased for $20,000 and the adjusted basis was $5,800 at the time of the accident. Although the van was worth $6,000 at the time of accident, insurance only paid Riley $1,200 for the loss. What is the amount of Riley's casualty loss deduction?
A. $6,000
B. $14,000
C. $5,800
D. $4,600
E. $5,300
Business
1 answer:
natima [27]3 years ago
6 0

Answer:

D. $4,600

Explanation:

Riley's casualty cost deduction comes from the substraction between the adjusted basis, which is the net cost of an asset after adjusting for various tax-related items, and the amount the insurance paid Riley.

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The Bay Fig Corporation has $350,000 of taxable income from operations for the current year, and dividends of $50,000 received f
Natali5045456 [20]

Answer: $25,000

Explanation:

When a company owns less than 20% of another company and receives dividends from that company, they are allowed to deduct 50% of that dividend for tax purposes.

Bay Fig owns 10%(less than 20%) of the domestic corporations so qualifies for the 50% reduction:

= Dividends * 50%

= 50,000 * 50%

= $25,000

3 0
3 years ago
The labor-supply curve is affected by the trade-off between labor and leisure.
NikAS [45]

TRUE.

The labor-supply curve is affected by the trade-off between labor and leisure.

The  opportunity cost of leisure depends on the wage rate, it increases and people supply more labor. Main factors determining the labor supply curve how desirable the work appears to its employees relative to the alternatives available in the market.

Other factors that encourages are government policies and procedures that are labor and trade effective or not. The quantity of workers trained for a particular job specifications. The number of workers in economy and the education required further.

To learn more about labor supply here,

brainly.com/question/23876084

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4 0
2 years ago
Two 1000 dollar face value bonds are both redeemable at par, with the first having a redemption date 3 years prior to the redemp
finlep [7]

Answer:

$ 915.71  

Explanation:

In order to determine the second bond price we need to determine the number of years to maturity of the first bond using nper formula in excel.

=nper(rate,pmt.-pv,fv)

rate is the semiannual interest rate of 6% (12%*6/12)

pmt is the semiannual interest=$1000*8.3%*6/12=$41.50  

pv is the current price at $813.04

fv is the face value of $1000

=nper(6%,41.50,-813.04,1000)= 16.00  

The years to maturity=16/2=8 years

The years to maturity of second bond=8+3=11 years

price of second bond=-pv(rate,nper,pmt,fv)

rate is 6%

nper is 11 years multiplied by 2= 22

pmt =5.3%*$1000=$53

fv is $1000

=-pv(6%,22,53,1000)=$915.71  

5 0
3 years ago
Read 2 more answers
First​ Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $4.00​, direct manufacturing la
MatroZZZ [7]

Answer:

budgeted costs for direct​ materials

  • $88,000

budgeted direct manufacturing​ labor

  • $132,000

budgeted manufacturing​ overhead

  • $18,480

Explanation:

Direct materials costs are $4.00 per pool cue.

Direct manufacturing labor is $6.00​ per pool cue.

Manufacturing overhead is $0.84 per pool cue.

total budgeted direct materials = 22,000 x $4 = $88,000

total budgeted direct labor = 22,000 x $6 = $132,000

total budgeted manufacturing overhead = 22,000 x $0.84 = $18,480

The information about the beginning and ending inventories is not relevant to this question since it only deals with budgeted or estimated costs which may or may not differ from actual costs.

3 0
3 years ago
Which of the following items is an example of revenue?
dedylja [7]

Answer:

b. Cash received from customers at the time services were provided.

Explanation:

When a business recieves payment for goods or services rendered it has earned revenue.

Revenue is defined as the income that a business generates from normal business activities such as sales of goods and services.

It is also called sales turnover.

7 0
3 years ago
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