StylesQuestion 12 (Essay Worth 4 points)

Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company r

andreev551 [17]

Answer:

True

Explanation:

According to the IRS tax guidelines in such a case the unreimbursed amount is deductible as an itemized deduction from tax returns.

What this implies for Mr. and Mrs. Jones is that the $12,000 unreimbursed amount would be deducted from their tax return. Thus, reducing the amount of taxes to be paid by them.

4 0

3 years ago

Sodium Inc. borrowed $175,000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much inter

Oksanka [162]

Answer:

The amount of interest that is recognized for the period from April 1 to December 31 is $15,750

Explanation:

According to the given data we have the following:

interest=12%

From April 1 to December 31 we have 9 months

Sodium Inc. borrowed $175,000

Therefore, in order to calculate the amount of interest that is recognized for the period from April 1 to December 31 we would have to make the following calculation:

Interest for 9 months= $175,000 x 12% x 9 months / 12

Interest for 9 months=$15,750

The amount of interest that is recognized for the period from April 1 to December 31 is $15,750

6 0

3 years ago

The following data relate to direct materials costs for February: Materials cost per yard: standard, $2.00; actual, $2.10 Standa

Arlecino [84]

Answer:

Price variance will be $4512.5 ( Unfavorable )

Explanation:

We have given standard material cost per yard = $2

Actual material cost per yard = $2.10

Standard yards per unit = 4.5

And actual yards per unit = 4.75

Units of production = 9500

Total number of actual quantity used = 9500×4.75 = 45125

So direct material price variance = ( standard price - actual price ) × actual quantity used = ( $2 - $2.1 ) × 45125 = -$4512.5

So price variance will be $4512.5 ( Unfavorable )

6 0

3 years ago

It is unethical to ask employees to work longer hours to get a project completed on time.

dimaraw [331]

No. There are times where some projects are so important that they need to be finished as soon as possible. You have to make sure that employees will be compensated for their work when they do so. Make sure that the company follows proper guidelines in doing overtime.

5 0

3 years ago

In many European nations, the title to agricultural property is not known because there are no official records indicating who h

Montano1993 [528]

The cause of this lack of incentive to engage in economic activity is the lack of legalized property rights.

<h3>What are property rights?</h3>

Property rights establish the resources ownership and control. Generally, legalizing property rights recognize the the rights of:

Possession
Control
Exclusion
To derive income
Disposition.

Thus, having official records indicating agricultural property rights will encourage Europeans to engage in economic and agricultural activities.

Learn more about legalizing property rights at brainly.com/question/913138

7 0

2 years ago