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Heather owns a two-story building. The building is used 60% for business use and 40% for personal use. During 2011, a fire caused major damage to the building and its contents. Heather purchased the building for $800,000 and has taken depreciation of $150,000 on the business portion. At the time of the fire, the building had a fair market value of $900,000. Immediately after the fire, the fair market value was $200,000. The insurance recovery on the building was $600,000. The contents of the building were insured for any loss at fair market value. The business assets had an adjusted basis of $220,000 and a fair market value of $175,000. These assets were totally destroyed. The personal use assets had an adjusted basis of $50,000 and a fair market value of $65,000. These assets were also totally destroyed. If Heather's AGI is $100,000 before considering the effects of the fire, determine her itemized deduction as a result of the fire. Also determine Heather's AGI.
Determine the amount of interest expense the restaurant will report on the June pro forma income statement. What amount will his restaurants report as interest expense on the July proforma income statement?
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method.
What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method.
A change in an accounting estimate is: how much depreciation expense should the company recognize on December 31, 2010?
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
Calculate the total drill and blast cost based on the blasting costs
Discuss main objectives of non- profit-making organisations
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