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Norm's car, which he uses 100% for personal purposes, was completely destroyed in an accident in 2010. The car's adjusted basis at the time of the accident was $13,000. Its fair market value was $11,500. The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss?
15,000 shares of 5 percent preferred stock outstanding currently selling for $93 per share. What is the cost of your preferred stock?
Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..
The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.
Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..
Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
He also gives the sellers $100,000 of marketable securities that he purchased three years ago for $125,000 and paid a finder's fee of $5,000, legal fees of $6,000, and transfer taxes of $12,000. What is William's acquisition basis for the building..
Godert pharmaceutical company has many scientists working in the labs trying to develop anti-aging drug. The cost of this research and development should be.
Hungry Bites produces corn chips. The cost of one batch is below: Direct materials $18; Direct labor 13.00; Variable overhead; 11.00; and Fixed overhead 14.00.
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below..
A controlling influence over the a company you have invested in is based on you owning voting stock exceeding what percent?
Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they v..
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