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Mary Contrary runs a nursery, Mary Contrary’s Garden, out of her home. She uses the greenhouse, which is attached to her home, to grow the plants that she sells and to grow her personal garden plants. The business use of the nursery is 80%. On August 12, an overly conscientious employee left the nursery roof open overnight because the plants looked thirsty and it was supposed to rain. The nursery was flooded and the damage to the nursery cost $35,000 to repair. Mary originally paid $70,000 for the nursery addition to the house and the FMV of the greenhouse before the flood was $110,000. She has properly taken $10,000 of depreciation on the greenhouse. The insurance company reimbursed Mary $25,000. Mary’s adjusted gross income before any casualties is $65,000.
What is the amount of Mary’s casualty loss deduction and how is it deducted?
When a new partner is admitted to a partnership, there should be a(n)
What is M&S's accounting policy related to refunds and loyalty schemes? Why does M&S include the accounting for refunds and loyalty schemes in its critical accounting estimates and judgments?
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Watson uses four units of direct material in each finished unit. The direct material price has been stable and is expected to remain so over the next six months. Management wants to maintain the ending direct materials inventory at 60% of the f..
During 2013, Durham Manufacturing expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in..
Determine the amount of National's total liabilities
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