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Del restores old automobiles in his spare time. The last four years he has painstakingly restored a 1953 Chevrolet Corvette. He purchased the car for $3,500 and has subsequently spent another $10,000 to overhaul the engine and paint the car. He has personally spent 2,000 hours restoring the car. Del figures that his time is worth at least $10 per hour. Del has just been offered $40,000 for the fully restored Corvette. Before Del had a chance to sell the car it was destroyed in a fire. Unfortunately, there was no insurance on the car. If Del's AGI is $100,000, what is the deductible casualty loss for the car?
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
Until recently, governments were not permitted to recognize increases in the value of investments as revenue. What arguments might you present in support of the current position that investments.
Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year. Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the fi..
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for
Inventory is an important asset for merchandisers. Considering the various methods of valuing inventory and the flow of merchandise, what are the strengths and weaknesses of each method? Why would a company chose one method over another? Is there ..
Expenditures were 4000000 in 2011 and 2050000 in 2012 which included a change to the original construction design in the amount of 50000. what amount should be added to net capital assets in the governmental accounts in 2012?
How is FedEx performing? How, if at all, does its performance and plans affect your assessment of the sustainability of UPS=s current performance?
Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the "fair value" rule for both classes of securities described above.
Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per pers..
You aare considering buying a new $25,000 car. The car dealer offers you a 13.6% loan with 30 equal monthly payments. Upon the questioning the dealer, you find that this unusual loan has "add-on" interest-What is the approximate effective annual in..
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department.
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