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Alicia was involved in an automobile accident. Her car was used 50 percent for business and 50 percent for personal use. The car had originally cost $20,000. At the time of the accident, it was worth $14,000 and Alicia had taken $2,000 of depreciation. After the accident, it was worth $5,000. The car was not insured. If Alicia's AGI is $15,000 (before considering the loss), determine her itemized deduction for the casualty loss.
a. $2,900.
b. $3,350.
c. $7,400.
d. $9,000.
e. None of the above.
Al and Amy file a joint return for the 2007 tax year. Their adjusted gross income is $80,000. They had net investment income of $9,000. In 2007, they had the following interest expenses:
Prepare the appropriate entries for the declaration and distribution of the stock dividend.
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A company has a minimum required rate of return of 8% and is considereing investing in a project that costs $68,337 and is expected to generate cash inflows of $27,000 each year for three years. The approximate internal rate of return on this proj..
James receives a gift of rare books valued at $10,000. The books have an adjusted basis of $6,000 to the donor. Several months later, James sells the books to a professional collector for $9,000. What is James‘s gain or (loss) on the sale?
Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
Arnie, a college student, purchased a truck in 2010 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a five year recovery period and he claimed depreciation ..
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 370 units on June 27 fo..
a) Journalize the transaction, events, and closing entries b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts c) Prepare a retained earnings statement for the year d) Prepare a stockholders' equity section ..
What internal controls components are commonly found among the revenue and payroll cycles? What components are unique to each cycle? - Answer 150-200 words.
Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.
Explain to him the rules of debits and credits for the balance sheet and income statement - journal entry that would be recorded that impacts the balance sheet.
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