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Simon Samson runs a catering business, Simple Simons, out of his home. He uses the same kitchen for his business and for personal purposes. The business use of the kitchen is 60% and the personal use is 40%. On July 4, Simple Simons had an explosion in the kitchen when someone threw flour on a flaming dessert. The damage to the assets in the kitchen cost $50,000 to repair. Simon originally paid $95,000 for the assets that were damaged. At the time of the explosion, total depreciation properly taken on the assets is $8,000. Their fair market value before the explosion was $110,000. The insurance company reimbursed Simon $30,000. His AGI before any casualties is $70,000.
What is the amount of Simon’s casualty loss deduction and how is it deducted?
During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2010?
Prepare Journal Entries from (in table) the following information relating to Job Costing. The material storeroom receives a shipment of direct and indirect materials that cost $ 12,000. Materials are sent to the stamping and assembly areas. The Cost..
the information that follows pertains to consumer products for the year ended december 31 20x6.inventory 11x624000
Consider your student loan. What is the loan from the point of view of the bank?
Determine the outstanding loan balance as of September 30, after any repayments have been made.
question a company has made the subsequent purchases of merchandise during the month of julyjuly 1 purchased 380 units
Compute depreciation for the first year under each of the following methods: (a) straight-line, (b) units of production, and (c) double-declining-balance. (Show your work.)
aampe corp. acquired a new high-tech printing press on 1st january 2010 for 90000. at that time the company evaluated
Show how each transaction would he handled using the accrual basis of accounting. Give the amount of revenue or expense for January. Journal entries are not required. Use the following format
which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. What is the maximum depreciation expense?
Lane French had a bad credit rating and went to a local cash center. He took out a $116 loan payable in two weeks at $132. What is the percent of interest paid on this loan?
Masterson, Inc., which uses a process-cost accounting system, passes completed production from Department A to Department B for further manufacturing. The journal entry to record completed production in Department A requires:
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