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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?
George and William Phelps are considering a 6 year project that would require a cash outlay of $80,000 for equipment and an additional $20,000 for working capital that would be released at the end of the project.
What amount of dividends will a shareholder owning 100 shares receive in 2011 if Emily pays $1,000,000 in dividends?
Finished goods inventory at the end of 2013 was 10,000 units. On average, 25% of the futons to be sold in the next month are produced and kept as ending balance in finished goods inventory. The planned selling price is $150 per unit. What would be th..
question bennett corporation is authorized to issue 1000000 shares of 1 par value general stock in 2012. starting in
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When a bank reconciliation has been satisfactorily completed, the only related entries to be made in the depositor's records and example of internal control over cash
suppose that you have just run out of money and are unable to move your idea from its development stage to production
Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of $114,077, and an EBITDA of $1,521,087 for the year ended June 30, 2010. What is the Times Interest Earned for this company?
Making a decision for Investment using NPV - You currently have 200 to invest. Your discount rate is 20%. (i.e. cost of capital). You have the opportunity to invest in the following projects. In which project(s) should you invest
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interest on original investment at 10%, salary allowances of $28,803 and $30,420 respectively, and the remainder equally. How much of the net income of $118,415 is allocated to X?
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