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John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. What are John's deductions for 2010 and 2011 based on the above information if
1) the car was used for personal property and 2) business property?
2. Elaine provides more than half of the support for her son James, who does NOT live with her. James is 26 and is a full-time law student. He earns $2,000 from a part-time job. He has a $11,000 scholarship covering his tuition. May Elaine claim James as a dependent? Fully explain.
During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?
What amount of depreciation expense should be reported in Worthington's income statement for the year ended December 31, 2011?
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
The normal selling price is $18 per unit. The company's capacity is 12,000 units per month. Due to the University of Alabama participating in the BCS National Championship Game, an order has been received from a retailer for 2,000 additional T-shi..
Prepare an incremental analysis for the special order and should Pro Sports Inc. accept the special order? Explain your answer. What is the minimum selling price on the special order to produce net income of $4.10 per ball?
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Which of the following best describes an opportunity cost?
How would I calculate an annuity contract that pays $800 per month. The annuity cost $60,000 and it has an expected return of $100,000. How much of each monthly annuity payment is includible in a gross income?
Bonadio Ekectrical Supplies distributes electrical components to the construction idustry. The company began as a local suookier 15 yrs ago and has rwon rapidly to become a major competitor in the north central US.
Why would someone choose to use a perpetual over a period inventory system, and vice versa?
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
Research a large multinational company in which you might like to invest. Then estimate the most significant risk factors associated with investing in company you selected when compared with investing in the domestic company.
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