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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?
Cash equivalents are generally investments with maturities of :
What were the limitations of the audit proceedures regarding management assertion of existence in the zzz best case?
Discuss each request below for a budget revision, putting what you see as both sides of the argument and reach a conclusion as to whether a budget revision should be allowed.
Describe financial statements users (internal and external) . Who will benefit the most from accounting?
Rob was given a residence in 2010. At the time of the gift, the residence had a fair market value of $200,000, and its adjusted basis to the donor was $140,000. The donor paid a gift tax of $10,000 on the taxable gift of $188,000. What is Rob's ba..
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
The contribution margin of the finished products is $6 each. Inventory carrying costs are $0.40 per unit per day. What is the change in the daily contribution margin if the change is made?
How realistic do you feel the criteria are for determining whether a lease is "capital" or "operating"? Can't a lease just be negotiated at 79% of the economic life, or 89% of the present value of payments? Has FASB taken any action to address thi..
Create a cost-benefit analysis to evaluate the project
A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
Explain the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this
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