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In May 2013, Mike's home was hit with a tornado. Mike's basis in the home was $125,000 and the tornado caused a loss of $18,000. He received a $10,000 insurance reimbursement.In August 2013, Mike had a motorcycle accident. His basis in the motorcycle was $20,000 and the accident caused a $24,000 loss. Mike received a $5,000 insurance reimbursement.a. If Mike's adjusted gross income in 2013 was $50,000, what is his net casualty and theft loss deduction?b. Assume also that in November 2013 Mike's home was burglarized. Mike's antique music box collection held for investment was stolen. Mike's basis in the collection was $8,000 and it was worth $15,000 at the time it was stolen. Mike didn't insure the collection. If Mike's adjusted gross income in 2013 was $250,000, what is Mike's net casualty and theft loss deduction?
McGee Corporation offers Gruden $5 per disc for 5,000 discs. McGee would sell discs under its own brand name in foreign markets not yet served by Gruden.
Use the absorption costing approach to evaluate the markup required to make the desired return on investment based on the subsequent information.
Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.
Determine the basic and diluted earnings per share values for year ending 31 st December, 2011. Austin has compiled the information given below.
Find who are stakeholders in this situation and Explain what are Curtis's ethical obligations to the corporation? and to his friend ?
Prepare a perpetual inventory record for Digital Wireless, to determine the value of ending inventory at December 31st, 2012, and the total amount to be assigned to cost of goods sold for the period.
As the company accountant you must give the necessary information to support your recommendation to Board of Directors.
Analyze the intent of the Sarbanes-Oxley Act of 2002
Purpose the journal entry for Blaha to record the impairment of its goodwill at the end of 2013.
Prepare the general journal entries to record the adopted budget at the beginning of FY 2014. Show entries in the subsidiary ledger accounts as well as the general ledger accounts. what must be the minimum amount in the Fund Balance
Prepare a schedule of lease receipts for Cherry Ltd and the journal entries for the year ended 30 June 2011 and prepare a schedule of lease payments for Hazel Ltd and the journal entries for the year ended 30 June 2011.
At the starting of 2014, the CFO decided to change to straight-line depreciation method and evaluate the depreciation expense for 2014.
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