Business, 31.10.2019 07:31 mamieengler
In 2018, grant’s personal residence was completely destroyed by fire. grant was insured for 100% of his actual loss, and he received the insurance settlement. grant had adjusted gross income, before considering the casualty item, of $30,000. pertinent data with respect to the residence follows: cost basis $280,000value before casualty 250,000value after casualty what is grant's allowable casualty loss deduction? (a) $10,000(b) $6,900(c) $80,000(d) $6,500(e) $0
Answers: 3
Business, 22.06.2019 03:30
Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.
Answers: 1
Business, 22.06.2019 13:50
The retained earnings account has a credit balance of $24,650 before closing entries are made. if total revenues for the period are $77,700, total expenses are $56,900, and dividends are $13,050, what is the ending balance in the retained earnings account after all closing entries are made?
Answers: 2
Business, 22.06.2019 16:30
Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?
Answers: 3
Business, 22.06.2019 22:20
What type of negotiating strategy requires the supplier to open its books to the purchasers? a. competitive biddingb. cost-based price modelc. price-based modeld. market-based price modele. transparent negotiations
Answers: 1
In 2018, grant’s personal residence was completely destroyed by fire. grant was insured for 100% of...
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