Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchased for $15,500 and the adjusted basis was $1,050 at the time of the accident. The taxi was repaired at a cost of $2,975 and insurance reimbursed Don $757 of this cost. What is the amount of Don's casualty loss deduction

Answer:

$293

Explanation:

Calculation for the amount of Don's casualty loss deduction

Using this formula

Casualty loss deduction amount=Adjusted basis -Insurance reimbursed

Let plug in the formula

Casualty loss deduction amount=$1,050- $757

Casualty loss deduction amount=$293

Therefore the amount of Don's casualty loss deduction will be $293

Holly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. Holly paid $320 for the meal and separately paid $238 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense

Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records:

Fruit Toppings Marshmallow Toppings Chocolate Toppings

Inventory, January 1, 2013 $22,000 $7,200 $3,200
Net purchases through Nov. 17 160,000 38,000 12,200
Net sales through Nov. 17 210,000 57,000 20,200
Historical gross profit ratio 20% 30% 30%

Required:
Calculate the estimated cost of each of the toppings lost in the fire.

Which of the following statements are true?

a. Markets by definition involve the exchange of money for goods and services.
b. Markets are forums in which parties exchange goods and services at a "price," where the latter can be flexibly construed.
c. Your current economics course, the next election, and the dating scene can all be seen as markets.

A company is targeting its marketing by running an advertising campaign showing a Hmong family celebrating its traditions during the 4th of July holiday. The ad campaign features the company products being used by the children. What area of consumer decision influence is the marketing campaign using?

a. American culture, an ethnic subculture, and family

b. psychological aspects of belief and attitude

c. social class and word-of-mouth influence

Match the vocabulary word with the correct definition
system for gathering and organizing marketing
information used in decision-making
specific actions which advance the strategy and achieve
an end result
specific, measureable, short-term expectations
objectives
goals
broad, long-term expectations for future achievements
structured research which uses the scientific method and
standardized questions to make generalizations and
predictions, includes questionnaires, surveys and
experiments
statements describing the overall approach to how goals
and objectives will be achieved
:: marketing information system
:: quantitative research
:: strategies
:: tactics

Which of the following statements is not correct?

multiple choice
When a periodic system is in use, the Purchases account must be credited for its account balance to close this account to the Income Summary account.
When a periodic inventory system is in use, the Merchandise Inventory account is both debited and credited in the closing entry process.
When a periodic system is in use, the Purchases Returns and Allowances, the Purchases Discounts, and the Transportation-In accounts must be debited to close their account balances to the Income Summary account.
When a periodic system is in use, each Purchases, Purchases Return and Allowance, Purchases Discount, and Transportation-In transaction is recorded in a separate temporary account.

Oops! When you went in to make your deposit, the bank representative said the amount of required deposit reported in the advertisement was incorrect and should have read $22,500. This revision, which willreduce the interest rate earned on your deposited funds, will adjust your earned interest rate to

upper and lower extremity of bursitis​

Online recommendation engines typically are based on

Here is the ledger for Blossom Company.

Cash
Oct. 1 8,660 Oct. 4 2,060
Oct. 10 2,640 Oct. 12 3,160
Oct. 10 9,660 Oct. 15 360
Oct. 20 810 Oct. 30 410
Oct. 25 3,660 Oct. 31 610

Accounts Receivable
Oct. 6 910 Oct. 20 810
Oct. 20 1,030

Supplies
Oct. 4 2,060 Oct. 31 1,840
Equipment
Oct. 3 4,660
Notes Payable
Oct. 10 9,660

Accounts Payable
Oct. 12 3,160 Oct. 3 4,660
Common Stock
Oct. 1 8,660
Oct. 25 3,660

Dividends
Oct. 30 410
Service Revenue
Oct. 6 910
Oct. 10 2,640
Oct. 20 1,030
Salaries and Wages Expense
Oct. 31 610
Supplies Expense
Oct. 31 1,840
Rent Expense
Oct. 15 360

Required:
Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20.
b.Prepare a trial balance at October 31.

Kristin Company sells 300 units of its products for $20 each to Logan Inc. for cash. Kristin allows Logan to return any unused product within 30 days and receive a full refund. The cost of each product is $12. To determine the transaction price, Kristin decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the probability-weighted amount. Using the probability-weighted amount, Kristin estimates that (1) 10 products will be returned and (2) the returned products are expected to be resold at a profit. Indicate the amount of (a) net sales, (b) estimated liability for refunds, and (c) cost of goods sold that Kristen should report in its financial statements (assume that none of the products have been returned at the financial statement date).

[The following information applies to the questions displayed below.]
Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Salsa is prepared in department 1 and packaged in department 2. The activities, overhead costs, and drivers associated with these two manufacturing processes and the company’s production support activities follow.
Process Activity Overhead cost Driver Quantity
Department 1 Mixing $ 5,900 Machine hours 2,300
Cooking 12,500 Machine hours 2,300
Product testing 113,900 Batches 850
$ 132,300
Department 2 Machine calibration $ 320,000 Production runs 500
Labeling 19,000 Cases of output 150,000
Defects 8,000 Cases of output 150,000
$ 347,000
Support Recipe formulation $ 83,000 Focus groups 50
Heat, lights, and water 46,000 Machine hours 2,300
Materials handling 79,000 Container types 8
$ 208,000
Additional production information about its two product lines follows.
Extra Fine Family Style
Units produced 34,000 cases 116,000 cases
Batches 340 batches 510 batches
Machine hours 950 MH 1,350 MH
Focus groups 32 groups 18 groups
Container types 5 containers 3 containers
Production runs 250 runs 250 runs
Required:
1. Using a plantwide overhead rate based on cases, compute the overhead cost that is assigned to each case of Extra Fine Salsa and each case of Family Style Salsa.
2. Using the plantwide overhead rate, determine the total cost per case for the two products if the direct materials and direct labor cost is $10 per case of Extra Fine and $9 per case of Family Style.
3.a. If the market price of Extra Fine Salsa is $19 per case and the market price of Family Style Salsa is $13 per case, determine the gross profit per case for each product.
3.b. What might management conclude about the Family Style Salsa product line?

4) (Economies of Scale) Suppose a firm has chosen its quantity so that its marginal cost is equal to the market price, and is making positive profits because its revenues exceed its costs. Is this firm operating in a range where it production exhibits economies of scale or diseconomies of scale

Explain two potential advantages to an airline of outsourcing inflight catering

_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.


Exports

Tariffs

Tangibles

Countertrades

Imports

Statement of stockholders' equity Financial information related to All Seasons Company for the month ended June 30, 20Y7, is as follows:_______.
Common stock, June 1, 20Y7 $30,000
Stock issued in June 20,000
Net income for June 87,500
Dividends during June 15,000
Retained earnings, June 1, 20Y7 145,000
Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount is zero, enter "0"

Help please! Business questions

Sheila Williams, a medical secretary, earns $2,437 monthly for a 34-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts:

a. The regular semimonthly earnings
b. The overtime earnings
c. The total earnings

Do I look like Dababy be honest

According to the circular-flow diagram GDP​

Bruno's is analyzing two machines to determine which one it should purchase. The company requires a rate of return of 14.6 percent and uses straight-line depreciation to a zero book value over a machine's life. Ignore bonus depreciation and taxes. Machine A has a cost of $318,000, annual operating costs of $8,700, and a life of 3 years. Machine B costs $247,000, has annual operating costs of $9,300, and a life of 2 years. Whichever machine is purchased will be replaced at the end of its useful life. Which machine should Bruno's purchase and why

Urshela Company paid four months insurance on October 1, 2017 for $13,200. Urshela originally recorded the full insurance payment in the prepaid insurance account, Urshela operates on a calendar year basis. What adjusting journal entry would Urshela be required to make at 12/31 to properly recognize insurance expense for the year

The focus groupis meeting on Tuesday.The policy is too old; itneeds to be revised.The management teamwants to hire new warehouse workers.If the customerbuys four or more items from the catalog, offer a price reduction.We should bothfeel comfortable with the final decision.The corporate directorsrecommends a full investigation.The board of directorshas approved the current ethics policy.The regional manager and the district supervisormakes all purchasing decisions.The writer of a well-designed e-mail messageuse correct grammar and spelling.The initial proposals the team submitted how hard they have worked.

Refer to the following financial statements for Crosby Corporation:
CROSBY CORPORATION
Income Statement
For the Year Ended December 31, 20X2
Sales $ 3,880,000
Cost of goods sold 2,620,000
Gross profit $ 1,260,000
Selling and administrative expense 656,000
Depreciation expense 300,000
Operating income $ 304,000
Interest expense 87,900
Earnings before taxes $ 216,100
Taxes 155,000
Earnings after taxes $ 61,100
Preferred stock dividends 10,000
Earnings available to common stockholders $ 51,100
Shares outstanding 150,000
Earnings per share $ .34
Statement of Retained Earnings
For the Year Ended December 31, 20X2
Retained earnings, balance, January 1, 20X2 $ 855,400
Add: Earnings available to common stockholders, 20X2 51,100
Deduct: Cash dividends declared and paid in 20X2 153,000
Retained earnings, balance, December 31, 20X2 $ 753,500
Comparative Balance Sheets
For 20X1 and 20X2
Year-End
20X1 Year-End
20X2
Assets
Current assets:
Cash $ 134,000 $ 66,500
Accounts receivable (net) 526,000 531,000
Inventory 649,000 719,000
Prepaid expenses 66,800 39,100
Total current assets $ 1,375,800 $ 1,355,600
Investments (long-term securities) 99,500 82,900
Gross plant and equipment $ 2,520,000 $ 3,000,000
Less: Accumulated depreciation 1,450,000 1,750,000
Net plant and equipment 1,070,000 1,250,000
Total assets $ 2,545,300 $ 2,688,500
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 315,000 $ 558,000
Notes payable 510,000 510,000
Accrued expenses 76,900 58,000
Total current liabilities $ 901,900 $ 1,126,000
Long-term liabilities:
Bonds payable, 20X2 198,000 219,000
Total liabilities $ 1,099,900 $ 1,345,000
Stockholders’ equity:
Preferred stock, $100 par value $ 90,000 $ 90,000
Common stock, $1 par value 150,000 150,000
Capital paid in excess of par 350,000 350,000
Retained earnings 855,400 753,500
Total stockholders’ equity $ 1,445,400 $ 1,343,500
Total liabilities and stockholders’ equity $ 2,545,300 $ 2,688,500
a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)
b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.)
c. If the market value of a share of common stock is 3.6 times book value for 20X2, what is the firm’s P/E ratio for 20X2? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Which of the statements is the best description of a business cycle? the relationship between the returns on Treasury securities and the time to maturity the time it takes a firm to convert raw materials into a final good or service alternating periods of increasing and decreasing economic output a calendar year divided into four quarters, each containing three months

A local manufacturing business has announced that it will be closing its factory in your area and opening a new factory outside of the US. In one or more fully formed paragraphs, weigh the advantages and disadvantages of this action to your community, the business, and/or the global economy. Identify at least three advantages and three disadvantages. Do you support this change

Career choice, getting/keeping a job, career changes, career advancement skills are examples of

A. employability skills

B. diversity

C. professional image

D. transferable skills

Smith Corporation has provided the following information: Cash sales totaled $135,000. Credit sales totaled $289,000. Cash collections from customers for services yet to be provided totaled $48,000. An $10,000 gain from the sale of property and equipment occurred. Interest income totaled $8,700. How much of these items were included in operating income

The following are the typical classifications used in a balance sheet:

a. Current assets f. Current liabilities
b. Investments and funds g. Long-term liabilities
c. Property, plant, and equipment h. Paid-in-capital
d. Intangible assets i. Retained earnings
e. Other assets
Required:
For each of the following 2016 balance sheet items, use the letters above to indicate the appropriate classification category.
1. Equipment
2. Accounts payable
3. Allowance for uncollectable accounts
4. Land held for investment
5. Notes payable due in 5 years
6. Deferred rent revenue for the next 12 months
7. Notes payable due in 6 months
8. Income less dividend accumulated
9. Investment in xyz corporation
10. Inventories
11. Patents
12. Land in use
13. Accrued liabilities
14. Prepaid rent for next 9 months
15. Common stock
16. Cash
17. Building in use
18. Taxes payable

In the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances. The Dividends account has a debit balance of $18,750. The Retained Earnings accounts has a beginning credit balance of $134,000. Expenses totaled $325,500 and revenues totaled $364,400.
Prepare journal entries to complete the closing procedures as of year-end. To close the Dividends account.