subject
Business, 17.06.2020 15:57 myronpacis1128

Several years ago John Johnson, who is in the lending business, loaned Sara $30,000 to purchase an automobile to be used for personal purposes. In August of the current year, Sara filed for bankruptcy, after paying back $1,000 of the loan to John. John was notified by the bankruptcy court that he could not expect to receive more than an additional $4,000. John has contacted you about the possibility of taking a bad debt deduction for the current year. Required:
Write a letter to John that contains your advice as to whether he can claim a bad debt deduction for the current year. Also prepare a memo for the tax files. John's address is 100 Tyler Lane, Erie, PA 16563.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 21:20
Vital industries manufactured 2 comma 200 units of its product huge in the month of april. it incurred a total cost of $ 121 comma 000 during the month. out of this $ 121 comma 000, $ 46 comma 000 comprised of direct materials used in the product and the rest was incurred because of the conversion cost involved in the process. ryan had no opening or closing inventory. what will be the total cost per unit of the product, assuming conversion costs contained $ 10 comma 900 of indirect labor?
Answers: 1
question
Business, 21.06.2019 21:30
Big trail running company has started to produce running apparel in addition to the trail running shoes that they have manufactured for years. they feel that a departmental overhead rate would best reflect their overall manufacturing overhead usage. based on research the following information was gathered for the upcoming year: machining department finishing department estimated manufacturing overhead by department $ 600 comma 000 $ 400 comma 000 trail running shoes 440 comma 000 machine hours 11 comma 000 direct labor hours running apparel 60 comma 000 machine hours 39 comma 000 direct labor hours manufacturing overhead is driven by machine hours for the machining department and direct labor hours for the finishing department. at the end of the year, the following information was gathered related to the production of the trail running shoes and running apparel: machining department finishing department trail running shoes 442 comma 000 hours 10 comma 500 hours running apparel 57 comma 000 hours 40 comma 000 hours how much manufacturing overhead will be allocated to the trail running shoes
Answers: 3
question
Business, 22.06.2019 07:40
Shelby company produces three products: product x, product y, and product z. data concerning the three products follow (per unit): product x product y product z selling price $ 85 $ 65 $ 75 variable expenses: direct materials 25.50 19.50 5.25 labor and overhead 25.50 29.25 47.25 total variable expenses 51.00 48.75 52.50 contribution margin $ 34.00 $ 16.25 $ 22.50 contribution margin ratio 40 % 25 % 30 % demand for the company’s products is very strong, with far more orders each month than the company can produce with the available raw materials. the same material is used in each product. the material costs $8 per pound, with a maximum of 4,400 pounds available each month. required: a. compute contribution margin per pound of materials used. (round your intermediate calculations and final answers to 2 decimal places.) contribution margin per pound product x $ product y $ product z $ b. which orders would you advise the company to accept first, those for product x, for product y, or for product z? which orders second? third? product x product y product z
Answers: 3
question
Business, 22.06.2019 09:30
An object that is clicked on and takes the presentation to a new targeted file is done through a
Answers: 2
You know the right answer?
Several years ago John Johnson, who is in the lending business, loaned Sara $30,000 to purchase an a...
Questions
question
Mathematics, 11.11.2021 02:50
question
Mathematics, 11.11.2021 02:50
question
SAT, 11.11.2021 02:50
Questions on the website: 13722365