Jed is an electrician. He and his wife are accrual basis taxpayers and file a joint return. Jed wired a new house for Alison and billed her $15,000. Alison paid Jed $10,000 and refused to pay the remainder of the bill, claiming the fee to be exorbitant. Jed took Alison to Small Claims Court for the unpaid amount and was awarded a $2,000 judgement. Jed was able to collect the judgement but not the remainder of the bill from Alison. What amount of loss may Jed deduct in the current year?
A. $0
B. $2,000
C. $3,000
D. $5,000
E. None of these.
Answer: C
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Current information for the Healey Company follows: Beginning raw materials inventory$15,200 Raw material purchases 60,000 Ending raw materials inventory 16,600 Beginning work in process inventory 22,400 Ending work in process inventory 28,000 Direct labor 42,800 Total factory overhead 30,000 All raw materials used were traceable to specific units of product. Healey Company's cost of goods manufactured for the year is:
A. $139,000. B. $137,000. C. $128,600. D. $131,400. E. $125,800.
In many states, an operating agreement is required for a limited liability company to exist
Indicate whether the statement is true or false
Alberto Culver CompanyThe Alberto Culver Company manufactures a wide variety of products from hairspray to seasonings. A large number of these products are intended for personal use. The company is divided into three key divisions: toiletries, household, and professional. The toiletries division sells hair care brands such as Alberto VO5, Alberto, and Bold Hold. Additionally, this division handles the FDS line of feminine deodorant products. The household division sells brands such as Mrs. Dash seasonings, Papa Dash salt substitute, Baker's Joy, Sugar Twin, and Static Guard. The professional division sells brands such as Tresemme, TCB, and Indola. Each of the brands listed above contains many individual products with varying formulations, such as the Alberto styling products, which
include mousse, gel, spritz, spray-in conditioner, and hairspray.Refer to Alberto Culver Company. Based on their intended use, Alberto Culver's toiletries division products could best be classified as _____ products. A. industrial B. consumer C. business D. convenience E. unsought
Pain Corporation holds 90 percent of Soothing Company's common shares but none of its preferred shares. On the date of acquisition, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soothing Company. Summary balance sheets for the companies on December 31, 20X8, are as follows: PainCorporationSoothingCompanyCash and Receivables $80,000 $70,000 Inventory 40,000 30,000 Buildings and Equipment (net) 160,000 150,000 Investment in Soothing Company 135,000 0 Total Assets $415,000 $250,000 Accounts Payable 50,000 $25,000 Preferred Stock ($10 par value) 50,000 75,000 Common Stock ($5 par value) 100,000 50,000 Retained Earnings 215,000 100,000 Total
Liabilities and Owners' Equity $415,000 $250,000 Pain's preferred pays a 8 percent annual dividend, and Soothing's preferred pays a 10 percent dividend. Soothing's preferred shares can be converted into 20,000 shares of common stock at any time. Soothing reported net income of $35,000 and paid a total of $10,000 of dividends in 20X8. Pain reported income from its separate operations of $80,000 and paid total dividends of $25,000 in 20X8.Based on the information provided, what is the diluted earnings per share for the consolidated entity for 20X8? A. $4.33 B. $3.80 C. $4.00 D. $4.53