Mario's delivery van is completely destroyed when a tree fell on it. Mario's insurance company pays him $11,000 for the accident. The van cost $20,000 three years ago. Tax depreciation deductions of $6,000 have been taken to date. The "Blue Book value" (i.e., fair market value) of the van is $12,000 on the accident date. What is Mario's casualty loss on the van?
a. $- 0 -
b. $ 1,000
c. $ 3,000
d. $ 8,000
e. $13,000
c
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Which of the following is a contra account?
A) Unearned Rental Revenue B) Sales Discounts Taken C) Bad Debts Expense D) Depreciation Expense
What is the primary task of MPR professionals when a reporter requests an interview with one of the firm's experts?
A) determine whether the interview matches the firm's MPR goals B) make a podcast of the interview to show on the firm's Web site C) write a list of questions for the journalist to ask the expert D) write a press release for the subject matter expert to read E) prepare the audio and video feeds for the interview
Prepare general journal entries for the following transactions of Norman Company, assuming they use the allowance method to account for uncollectible accounts. Apr 01Sold $3,500 of merchandise to Lance Co., receiving an 8%, 90-day, $3,500 note. 15Wrote off $1,500 owed by Guy Co. from a previous period sale. 30Received a $5,000, 6%, 30-day note receivable from James Co. as settlement for its $5,000 account receivable.May 30The note received from James on April 30 was collected in full.Jun 30Lance Co. was unable to pay the note on the due date.Jul 15Guy Co. paid $1,000 of the amount written off on April 15.
What will be an ideal response?
________ allows activities in different development stages to overlap with one another
Fill in the blank(s) with the appropriate word(s).