に) 832 Hz opening eChttp//2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-BtakeAssignmentSessionlocator-assignment-takešinpro 舀 다 Accounting & Audit D htt ps://www.irs.gov .. D New York Institute. : Apps : Apps-Graduate School Seeking Truth | Gaia Free online resourc . Dick ow ns a house that he rents to college students. Dick receives $800 per month rent and incurs the following expenses during the year: Real estate taxes Mortgage interest Insurance Repairs Association dues $1,250 1,500 425 562 1,500 Dick purchased the house in 1978 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rent Rental income 9,600 V Expenses 1,250 Real estate taxes Mortgage interest Insurance 1,500 v 425 562 X Association Dues 1,500 4,000 X 9,237 X Depreciation 361 X Net rental income (loss) Check My Work 1 more Check My Work uses remaining 0 Type here to search 뻬曲

に) 832 Hz opening eChttp//2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-BtakeAssignmentSessionlocator-assignment-takešinpro 舀 다 Accounting & Audit D htt ps://www.irs.gov .. D New York Institute. : Apps : Apps-Graduate School Seeking Truth | Gaia Free online resourc . Dick ow ns a house that he rents to college students. Dick receives $800 per month rent and incurs the following expenses during the year: Real estate taxes Mortgage interest Insurance Repairs Association dues $1,250 1,500 425 562 1,500 Dick purchased the house in 1978 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rent Rental income 9,600 V Expenses 1,250 Real estate taxes Mortgage interest Insurance 1,500 v 425 562 X Association Dues 1,500 4,000 X 9,237 X Depreciation 361 X Net rental income (loss) Check My Work 1 more Check My Work uses remaining 0 Type here to search 뻬曲

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please help me . Thankyou.
Vijay
Please show the works
On May 1st, 2015, Nancy Silva paid $870,000 for a commercial building. She later sold the building on August 27th, 2021, for $1,850,000. Find the depreciation amount in 2015 using the appropriate MACRS GDS method.
You have an HO policy with the following limits: A $75,000 (dwelling) B-$ 7,500 (other structures) C-$25,000 (personal property). A tornado strikes your property. You lose your house, which is worth $65,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect? (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.) OA$107,500 OB. $97,500 OC.$103,000
b. Josh purchased a piece of land for $50,000 in order to get a location to expand his business. He also paid $5,400 to construct a new driveway for access to the property. Deductible amount
On February 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment building that she purchased on July 15, 2020, with a cost basis of $384,200. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.
LO.2 During the year, Eugene had the four property transactions summarized below. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. What are the amount and nature of the gain or loss from each of these transactions? Property Antique vase Date Date Adjusted Sales Acquired Sold Basis Price 06/18/12 05/23/23 $37,000 $42,000 Blue Growth Fund 12/23/14 11/22/23 22,000 38,000 (100 shares) Orange bonds 02/12/15 04/11/23 34,000 42,000 Green stock (100 02/14/23 11/23/23 11,000 13,000 shares)
You sold an automobile at a price of $14,000.The automobile was purchased three years ago for$20,000. The car had been depreciated accordingto a five-year MACRS property class, and the bookvalue was $5,760. What is the amount of economicdepreciation?
Luis sold a rental house he had owned for several years. He claimed $24,787 in depreciation over the years. He claimed the allowable depreciation each year except the first year he owned the house, when he could have claimed $1,342 but failed to do so. Luis must adjust his basis in the house by the amount of depreciation allowed or allowable. What is this amount? $1,342 $23,445 $24,787 $26,129
Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago and has claimed $12,000 of depreciation deduction on the tractor. What is the amount and character of his gain or loss from the sale of the tractor?
Last year, Jose and Josefina Munoz bought a home with a dwelling replacement value of $250,000 and insured it (via an HO-5 policy) for $225,000. The policy reimburses actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a new computer with a current replacement value of $1,500 and an estimated useful life of three years. They also took jewelry valued at $2,500 and a coin collection valued at $1,500. If the Munozs’ policy has a 90 percent co-insurance clause, do they have enough insurance? Assuming a 50 percent coverage C limit, calculate how much the Munoz family would receive if they filed a claim for the stolen items. What advice would you give the Munoz family about their homeowner’s coverage?