Problem 8 Cool Ethan, an entrepreneur, was involved in an accident and was able to claim the following
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- Siriu X 8XM Subs X h Stre X ngelWY/TEST_COURSE_x0m5eczyamLzoMwJ_null/ Ashley received a civil judgment against Sales Associate Betsy. The judge awarded Ashley $10,000 in compensatory damages and $8,000 in punitive damages. Court costs amounted to $3,000. Because Betsy couldn't satisfy the judgment, Ashley made a claim to the Recovery Fund. What is the maximum amount that the Recovery Fund will reimburse Ashley? Note: This is NOT a case of a broker complying with an EDO. $21,000 $18,000 3 $8,000 $10,000Chapter 4/Question 2: Montague’s paint shop has suffered some bad publicity as a result of a customer claiming to be suffering from skin rashes as a result of using a new brand of paint sold by Montague’s shop. The customer launched a court action against Montague in November 20X3, claiming damages of $5,000. Montague’s lawyer has advised him that the most probable outcome is that he will have to pay the customer $3,000. What amount should Montague include as a provision in his financial statements for the year ended 31 December 20X3?Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $6,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? $14,000 $8,000 $10,000 $4,000 None of the above
- 12.10 Montague's paint shop has suffered some bad publicity as a result of a customer claiming to be sunening from skin rashes as a result of using a new brand of paint sold by Montague's shop. The customer launched a court action against Montague in November 20X3, claiming damages of $5,000. Montague's lawyer has advised him that the most probable outcome is that he will have to pay the customer $3,000. What amount should Montague include as a provision in his financial statements for the year ended 31 December 20X3?Q8 Statement I: The cost or sacrifice whether economic or non-economic in nature incurred by the society is called as social costs.Statement II: The industry started in a village, which had no pollution before. Due to this, all villagers are affected now with poor health leading to expenses on medicines etc.is also a social cost that villagers are bearing. a. None of the statements are true b. Statement II is false c. Both the statements are true d. Only Statement I is trueLO.2 Determine the effect on gross income in each of the following cases: a. Eloise received 150,000 in settlement of a sex discrimination case against her former employer. b. Nell received 10,000 for damages to her personal reputation. She also received 40,000 in punitive damages. c. Orange Corporation, an accrual basis taxpayer, received 50,000 from a lawsuit filed against its auditor who overcharged for services rendered in a previous year. d. Beth received 10,000 in compensatory damages and 30,000 in punitive damages in a lawsuit she filed against a tanning parlor for severe burns she received from using its tanning equipment. e. Joanne received compensatory damages of 75,000 and punitive damages of 300,000 from a cosmetic surgeon who botched her nose job.
- 4G H 10:47 O 6 e 4G E 10:13 O O 3 01:57:11 Remaining Multiple Choice MK collected P3,000,000 from the fire insurance company that insured his buliding which had a tax basis of P2,300,000 when the fire occurred. During the same period, he also collected P500,000 crop insurance proceeds pertaining to his crops destroyed by frost. Compute for the total item of gross income. P500,000 P700,000 P1,200,000 P3,000,000 37 of 60 IIWhat is the total amount that should be disclosed as compensation to key management personnel for Butane Company? a. 11700000 b. 10000000 c. 10500000 d. 111000004C. Stay Safe Bhd (SSB) launched its new product, Super Sanitizer (SS), in January 2021.SSB faced bad publicity when the news went viral that customers suffered skin fleaallergy dermatitis due to using SS. The client filed a court action in November 2021,claiming damages of RM150,000. The lawyer had advised SSB that the chances for theclient to win the case are possible. The company paid RM5,000 for the lawyer's servicefee, including RM3,000 for services to be completed in the year 2022. REQUIRED:Explain the accounting treatment for the above situation regarding: i. Lawsuit of RM150,000; and ii. Professional fees of RM5,000.Justify your answers.
- lod X * CengageNOWv2 | On x 6 Cengage Learning B Milestone Two Guidel x G module 5 problem set x lrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. 向 еВBook Show Me How Units-of-activity Depreciation A truck acquired at a cost of $180,000 has an estimated residual value of $9,850, has an estimated useful life of 41,000 miles, was driven 3,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost (b) The depreciation rate per mile (c) The units-of-activity depreciation for the year Next Previous 33 Check My Work A O E O 11/2 56°F Mostly cloudy %23OHIKTRON IMAN SISTEME A Net ELEKTRON IMTAHAN SISTEMI ester 00:44:14 o imtahan vaxtı Fann: Biznesin əsasları QEYD ET O SUAL 6. 40 Which of the variants cover only advantages of sole proprietorships? 1. Ease of starting and ending business. 2. Being your own boss. 3. No special taxes. 4. More financial resources. 5. Longer survival. Kərimli Nəcaf Telman O CAVAB 53403 Vellyya 3,4, 5 2,3, 4 1, 2, 5 1, 2, 3 Əvalki -> Nõvbəti Bütün suallar Qeyd olunanlar B Cari Vəziyyət 82°F Sunny ) AZE 15:05 18.06.2021 TOSHIBA10:31 A bartleby.com AA = bartleby Q E Q&A Math / Algebra / Q&A Lib... Depreciation is the decrease or loss i... Try bartleby > Need 1:1 help? Our live tutors are available 24/7 tutor Depreciation is the decrease or loss in value of an item due to age, wear, or market conditions. We usually consider depreciation on expensive items like cars. Businesses use depreciation as a loss when calculating their income and taxes. One company buys a new bulldozer for $157000. The company depreciates the bulldozer linearly over its useful life of 25 years. Its salvage value at the end of 25 years is $14500. A) Express the value of the bulldozer, V, as a function of how many years old it is, t. Make sure to use function notation. Preview B) The value of the bulldozer after 22 years is $
