Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Riva borrows $10,000 that she intends to use for purchasing supplies for her business. She temporarily deposits the funds in her personal checking account. Prior to the deposit, the checking account held $40,000 of personal funds. Riva books a vacation for $6,000 and prepares a check to the travel agency from her personal account. Later in the month, the business supplies bill arrives and Riva prepares a check for $10,000 from the personal account. With respect to the interest expense on the $10,000 loan,

A) it will all be treated trade or business expense.

B) 60 percent will be treated as personal interest expense and 40 percent as trade or business expense.

C) it will all be treated as personal expense.

D) 20 percent will be treated trade or business expense.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945820

Have any Question? 


Related Questions in Accounting Basics

To write a reply post to given answer minimum 350

To write a REPLY POST to GIVEN ANSWER. Minimum 350 words. You can agree or disagree with given answer. It should be your own opinion. Question: Michael Wilson is a new production manager. After a great deal of effort, in ...

Case study requirementsbullselect an accounting topic of

Case Study Requirements • Select an accounting topic of your choice - this could be revenue recognition, inventory valuation, fair value, stock options, derivatives, investments, segment reporting, leases, just to name a ...

Case - ethics and the managergo to page 130 case 3-30

CASE - Ethics and the Manager Go to page 130, Case 3-30, Ethics and the Manager. Let's discuss the questions, make value-added comments, points, and share personal experiences of unethical situations. Cristin Madsen has ...

Capital budgeting analyzing project cash flows alexandria

Capital Budgeting: Analyzing Project Cash Flows (Alexandria Chemical Products Company) In early 1980s Alexandria Chemical Products started as a small firm between two friends to produce detergent products. By the end of ...

Assignmentmemos are one-page 750 word minimum single-spaced

Assignment Memos are one-page (750 word minimum) single-spaced essays (no more than 10 font) and are due in the morning on Blackboard before we discuss assigned readings (a physical copy should also be brought to class). ...

International accounting1 when discussing foreign currency

International Accounting 1. When discussing foreign currency exchange, there are several arrangements. List two of these. 2. A _________ is a contract between two or more parties. 3. What are the timelines for the new re ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

1identify the impact on operating cash flows increase or

1. Identify the impact on operating cash flows (increase or decrease) for changes in inventory levels (increase or decrease) for both companies for each of the three most recent years. Use Excel for your analysis. See Ch ...

Course project a financial statement analysisa comparative

Course Project: A Financial Statement Analysis A Comparative Analysis of Nike, Inc. and Under Armour, Inc. Below is the link for the financial statements for Nike, Inc. for the fiscal year ending 2014. First, select 2014 ...

What is the difference between a significant deficiency and

What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls under t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro