(Answered) Questions -q1 what are susies deductible moving expenses

Accounting

Questions -

Q1. What are Susie's deductible moving expenses for 2012 if she spends $4,000 for packing and moving household goods, $1,200 to break the lease on her apartment, and $1,500 to store the household goods for 45 days? In April she drove her car 1,400 miles to her new home and spent $250 for motels and $80 for meals while traveling to the new home.

a. $4,572

b. $5,572

c. $6,152

d. $7,272

Q2. Joan gives an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies six-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry. What are Mary's' and Larry's bases in these assets?

a. Mary = $12,000; Larry = $12,000

b. Mary = $12,000; Larry = $10,000

c. Mary = $10,000; Larry = $12,000

d. Mary = $10,000; Larry = $10,000

Q3. Wesley sold a piece of property for $30,000 cash paying a $3,000 sales commission. The buyer assumed Wesley's $13,000 mortgage on the property. Wesley had purchased the property for $15,000 and had invested an additional $6,000 in it. What is Wesley's realized gain on the sale?

a. $6,000

b. $9,000

c. $19,000

d. $22,000

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92757904
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question 1 in april 2018 abdullah masud editor of the arab

Question 1: In April 2018, Abdullah Mas'ud, editor of The Arab Newspaper (AN), decides to reduce the price per newspaper from SR0.70 in April 2018 to SR0.50 starting 1 May 2018. Actual paid circulation in April is 7.5 mi ...

Question - flounder company recently signed a lease for a

Question - Flounder Company recently signed a lease for a new office building, for a lease period of 12 years. Under the lease agreement, a security deposit of $12,890 is made, with the deposit to be returned at the expi ...

Question - during 2014 robbys camera shop had sales revenue

Question - During 2014, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of 2014, Accounts Receivable showed a $16,000 debit balance, and the Allowance for Doubtful Accounts ...

Accounting question - dozier company produced and sold 1000

Accounting Question - Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $72,000 Direct labor $36,500 Varia ...

Question - the company uses pre-numbered purchase orders

Question - The company uses pre-numbered purchase orders. Only the Purchase Manager is able to use and authorize the purchase orders. Once the purchase order has been sent to a supplier, a copy is given to the accounting ...

Question upload a document that provides the following

Question: Upload a document that provides the following information. 1) Give a simple, nontechnical 1 sentence answer to the question posed (this is not a writing assessment, focus on research). 2) What is (are) the Code ...

Assignment -company name - hewlett packard1 what does your

Assignment - Company name - Hewlett Packard. 1. What does your company produce? 2. Analyze the trends in sales, cost of goods sold, gross profit, and operating income for your manufacturing company. Prepare a trend analy ...

Question - brankov company has current assets of 95000 and

Question - Brankov Company has current assets of $ 95000 and current liabilities of $110,000. The company decides to issue stock and receives cash of $100,000. After this transaction, the company's current ratio will be: ...

Question - if a company purchases land for 1000000 paying

Question - If a company purchases land for $1,000,000, paying $400,000 cash and borrowing the remainder with a long term note payable. Please give explanation for understanding on how this transaction be reported on a st ...

Question - carpenter inc had a balance of 80000 in its

Question - Carpenter Inc. had a balance of $80,000 in its quality-assurance warranty liability account as of December 31, 2015. In 2016, Carpenter's warranty expenditures were $445,000. Its warranty expense is calculated ...

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

Recent Questions

Ask Accounting Basics Expert