Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. the following intangible items are incurred on

1. The following intangible items are incurred on Jan 1st. What is the maximum allowable...

80.2K

Verified Solution

Question

Accounting

1.

The following intangible items are incurred on Jan 1st. What is the maximum allowable deduction? Goodwill from an acquisition of $45,000. No impairment has occurred.

Pick from the following

$2,000 $3,000 $45,000 $8,000 $3,333

2.

You are an accountant. You are interested in starting a baby clothing boutique. Last year, you spend $2,800 on surveying potential locations and some initial logo designs. You decided to buy a location to open your boutique this year. You pay an additional $4,000 in fees to open the store. Both items are considered start-up expenses. On September 1st of the current year, the boutique opens. What are your current year deductions?

Pick from the following

$5,010 $4,000 $5,040 $6,800 $5,120 $5,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Operations Management
1.2K views

What is an ‘organisation’ and why are managers important to an organisation’s success? Use a current...

Finance
1.2K views

RATIO ANALYSIS Data for Barry Computer Co. and its industry averages follow. Barry Computer Company: Balance Sheet as of...

Biology
1.2K views

Rational drug design involves the development or modification of a drug that is designed to...

Geometry
1.2K views

The measure of the two angles A and C are given in the triangle Find...

Geometry
1.2K views

Example: The diagram shows a cuboid whose vertices are Q. A, B, C, D, E,...

Basic Math
1.2K views

tor

Basic Math
1.2K views

A promoter needs to make $50,700 from the sale of 1100 tickets. She charges $43...

Algebra
1.2K views

Solve for x logg1 x 4 Simplify your answer as much as possible x 0...

Accounting
1.2K views

Tender Most Brand With respect to the Tender Most brand, management wishes to evaluate alternative...

Accounting
1.2K views

What would be the adjusting entries for PR 3-3B A-E?

Accounting
1.2K views

hoemaker Perkins Company uses a standard cost system and had 590 pounds of raw material...

Accounting
1.2K views

How can a company's revenues and costs differ across customers?