John's Appliances Has the Following Items for 2008 and 2009

question 57

Multiple Choice

John's Appliances has the following items for 2008 and 2009: What is the inventory amount for 2009?

• A)$49,000
• B)$29,000
• C)$85,000
• D)$ 7,000

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Definitions:

Parking Fees

Charges incurred for the use of a parking space, which may be deductible in certain tax situations if related to business activities.

Property Taxes

Taxes levied by local governments on the value of real estate owned, which fund services like schools, fire departments, and local infrastructure.

Inherited Property

Property that individuals receive as a result of the death of the previous owner, transferring ownership through a will or by law.

Depreciation Basis

The initial cost of an asset that is used to calculate depreciation expense over the asset's useful life.