Brad Operates a Storage Business on the Accrual Method

question 31

Multiple Choice

Brad operates a storage business on the accrual method. On July 1 Brad paid $48,000 for rent on his storage warehouse and $18,000 for insurance on the contents of the warehouse. The rent and insurance covers the next 12 months. What is Brad's deduction for the rent and insurance?

• A) $48,000 for the rent and $18,000 for the insurance.
• B) $24,000 for the rent and $18,000 for the insurance.
• C) $24,000 for the rent and $9,000 for the insurance.
• D) $48,000 for the rent and $9,000 for the insurance.
• E) None of these is true.

Comprehend the significance and implications of the Genetic Information Nondiscrimination Act (GINA) of 2008.

Describe the achievements and impact of the Human Genome Project.

Understand the basis and importance of comparative genomics.

Recognize various chromosome abnormalities and their genetic consequences.

---

Definitions:

Cloud-based Computing

A technology that allows individuals and companies to access software, storage, and other computing services over the Internet, rather than through local servers or personal devices.

Forms File

A reference file containing copies of the firm’s most commonly used legal documents and informational forms. The documents in the forms file serve as models for drafting new documents.

Moral Hazard

A situation in which one party engages in risky behavior knowing that it is protected against the risk by another party.

Asymmetric Information

A situation where one party in a transaction has more or superior information compared to another, often leading to an imbalance in the transaction.