Noelle's diamond ring was stolen in 2017. she originally paid $15,400 for the ring, but it was worth considerably more at the time of the theft. noelle filed an insurance claim for the stolen ring, but the claim was denied. because the insurance claim was denied, noelle took a casualty loss for the stolen ring on her 2017 tax return. in 2017, noelle had agi of $77,000. in 2018, the insurance company had a "change of heart" and sent noelle a check for $9,240 for the stolen ring. the per event floor is $100. what is the proper tax treatment of the $9,240 noelle received from the insurance company in 2018? noelle should include as income in 2018 the amount of $ . previousnext

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know