Under the Patriot Act, threshold loss recognition procedures has been changed fr

Question

Under the Patriot Act, threshold loss recognition procedures has been changed from past rules. Assume the following losses were incurred by Slope Company under the Patriot Act:

Consultant hired to restore the system      $43,000

Webserver 01                                      8,400

Webserver 05                                      5,600

Webserver 08                                      7,500

Future loss of business                          45000

The total to be recognized under the Patriot Act are:

a. $13,300

b. $56,900

c. $101,900

d. $88,000

Explanation / Answer

Solution: The total to be recognized under the Patriot Act are $56,900

Working: 43,000 + 8400 + 7500 - 2000 = 56,900

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