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"Christine is employed full time as an accountant for a national hardware chain. She also has a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home are as follows: real property taxes $3,900 interest on home mortgage 4,000 operating expenses of home 1,100 depreciation allocated to 20% business use 1,600 Christine's income from consulting is 16,000, and the related expenses are $5,000.
A. What is Christine's office in the home deduction?
B. Suppose that Christine also spent $3,000 to repaint and replace the carpet in the office. How do these additional cost change the answer to part (a)?
C. Suppose that Christine's income from consulting is only $8,000 (not $16,000). How does this change the answer to part (a)?
What revenue does Garr report related to this investment and what is the amount to be reported as an investment in Cey stock at December 31. (show all work)
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You just turned 25. you plan on saving a equal amount in your 401K at the of each year for 40 years (your 65th birthday). You expect to earn 9% pa during this time frame.
On July 1, 2011, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the fair value of identifiable net assets on Delany's balance sheet.
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For the following four cases, use the expanded accounting equation to compute the missing quantity.
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For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense (associated with a one-year guarantee on its products) in its fina..
Smith has decided to write off the franchise over the longest possible period. How much should be amortized by Smith Co. for the year ended December 31, 2008?
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