Business tax, accounting, Basic Statistics

Maria runs a small business out of her home. She has expenses of $2,000 per year and uses the cash basis method of accounting. Her only employee is her cousin who works for her part-time. What form should she use to report her business income?
A) Schedule A
B) Schedule C
C) Schedule F
D) Schedule C-EZ
E) Schedule B
49.
Which one of the following is not a qualified moving expense?
A) Meals eaten on the road while traveling to the new residence.
B) Cost to have a grand piano shipped to the new residence.
C) Lodging expenses while traveling to the new residence.
D) Moving van expenses.
E) All of the above are qualified moving expenses.
50.
In his spare time, Fred likes to restore old furniture and sell it to his friends. He is a lawyer by trade. During 2010, he sells $500 worth of furniture and has $21,000 worth of expenses. Which one of the following is true?
A) Fred may deduct all $21,000 of his expenses because Fred is engaged in a hobby.
B) Fred may deduct all $21,000 of his expenses because Fred is engaged in a trade or business.
C) Fred cannot deduct any of the expenses because he is engaged in a hobby.
D) Fred’s deductions are limited to the income from selling furniture because he is engaged in a hobby.
E) None of the above is true.
Posted Date: 2/22/2012 9:51:21 PM | Location : United States







Related Discussions:- Business tax, accounting, Assignment Help, Ask Question on Business tax, accounting, Get Answer, Expert's Help, Business tax, accounting Discussions

Write discussion on Business tax, accounting
Your posts are moderated
Related Questions
#This is a chance to perhaps incorporate some of your experience, interests, and career business/management goals and ambitions within the context of an individual project paper.

A. Use the inequality derived for part C question 3; to obtain an inequality required x *CD  = 1 to remain stable against DD invaders. Also draw the ROC diagram discussed in class


Consider a person who repeatedly plays a game of chance (gambling)with two results possible (win or lose) with a probability p = 0, 3 to win. If the person has bet x amount and if

Suppose we wanted to compare the somatic complaints (as measured on a scale known as the Physical Symptom Survey or PSS) of three groups of people; nonsmokers, smokers, and people


A survey was done where a random sample of people 18 and over were asked if they preferred comedies, dramas, or neither. The information gathered was broken down by age group and t

Which of the following statements are correct interpretations of a 95% confidence interval for μ? (a) 95% of the observations in the sample will be contained in the confidence i

How do you prepare the budget balance sheet?

difference of them for covering the following: 1.purpose of reporting 2.FORMAT OF INCOME STATEMENT