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Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $1,600 Interest on home mortgage 5,100 Operating expenses of home 800 Depreciation 1,600 Also, assume that not counting the sole proprietorship, Rita’s AGI is $60,000. Assume Rita’s consulting business generated $15,000 in gross income.
Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. Would outsourcing the payroll function increase o..
Compute the fixed overhead flexible-budget variance. Provide appropriate journal entries to record the fixed overhead spending and fixed overhead production- volume variances for March.
Indicate the types of bonds he might issue, and explain issuing procedures used in bond transactions. Write a memorandum to the president, answering his request.
selection of a machine through irr.the following machines are mutually exclusive.you may select only one.nbspmachine a
What is the total stockholders' equity based on the following data?
The first installment of debt service requires payment of principal of $75,000 and interest of $100,000. Which of the following statements is true on the day that payment for principal and interest is legally due?
All costs associated with consummating the combination totaled $65,000. Included in that amount were stock issue costs of $8,000, legal fees of $52,000, and secretarial costs of $3,000. At what total amount should the net assets acquired be record..
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Product X and Y are sold in equal amounts. How many units of Product X must be sold in order to breakeven if the company has $100,000 in fixed costs?
The three accounts shown below and on page 626 appear in the general ledger of Cesar Corp. during 2007. Equipment Date Debit Credit Balance Jan.
Do you find the balance sheet, income statement or other measures such as ratios the most informative? Comment on the advantages and disadvantages of using ratios for analysis.
Prepare journal entries to record all transactions including the variances in requirement 1. Compute for November: The labor efficiency variance and The labor rate variance.
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