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Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt track car and has started entering some local dirt track races. The prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. Penny reported the following income and expenses from her nights at the track:
Calculate Penny's deduction for the racing expenses assuming that the racing activity is a hobby, and Penny's AGI is $97,500 before considering the prize money.
Management is considering dropping product lines A and B.If 50% of the fixed costs for dropped products could be avoided, what recommendation would you make to management? Quantify you answer.
What is your estimate of the intrinsic value of Home Depot's stock as of February 1, 2001, assuming that it will have: (a) the same sales growth rate as in fiscal 2000 for the next fifteen years
George Judson is the sole shareholder and employee of Black Corporation, a C corporation that is engaged exclusively in engineering services. During the year, Black has gross revenues of $300,000 and operating expenses (excluding salary) of $100,0..
Compute the amount of call center support costs allocated to each product line under the current system.
the equipment that was bought had a fair market value of 450000 but the actual purchase price was 400000. they signed a
Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Rising Framing's cost formula for its supplies cost is $2,210 per month plus $10 per frame. For the month of January, the company planned for activity of 710 frames, but the actual level of activity was 705 frames. The actual supplies cost for the..
During 2010, Highlander Corp., had the following income and expenses: What is the amount of Highlander's Corp. charitable deduction for 2010?
1 your accounting supervisor has instructed you to verify the accuracy of the day s bank credit card sales and then
foulds company makes 13000 units per year of a part it uses in the products it manufactures. the unit product cost of
Explain the problem with authority and resoning
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
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