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9. LO.2 In 2011, Emma purchased an automobile, which she uses for both business and personal purposes. Although Emma does not keep records as to operating expenses (e.g., gas, oil, and repairs), she can prove the percentage of business use and the miles driven each year. In March 2013, Emma seeks your advice as to what income tax benefit, if any, she can derive from the use of her automobile. What would you suggest? 15. LO.3 Rick is scheduled to go to London on business and would like to do some sight-seeing while there. A colleague advises him that to maximize his deductible expenses, he should plan the business and personal portions of the trip carefully to make effective use of weekends and holidays. What is meant by this advice? 27. LO.10 Comment on the deductibility of each of the following items: a. Club dues for the Coronado Club. Taxpayer, a lawyer, uses the luncheon club exclusively for business. b. Cost of dry cleaning uniforms (including alterations by a tailor). Taxpayer is the doorman at a New York City hotel. c. Expenses incurred by taxpayer, a member of the Maine National Guard, to participate in a two-day training session conducted in New Jersey. d. Union dues paid by a self-employed carpenter. e. Cost of CPA exam review course paid by a self-employed accountant f. Fee paid to a real estate appraiser to determine the value of land a taxpayer is donating to charity. g. Contribution to an IRA sponsored by taxpayer's employer. h. Cost of school supplies purchased by a high school teacher. 28. LO.2, 3 During the year, Olivia holds two jobs. After an eight-hour day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job. On the other days (Monday through Thursday), she goes directly from the first job to the second job, stopping along the way for a meal. The mileage involved is as follows: Home to first job 15 First job to second job 18 Home to second job 20 a. Assuming that Olivia works 48 weeks during the year, how much of her mileage is deductible? b. Can Olivia deduct the dinners she purchased? Why or why not?
Alamo Inc. had $300 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $30 million and an increase in deferred tax liabilities of $60 million.
Assume total liabilities are $40,000, total stockholders' equity $75,000, and all assets, other than current assets, total $50,000. What would be the amount of current assets?
Employee Business Expenses: Planning.J is employed as a salesman by Bigtime Business Forms Inc. He is considering the purchase of a new automobile that he would use primarily for business. Are there any tax factors that J might consider before pur..
The balance sheet for Reading Company reports the following information on July 1, 2010. Reading decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2010.
A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:
It can borrow at a rate of 7.5%, but the bank requires it to have a TIE of at least 4.0, and if the TIE falls below this level the bank will call in the loan and the firm will go bankrupt. What is the maximum debt ratio the firm can use?
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
Select a company that you are familiar with from the transportation industry.
From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Period costs.
Fritz is seriously considering bankruptcy because he has a large number of outstanding debts, the principal ones of which are as follows.
In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation.
Determine the payback period and unadjusted rate of return (use average investment) for each alternative. Indicate which investment alternative you would recommend. Explain your choice.
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