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Fred Fisher is a licensed scuba diver who lives in Key Largo. He is employed full-time as an engineer. Five years ago he had been employed as a professional diver for a salvage company. While working for the salvage company, he became interested in marine archaeology and treasure hunting. Until last year he gave diving lessons on weekends and trained individuals in the sport of treasure hunting under the name of "Fred's Diving School." Three of the diving students he taught subsequently found shipwrecks. Fred generally did not engage in recreational diving. Last year, Fred began a treasure-hunting business named "Treasure Seekers Company." He bought a boat specifically designed for treasure hunting and did extensive research on potential locations of shipwrecks. Fred located several shipwrecks, but none were of substantial value. He did retrieve several artifacts but has not sold any yet. Although these artifacts may have some historical significance, they have a limited marketability. Thus, Fred has not yet had any gross income from his treasure hunting activities. Other than retaining check stubs and receipts for his expenses and an encoded log, Fred did not maintain formal records for Treasure Seekers Company. Fred maintains as few written records as possible because he fears for his safety. He took steps to keep his boat and equipment from public view and took precautionary measures to maintain the secrecy of his search areas. Fred incurred $5,000 of expenses relating to his treasure- hunting activities last year. Can Fred deduct the expenses of his treasure-hunting business, or will the IRS claim it is a hobby and disallow the expenses?
There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The endi..
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
What are some advantage of issuing common stock as opposed to bonds? What are some disadvantages?
Assume that Ajack intends to have a profit of 20% more than the current profit. How many units must he sell to achieve his target?
What amount of the acquired capital loss of $80,000 can be used to offset Gate Corp. net capital gain for 2010?
The camera cost $9,000 and is expected to last four years. Assume that the camera has a salvage value of 900. Calculate Fairfolk's 2008 depreciation expense relating to the camera, using the double-declining balance method.
How will the declaration and distribution of a 10 percent stock dividend affect the issuing corporation's balance of retained earnings and total stockholders' equity, respectively?
Prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.
Calculate Golden Gate Construction Associates' weighted-average cost of capital.
If the company were to buy the component, the machine would no longer be rented. The rent on the machine, in relation to the decision to make or buy the component, is:
communication can be distorted unintentionally as a result of the existence of some cultural differences. In today's global and multi-cultural world that we live in, the opportunity for these language distortions obviously can occur in negotiation..
Compute the predicted 2007 operating income for Procter & Gamble and its percentage increase. Explain why the percentage increase in income differs from the percentage increase in sales.
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