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Your new client Rocky, is an up and coming rock musician. He belongs to a rock band and plays at different clubs several times a week. For the past year, the band had bookings at smaller clubs and most of the time, they played for tips and drinks only. In truth, not enough to pay for the band's expenses. For his taxes, Rocky receives Form 1099 Misc for his music performances.
As his new CPA, how would you advise Rocky?
Murphy Co. had 200,000 shares outstanding of $10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of $15 per share and recorded the transaction using the cost method on April 15.
Neffer Services Inc. leases access to high-speed computers to small businesses. It provides the following information for the year.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
Yager and Boggs formed Y&B Company in 2012. Yager contributed a building with a fair market value of $97,000, a mortgage of $75,000 and an adjusted basis of $50,000 in return for 22 shares of Y&B Company stock.
Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover. Which divisional manager seems to be doing the better job? Why?
Why did Congress establish favorable treatment for 1231 assets?
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
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