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Susan rents an apartment. In 2012, she worked full-time as a nurse and earned W-2 wages of $50,000. Each year she claims the standard deduction. In one of the rooms of her apartment, as a hobby, Susan sometimes makes cute little farm animals out of used socks. In 2012, Susan decided to sell the animals at a crafts fair. In 2012, Susan earned revenue of $2,000. She had Category I, II, & II expenses of $0, 1,600, and $0, respectively.
Susan "Income" on page 1 of IRS form 1040 will be$_________________________.
Assuming that Susan has a marginal tax rate of 30%, the net effect of her having this hobby will be to increase her total tax liability by:___________________.
Assuming that the landfill is recorded within the general fund, illustrate what will appear on the fun-based financial statements for this landfill for the year ended December 31, 2010?
Describe the relationship between the labor efficiency variance and the variable overhead efficiency variance.
Prepare journal entries to record the transactions and prepare adjusting entries on October 31 to record accrued interest.
What should be the income before income taxes derived by Haden from the lease for the year ended December 31, 2004? Show supporting calculations
Find what are flexible-budget revenues, evaluate the static-budget revenues and determine the actual variable costs (C)?
Illustrate what is the company's projected benefit obligation at the end of 2011? If no estimates are changed in the meantime, what will be the company's projected benefit obligation at the end of 2014 (three years later)?
Management is considering using $3,000,000 of excess cash to prepay $3,000,000 of outstanding bonds. Illustrate what effect, if any, would prepaying the bonds have on the company's debt-to-equity ratio?
Which of the following statements best describes the optimal capital structure and Which of the following SHOULD NOT influence a firm's dividend policy decision
Find out the net present value of the investment in the machine. What is the difference between the total, undiscounted cash inflows and cash outflows over the entire life of the machine?
Other information pertaining to Mat Company's inventories and production for the month of March is as follows: Determine amount of direct materials used during March.
What are the ethical and accounting ramifications of incorrectly capitalizing an item? Find a recent example of this practice in the news and summarize your findings.
It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $12,000 cash cushion. Prepare a cash budget.
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