Business expenses basics

Assignment Help Accounting Basics
Reference no: EM13122731

Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?

Reference no: EM13122731

Questions Cloud

Revenue to cover the fraud : You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.
Requesting an audit of business : Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
Which one is not a main objective of the sarbanes-oxley act : Which one is not a main objective of the Sarbanes-Oxley Act?
Use of computer time on a remote supercomputer : Which of these is least likely to be an example of cloud computing service?
Business expenses basics : Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
Calculate depreciation expense and book value : On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000.
Problem regarding write off : A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
Calculate earnings per share for the year ended : At December 31, 2012 and 2013, Funk & Noble Corporation had outstanding 1,000 million shares of common stock and 13 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock..
The publication date. : Each academic area of study has a particular style for documenting the ideas of other scholars. The standards of formatting document you've been using is from the American Psychological Association (APA). This is the preferred style in the social sci..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Portion of unrealized intercorporate profit

What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.

  Entries of operating lease and capital lease

Prepare the appropriate journal entry to be made by Bayfield Company for the first lease payment. Prepare the journal entry to record the lease agreement on the books of Josh inc. on January 1, 2008

  Incremental effect on company overall profit

Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.

  Market share and concentration ratio

These top firms in industry C have market shares of 30, 25, 10 and 5% respectively. The top four firms in industry D have market shares of 15, 12, 8 and 4 % respectively.

  Calculate how much estate tax would have been saved

Harold and Maude are married and live in a common-law state. Neither have made any taxable gifts and Maude owns (holds title) all their property. She dies with a taxable estate of $15 million and leaves it all to Harold. He dies several years late..

  Time interest earned ratio

For the most recent year, Wilson Enterprises had sales of $689,000, cost of goods sold of $470,300, depreciation expense of $61,200, and additions to retained earnings of $48,560.

  Weighted-average method

What is the distinction between equivalent units under the FIFO method and the equivalent units under the weighted-average method?

  Determine the payback period for the project

Determine whether or not the project should be undertaken using the net present value method.

  Which of the following are government transfer payments

Which of the following government transfer payments is included in the recipient's gross income? Which of the following expenditures is not a medical expense for federal tax purposes?

  Gaap for zero-interest-bearing note

Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.

  Audit findings

Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitiga..

  Depreciation-impairments-depletion

You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd