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"Christine is employed full time as an accountant for a national hardware chain. She also has a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home are as follows: real property taxes $3,900 interest on home mortgage 4,000 operating expenses of home 1,100 depreciation allocated to 20% business use 1,600 Christine's income from consulting is 16,000, and the related expenses are $5,000.
A. What is Christine's office in the home deduction?
B. Suppose that Christine also spent $3,000 to repaint and replace the carpet in the office. How do these additional cost change the answer to part (a)?
C. Suppose that Christine's income from consulting is only $8,000 (not $16,000). How does this change the answer to part (a)?
Mendenhall Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual interest was $800,000, and the usefull life is 40 years, depreciation expense for the first full year using the straig..
The material price variance was 1370 favorable and find the standard price per kilogram for raw material?
If 75% of a developer's capital is debt and his interest expense is 10% and 25% of his capital is equity at a 20% hurdle rate, what is his WACC?
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All else being equal, when the capital gains tax rate is less than an investor's personal marginal tax rate would the individual prefer that the firm issue dividends or allow the share price to appreciate? Why?
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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.
Prepare a summary cash budget for the year, showing any borrowing and repayment of debt with interest. Discuss Big Als ability to repay the expansion loan. Include a discussion of the feasibility of the project. Include qualitative factors to be c..
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
Airplanes flying between Germany and the Middle East have both a physical volume capacity and a weight capacity. A cubic foot of letters weighs more than a cubic foot of packages.
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
Partners bob and don have agreed to share profits and losses in an 80:20 ratio respectively, after bob is allowed a salary allowance of $140,000 and don is allowed a salary allowance of $70,000. if the partnership had net income of $140,000 for 20..
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