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Problem - Teri owned 3 businesses and rental properties. Her hair salon(participated 200 hours) had a 32000 net loss. All of the employees of the salon worked more than 600 hours.
Also owned a coin laundry and did not participate over 100 hours. It had a net loss of 14500.
She also had a flower shop with net income of 45000 and participated over 1000 hours.
None of the businesses was located within half mile of each other.
She got dividends of 12000 from IBM stock, and interest of 14000 from her AT &T bonds.
She had a net loss of 18000 from her real estate rentals where she was a active participant.
Required - Compute Teri Adjusted income.
Prepare the journal entries to record depreciation expense for 2012 and correct any errors made to date related to the information provided.
the 3600 of property taxes for the house were prorated with 1950 being apportioned to the seller and 1650 being
In the quantity discount model in Example 12.2, the minimum total annual cost is obtained by ordering enough to achieve the smallest unit purchasing cost.
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Avg Cost is 5.8726)
What is the Fergusons' 2016 federal income taxes payable or refund, including any self-employment tax and AMT
What is the Federal Reserve? What are its goals and role? Who owns the Fed? Explain the following Federal Reserve tools: 1. open market operations.
Franklin Company uses activity-based costing, and normally produces 1,000,000 units per month. At this level of production, the costs per unit are as follows
Arthur, age 19, is a full-time student at Gordon College and is a candidate for a bachelor's degree. What is his adjusted gross income for 2015
On March 15, 2015, a corporation filed its 2014 calendar year tax return showing $120,000 gross income. The return was prepared by a CPA who mistakenly omitted
Glenda Shock was excited and somewhat panicked at the same time. Just two months ago, in April, she was promoted to senior auditor at Broder
Compute the (1) net present value, (2) profitability Index, and (3) internal rate of return for each option
Should the short-run effects on accounting income and earnings per share influence the decision about the choice of projects? Explain. Should either of the projects be accepted? If so, which one? Why?
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