User Account

All Pages

Compute the net profit for the year

Assignment Help Accounting Basics
Reference no: EM132585385

Colin, a self-employed consultant, uses a room of his home as a business office. This room represents 10 percent of the home's square footage. This year, Colin incurred the following expenses in connection with his home:

Home mortgage interest$12,980

Property tax on residence 2,200

Homeowner's insurance 1,475

Utilities 2,100

Furnace repairs 300

  • Colin purchased the home in 2000 for $225,000. For MACRS depreciation purposes, he allocated $185,000 to the building and $40,000 to the land.

Required:

Question 1: If Colin's gross business income exceeded his operating expenses by $75,000, compute his net profit for the year.

Reference no: EM132585385

Questions Cloud

What will the cash flows for this project be : What will the cash flows for this project be? (Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places.)
Does include all accounts under expense heading : Does include all accounts under Expense Heading (On Chart of Accounts), or only accounts that include Expense in the name, ex Interest Expense
Describe the concept of zero-base budgeting : Explain the concept of management control and how budgeting is used as part of it. Describe the concept of zero-base budgeting.
What types of new product development lend themselves : What types of new product development lend themselves well to heavyweight product teams?
Compute the net profit for the year : Colin, a self-employed consultant, If Colin's gross business income exceeded his operating expenses by $75,000, compute his net profit for the year.
New product launch strategy : A part of new product launch strategy includes creating product or service name. What are costs and benefits of using intellectual property protection mechanism
Find and solve the depreciation for one month : Find and Solve the depreciation for one month. The office equipment has a scrap value of $300. The computer equipment has no scrap value.
What amount besides the interest payment would tyson repay : Refer to the information provided for Tyson Construction Inc. What amount besides the interest payment would Tyson repay its bondholders on the maturity date?
Coefficients of three variables : A bank develops the following linear discriminant model of the credit quality (i.e., a higher Z means a better credit quality)

Reviews

Write a Review

Accounting Basics Questions & Answers

  Personal financial planning

The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future.

  Briefly explain the meaning of this interval

Briefly explain the meaning of this interval, What is the margin of error when estimating the population mean cost of electricity

  Prepare entries reflects adjustment required as of december

On August 1, Year 1, Bellisa Company issued a $30,000 5%, 1-year note to Citizens Bank. Which of the following entries reflects the adjustment required

  How much of the contract price would be allocated

F&S estimates that approximately 40% of the vouchers will be redeemed. How much of the contract price would be allocated to each performance obligation

  Stine company applies manufacturing overhead to jobs at an

stine company uses a job order cost system. on may 1 the company has a balance in work in process inventory of 3980 and

  The following information pertains to crystal incs

the following information pertains to crystal inc.s portfolio of investments for the year ended december 31 2010

  Compute the ending inventory for whispering company

Compute the ending inventory for Whispering Company for 2014 through 2019 using the dollar-value LIFO method.

  Bank reconciliation for the month of march

Bob Company has the following records available when preparing its bank reconciliation for the month of March 2013:

  Calculate company total resources invested in its ccc

The company's annual sales are R72 million, its cost of goods sold represents 50 percent of sales, Calculate company's total resources invested in its CCC

  What is renees domestic production activities deduction

What is Renee's domestic production activities deduction for the gadget in each of the following alternative scenarios?

  The 2010 annual report of software city inc included the

the 2010 annual report of software city inc. included the following comparative summary of earnings per share over the

  In the month of november a department had 500 units in the

in the month of november a department had 500 units in the beginning work in process inventory that were 60 complete.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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