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Question - Teresa is an accomplished actress. During the summer, she rented a vacant store to stage productions of four plays, using the local townspeople as actors and stagehands. She sold $24,000 of tickets to the various plays. Her expenses included $10,000 for copyright fees, $3,000 for store rental, $8,000 for costume purchases and rentals, $2,000 for props and other supplies, and $4,000 for all other miscellaneous expenses related to producing the series of plays.
How does Teresa treat the revenue and expenses if the activity is deemed a business?
How does Teresa treat the revenue and expenses if the activity is considered a hobby?
What are some of the factors that should be considered in deciding if this constitutes a business or a hobby?
Complete the journal entries: On 1/1/2016 Debbie Smith Corporation issued 180 shares of $4 Par value Common Stock for $6200
Describe how sales of individual items would be entered? How the database would store the data compared to the current spreadsheet method?
fleury co. has a 38 tax rate. its total interest payment for the year just ended was 32 million. what is the interest
Assume Daniels is both a CPA and holds the Certified Management Accountant (CMA) certification granted by the IMA. Use the ethical standards of these two organizations to identify what Daniels should do in this situation
Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2011 using the completed contract method
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%.
Oriole Company has accounts receivable of $92,000 at March 31, 2017. Determine the total estimated uncollectibles
Harry Smith, 70 years of age, is a male patient who is admitted to the medical-surgical unit with acute community-acquired pneumonia. He was diagnosed with paraseptal emphysema 3 years ago.
Compute straight-line depreciation for each year of this new machine's life.(Round depreciation amounts to the nearest dollar.)
Prepare an adjusted trial balance including the adjusting entries made - Prepare a statement of retained earnings - Prepare a classified balance sheet
A company currently pays a dividend of $2 per share, D0 2. It is estimated that the company's dividend will grow at a rate of 20 percent per year.
On the statement of cash flows, the cash flows from financing activities section would include:
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