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9. LO.2 In 2011, Emma purchased an automobile, which she uses for both business and personal purposes. Although Emma does not keep records as to operating expenses (e.g., gas, oil, and repairs), she can prove the percentage of business use and the miles driven each year. In March 2013, Emma seeks your advice as to what income tax benefit, if any, she can derive from the use of her automobile. What would you suggest? 15. LO.3 Rick is scheduled to go to London on business and would like to do some sight-seeing while there. A colleague advises him that to maximize his deductible expenses, he should plan the business and personal portions of the trip carefully to make effective use of weekends and holidays. What is meant by this advice? 27. LO.10 Comment on the deductibility of each of the following items: a. Club dues for the Coronado Club. Taxpayer, a lawyer, uses the luncheon club exclusively for business. b. Cost of dry cleaning uniforms (including alterations by a tailor). Taxpayer is the doorman at a New York City hotel. c. Expenses incurred by taxpayer, a member of the Maine National Guard, to participate in a two-day training session conducted in New Jersey. d. Union dues paid by a self-employed carpenter. e. Cost of CPA exam review course paid by a self-employed accountant f. Fee paid to a real estate appraiser to determine the value of land a taxpayer is donating to charity. g. Contribution to an IRA sponsored by taxpayer's employer. h. Cost of school supplies purchased by a high school teacher. 28. LO.2, 3 During the year, Olivia holds two jobs. After an eight-hour day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job. On the other days (Monday through Thursday), she goes directly from the first job to the second job, stopping along the way for a meal. The mileage involved is as follows: Home to first job 15 First job to second job 18 Home to second job 20 a. Assuming that Olivia works 48 weeks during the year, how much of her mileage is deductible? b. Can Olivia deduct the dinners she purchased? Why or why not?
If a company applies overhead to production with a predetermined rate, a credit balance in the Factory Overhead account at the end of the period means that:
Evaluate at least three significant differences and similarities between IFRS and GAAP and the impact these similarities and differences can have on financial statements.
Explain the conditions under which job order cost accounting systems and process cost accounting systems are commonly applied. Name two companies that use each system?
Teddy's Supplies' CEO has asked you to advise him on the facts of the case and your opinion of their potential liability. He wants to settle the case. Write a memo to him that states your view of whether the company is exposed to liability on all ..
What have you learned about how you work as an individual? How have you changed your behaviour or approach to the workplace as a result of what you have learned? How has this helped improve work outputs or business results in your area?
Fairfax Company had a balance in Deferred Tax Liability of $840 on December 31, 2014, resulting from depreciation timing differences. Make the income tax journal entry for the Fairfax Company for December 31, 2014.
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
Do you believe the legislation enhances the power and prestige of the audit profession, or alternatively, does it decrease both the power and prestige of the profession? Explain.
The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 5 while maintaining the same levels of sales, how much cash will be freed up?
The company has decided to restructure the operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost $3,000,000 and has accumulated depreciation of $1,..
In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
Determine the EOQ, average inventory, orders per year, average daily demand, reorder point, annual ordering costs, and annual carrying costs.
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