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Your new client Rocky, is an up and coming rock musician. He belongs to a rock band and plays at different clubs several times a week. For the past year, the band had bookings at smaller clubs and most of the time, they played for tips and drinks only. In truth, not enough to pay for the band's expenses. For his taxes, Rocky receives Form 1099 Misc for his music performances.
As his new CPA, how would you advise Rocky?
A Characteristic of variable cost is: a. Cost per unit changes when the number of units changes. b. Cost per unit stays the same when the number of units changes c. Total variable cost equals fixed costs when the number of units changes d. Total vari..
Write down the journal entry that is needed in order to record the acquisition of the bonds on January 1, 2005. Make sure to use the NET method.
Most companies use historical cost to value property, plant, and equipment assets. What components make up historical cost? Provide an example of an asset's historical cost.
Percy Motors has a target capital structure of 40 percent debt and 60 percent common equity, with no preferred stock. The yield to maturity on the company's outstanding bonds is 9 percent, and its tax rate is 40 percent.
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
Each year the supervisor prepares an operating budget for the motor pool. The budget informs university management of the funds needed to operate the pool. Depreciation on the automobiles is recorded in the budget in order to determine the costs p..
What important information, related to the accounting equation, is captured by accounting information systems? How does this information get translated to the financial statements? Is it necessary for the accounting information systems to record d..
For the activity level of 2500 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost. d. the average variable cost per unit, e. the average fixed cost per unit; and (f) the average total cost per unit. Assume th..
What is the present value of $359,000 that is to be received at the end of twenty-three years, the discount rate is 11 percent, and semiannual discounting occurs?
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.
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