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Rocky has a full-time job as an electrical engineer for the city utility. In his spare time, Rocky repairs TV sets in the basement of his personal residence. Most of his business comes from friends and referrals from former customers, although occasionally he runs an ad in the local suburbia newspaper. Typically, the sets are dropped off at Rocky's house and later picked up by the owner when notified that the repairs have been made.
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses (other than home office) are $5,000. Expenses relating to the residence are as follows:
Real property taxes $4,500Interest on home mortgage 8,000Operating expenses of residence 3,000Depreciation (based on 20% business use) 500
What is Rocky's net income from the repair business?
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
On January 1, 2013, Winn Heat Transfer leased office space under the 3 year operating lease agreement. The arrangement specified 3 annual rent payments of $80,000 each, starting January 1, 2013, the inception of lease
Using the above data, fill in the following blanks with the variance amounts. Use F for favorable or U for unfavorable for each variance. Total Overhead Variable Fixed, 1. Spending variance , 2. Efficiency variance ?, 3. Production-volume variance ?,..
Illustrate out the some contemporary trends in global value chain management? How does the use of a global monetary unit (e.g., Euro or single currency) affect global value chain management?
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
The records of Nevada Co. indicated that $420,000 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage ..
She also expected additional case expenses amounting to $3,000 per years. The cost of capital is 12%. Assume there are no income taxes.
Identify some additional control procedures that the company might implement to reduce the monthly loss from theft of office supplies by employees.
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
At the start of february pete's had salaries payable outstanding of $17,000. on february 4th,pete sent out paychecks to its employees valued at $20,000. prepare the journal entry for this transaction.
Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?
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