Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Stephanie Zane is the sole proprietor of Shear Madness, a hair salon. Her revenue comes from two sources, haircuts and the sale of hair products. Stephanie has three employees whose compensation consists of a weekly salary and a 40% com- mission on the services they provide to the customer. Stephanie uses a hybrid method of accounting-the cash method for haircuts and the accrual method for sales of hair products. For the current year she has the following revenue and expenses:
Revenue from haircuts
$141,650
Revenue from the sale of products
36,240
Beginning inventory of product
1,756
Ending inventory of product
1,469
Product purchased
18,345
Gross salaries (including commission)
66,000
Social Security taxes
5,049
Employee withholding:
Federal taxes
15,200
State taxes
4,200
Other payroll taxes
375
Advertising
1,200
Rent
12,100
Utilities
1,600
Phone
570
Postage
220
Accounting fees
Legal fees
625
Complete Form 1040 Schedule C (Profit or Loss From Business) and Form 1040 Schedule SE (Self-Employment Tax) using the above information. Stephanie's Social Security number is 123-62-7897, her employer ID number is 05-9987561, and her business address is 99 Fortin Lane, Metuchen, New Jersey 07865. Forms and instructions can be downloaded from the IRS Web site (www.irs.gov/formspubs/ index.html).
which of the following statements is correct? answer one defect of the irr method is that it does not take account of
On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance..
a machine with a cost of 80000 has an estimated residual value of 5000 and an estimated life of 5 years or 15000 hours.
The project has an initial cost of $1,000,000 (machine: $800,000, insurance: $40,000, shipping $60,000, modification: $100,000) --this is also the amount which can be depreciated using the following 3 year MACRS depreciation schedule:
the chemical messengers in the nervous system which can affect mood memory and well-being are calledperipheral
cool sips inc. manufactures and sells a nutrition drink for children. the company wants to develop a standard cost per
Using the financial information for Ford and GM, answer the following questions.
1 your accounting supervisor has instructed you to verify the accuracy of the day s bank credit card sales and then
Prepare Bank Reconciliation Statement as on 30th September
(Worth 20% of the homework grade) Draw the level 1 data flow diagram (DFD) for GEMS process 2, Update Resources, which is the process that will create and update resource information for projects being tracked in GEMS.
Research this topic in the DeVry online Library, and please include the links to where you found the information that you are discussing. Some ideas to get you started include high-tech stadiums, RFID on players, social media, and big data.
marine inc. manufactures a product that is available in both a flexible and a rigid model. the company has made the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd