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During the current year, Kim incurs the following expenses with respect to her beachfront condominium in Hawaii...Insurance ...............$500Repairs and maintenance .........$700Interest on mortgage .......... $3,000Property taxes .............. $1,000Utilities ................$800In addition to the expenses listed above, Kim could have deducted a total of $8,000 depreciation if the property had been acquired only for investment purposes. During the year, Kim uses the condominium 20 days for vacation. She also rented it out for a total of 60 days during the year, generating total gross income of $9,000
1. What is the total amount of deductions for and from AGI that Kim may take during the current year with respect to the condominium?
2. What is the effect on the basis of the condominium?
Determine the number of shares used to compute basic earnings per share for the year and determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2011.
How many equivalent units for conversion costs would ther Feathered Nests produces decorative birdhouses. The company’s average total cost per unit is $20.00 when it produces 2,000 birdhouses. If $4698 of the costs are fixed, and the plant manager us..
prepare a budgeted income statement.mattingly corporation sells a single product for 150 per unit. total sales were
Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items and illustrate the effects on the accounts and financial statements of the adjustments for each item.
essay petra industries have a fiscal year fye of may 31. prepare the adjusting entries for the 2008 fye based on the
Alabama Corporation and California Corporation have the same sales and profits as follows: Using an operating leverage analysis, determine how much profits would increase for each company if each experienced a 10% increase in sales.
cost of goods maufactured? direct labor cost? direct materials cost? manufacturing overhead applied? manufacturing overhead was (how much) over or under applied?
Determine the debt ratio based on the information below. Be sure to label your answer clearly and show all work.
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2012. Cost of Goods sold ($117,000) General and administrative expenses (48,000) Net Cash provided by financing activities (69,..
A complete physical inventory of the company's office furniture has recently been taken. Identify control environment factors that affect the company's internal control
Agee Corporation acquired a 36% interest in Trent Company on January 1, 2015, for $520,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2015, Trent paid cash dividends of $158,000 and thereafter ..
During its first year of operations, Mack's Plumbing Supply Co. had sales of $3,250,000, wrote off $27,800 of accounts as uncollectible using the direct write-off method, and reported net income of $487,500. Determine what the net income would have b..
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