User Account

All Pages

What is the regular and simplied method

Assignment Help Financial Accounting
Reference no: EM132721453

John maintains an office in home that comprises 9% (400 square feet) of total floor space. Gross income for his business is $58,000 and his expenses are as follows:

Real estate taxes - $4,500
Mortgage interest - $7,900
Operating expenses - $5,200
Depreciation - $1,200

Problem 1: What is his office in home deduction based on the regular and simplified method?

Problem 2: what is the regular and simplied method? What are some of the differences between each of these methods and when would you know which one to use?

Reference no: EM132721453

Questions Cloud

Determine how much each of newly grads have at retirement : Determine how much will each of the newly grads have at retirement? Donald plans to invest $1,000 per month beginning next month into his retirement
What is the present worth of the series of payments : Find What is the present worth of the series of payments? $6,000 at the end of each year for eight years at 7% compounded annually ?
How much capital gain does JD recognize : J.D. was allocated $11,600 of ordinary income from Clampett, Inc., and no separately stated items. How much capital gain does J.D. recognize
Identify two examples of environmental factors : Peroxidase is an enzyme found in many organisms, from plant to humans. The function of peroxidase is to break down hydrogen peroxide, which is a toxin produced
What is the regular and simplied method : What is the regular and simplied method? What are some of the differences between each of these methods and when would you know which one to use?
What is the purpose of determining the bep : What is the purpose of determining the BEP? How does a company use this in its daily activities? What will it gain from knowing its BEP?
Relationship between public health and individual illness : 1. What does the USSR experience with diphtheria tell us about the relationship between public health and individual illness?
Describe the ethical principals involved : The promise of guaranteed health care coverage for all. Describe the ethical principals involved. Resalt theories and evidence supporting your position.
Find and calculate the price variance or cost variance : Find and Calculate the price variance or cost variance. For ABC co. standard material usage was 1 kg per unit produced at a cost of Rs. 10 per kg.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial assets and financial liabilities at fair value

What is the complete ASC code that provides a table that illustrates calculation of diluted EPS for the full year 20X1? What are the three valuation techniques used when measuring financial assets and financial liabilities at fair value? In the debt ..

  Prepare adjusted trial balance after considering adjustments

Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015. Cash $6,000 Deborah, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue 10,600 Office Supplies 1,800 Salaries Expense 4,000. ..

  Preparing a schedule of cash flows from operating activities

Preparing a Schedule of Cash Flows from Operating Activities: Indirect Method For the year ended June 30, 2014, net income for Flake Corporation was $14,800.

  What additional funds needed for the coming year

Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer.

  Design and use a bank reconciliation

Service charge. Book error: We debited Cash for $100. The correct debit was $1,000. NSFcheck. Bank collection of a note receivable on our behalf

  What amount would the company record land at the time

What amount would the company record land at the time of purchase? A company purchased land and building from a seller for $900,000.

  Calculate the adjusted carrying value of the asset at dec

At Dec 31, 2021, the equipment now has a new use in the market. Calculate the adjusted carrying value of the asset at Dec 31, 2021 Under IFRS

  Why is impact of increased production on fixed cost per unit

Prepare in good form a statement of cost of goods manufactured for the month ended April 30 th and determine whether the following exhibit variable, fixed or mixed cost behavior.

  Necessary journal entry and consolidation financial statemen

The case study is as mentioned above. My task is to do a short presentation on this case study. Please include any necessary journal entry and consolidation financial statement along side with the answer.

  Prepare the journal entry to record the issuance of bonds

Slocombe Company sold $5,400,000, 9%, 15-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on December 31. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, ..

  Prepare the journal entries to record interest expense

Prepare the journal entries to record interest expense for 2014 under both of the bond issuances assuming they sold

  Compute depreciation expense for shady deal

Compute depreciation expense for Shady Deal for 2007-2009, using both 5 percent and 10 percent of the cost of depreciable assets.

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd