8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Leaning Overall home office deduction limitation: $ Home office deduction under simplified method: $ 53. PR.03-24 Problem 3-24 Office in the Home (LO 3.11) Ann is a self-employed restaurant critic who does her work exclusively from a home office. Ann's income is $25,000 before the home office deduction this year. Her office takes up 200 square feet of her 1,000-square-foot apartment. The total expenses for her apartment are $6,000 for rent, $1,000 for utilities, $200 for renter's insurance, and $800 for pest control and other maintenance. What is Ann's home office deduction? $

8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Leaning Overall home office deduction limitation: $ Home office deduction under simplified method: $ 53. PR.03-24 Problem 3-24 Office in the Home (LO 3.11) Ann is a self-employed restaurant critic who does her work exclusively from a home office. Ann's income is $25,000 before the home office deduction this year. Her office takes up 200 square feet of her 1,000-square-foot apartment. The total expenses for her apartment are $6,000 for rent, $1,000 for utilities, $200 for renter's insurance, and $800 for pest control and other maintenance. What is Ann's home office deduction? $

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 54BE

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ACC 370 SPRING 2021 QUICKBOOKS HANDS ON CLASS EXERCISE SECTION NOW YOUR TURN March 2021 1 Mr. Jim Doha invested additional $75,000 cash in the real estate agency. Paid advertising bill for February $1,400 Sold house for $250,000 and collected commission of $15,000 4 Purchased office supplies for cash, $2450. 5 Purchased additional office supplies on account, $550 6 Sold a house and collected a $46,000 commission. 8 Paid gas bills, $240 15 Paid the salary of the office secretary, $850. 17 Sold a building lot and earned a commission, $16,500. 20 Mr Jim Doha withdrew $3,000 from the business to pay personal expenses 21 Sold a house and collected a $15,500 commission. 22 Paid gas bills, $220. 24 Paid $960 to repair automobile 28 Paid the salary of the office secretary, $1350 30 Paid the March telephone, $520.…
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QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS Accumulated fund (1/06/2019) 48002400 Massage Palour inventory at beginning (1/06/2019) 9153000 Massage Palour Purchases 17221200 Building (Cost) 43459800 Equipment (Cost) 5424000 Furniture and fittings (Cost) 3390000 Subscriptions 4068000 Affiliation Fees 508500 Savings Account 11526000 Venue of the "Weekend in Paradise Trip" 237300 Executive Mens Club Entrance fees 406800 Massuer's Wages and Salaries 1695000 Accumulated Depreciation Building 17383920 Equipment 1356000 Furniture and Fittings 339000 Salaries 1627200 Rent 650880 "Weekend in Paradise Trip" expenses 406800 Administrative expenses 1179720 Interest on Savings account 644100 Sale of "Weekend in Paradise Trip" tickets 5152800 Bank…
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS Accumulated fund (1/06/2019) 48002400 Massage Palour inventory at beginning (1/06/2019) 9153000 Massage Palour Purchases 17221200 Building (Cost) 43459800 Equipment (Cost) 5424000 Furniture and fittings (Cost) 3390000 Subscriptions 4068000 Affiliation Fees 508500 Savings Account 11526000 Venue of the "Weekend in Paradise Trip" 237300 Executive Mens Club Entrance fees 406800 Massuer's Wages and Salaries 1695000 Accumulated Depreciation Building 17383920 Equipment 1356000 Furniture and Fittings 339000 Salaries 1627200 Rent 650880 "Weekend in Paradise Trip" expenses 406800 Administrative expenses 1179720 Interest on Savings account 644100 Sale of "Weekend in Paradise Trip" tickets 5152800 Bank…
BLOCK C/2018/4 Red John AG restores antique furniture and trades in antiques. Create the posting records for t1! Red John AG's account will receive € 11,305 on 05.01.t1. Thus, a customer of Red John AG settles his debt from t0 with a 5% discount. A customer returns a damaged antique to Red John AG in February t1 . The complaint will be processed immediately and the customer will receive a refund in cash. The value of the goods is € 35.70 gross. Due to numerous antique purchases at Krempel AG, Red John AG receives a bonus of € 6,464.08 VAT. This will be transferred to her in February t1. At the end of November t1, Red John AG sells a desk made of operating and office equipment. The desk is scheduled to be delivered to the buyer in January t2. Already on 02.12. t1, Red John AG receives the full purchase price of 530 € plus VAT in bar. In July t0, Red John AG acquired a machine for restoration work for € 30,000 The machine has a useful life of 7 years and is depreciated at a…
Dr Erica chan MD owns EC health clinic she prepares annual financial statements and has a December 31 2023 year end A. On October 1, 2023 de chan prepaid 8200 for four months of rent B. On November 1, 2023 dr chan prepaid 156 to renew the clinic magazine subscription. The subscription is for 1 year C. On December 1, 2023 dr chan pays 2025 for supplies at the end of the year 1350 of supplies had not been used Required For the above transactions, records the initial journal entry and the adjusting entry required on December 31,2023
1.1 Chris Nuts has a car repair business, Nuts and Bolts, that he started on 1 July 2020 after he lost his job during lockdown. The following are some of the transactions for the month of May 2021:TransactionnumberTransactionsexamplePaid rent of R2 450 for the month of May 2021.1Bought consumables during the month for R9 600 on credit. All consumables are purchased for immediate use.2Took a loan of R50 000 from his uncle Spanner Hardman. The loan bears interest at 9% per year payable monthly. The loan capital is payable in two equal annual instalments, the first of which is payable on 31 May 2022.3Chris purchased electronic diagnostic equipment that had a marked price of R40 000 with a 10% cash discount offered. Chris paid cash for the equipment which he put to use immediately.4Services fees for the month were as follows:- Cash deposited into the bank account R32 400.- On credit to businesses given 30 day accounts: R17 300.5Paid monthly interest on the loan taken from Spanner Hardman.…
Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2019 Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000 Postage (500 ) Wages (26,000 ) Payroll taxes (1,950 ) Supplies (12,500 ) Phone (1,250 ) Internet service (600 ) Rent (2,400 ) Insurance (2,800 ) Van expenses (4,500 ) Business assets Date Purchased Cost Computer 1 5/18/19 $ 2,200 Computer 2 6/01/19 2,700 Printer 3/01/18 900 Copier 3/02/18 2,100 Furniture 3/01/18 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets…
Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (GH¢)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Additional Information's 1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture.3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination…
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Client meeting at local restaurant. – Pay $160 Provide 10 hours of service Purchased copy paper for $230 on credit Provide 20 hours of service Pay $2,000 to send partners to convention Provide 41 hours of service Receive late tax filing penalty of $125 Provide 27 hours of service Please answer these and please show adjusted journal entries as well for these problems. Very stuck on that part. Hourly rate is 50 dollars.
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