a. Presuming no reimbursement for these expenses, how much, if any, of these weekend expenses may Kristen deduct? $fill in the blank 9570f9fe1fa5079_1 b. What would your answer be if the amounts involved were reversed (i.e., the trip home would have cost $490; staying in Jackson would have been $550)?
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Problem 9-24 (LO. 3)
Kristen, an independent management consultant, is based in Atlanta. During March and April of 2020, she is contracted by a national hardware chain to help implement revised human resource policies in Jackson (Mississippi) temporarily. During this period, Kristen flies to Jackson on Sunday night, spends the week at the district office, and returns home to Atlanta on Friday afternoon. The cost of returning home is $550, and the cost of spending the weekend in Jackson would have been $490.
a. Presuming no reimbursement for these expenses, how much, if any, of these weekend expenses may Kristen deduct?
$fill in the blank 9570f9fe1fa5079_1
b. What would your answer be if the amounts involved were reversed (i.e., the trip home would have cost $490; staying in Jackson would have been $550)?
Kristen may deduct $fill in the blank 05a4acfc8fd204e_1 as weekend expenses.
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- MN.51. Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $46,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expenses for this are $50,000. She proceeds with opening the restaurant, and it begins operations on May 1. Determine the amount that Henrietta can deduct in the current year for investigating these two businesses. In your computations, round the per-month amount to the nearest dollar and use rounded amount in subsequent computations. b. The deductible amount of investigation expenses related to opening a restaurant:Problem 9-29 (LO. 4) Elijah, who is single, is employed as a full-time high school teacher. The school district where he works recently instituted a policy requiring all of its teachers to start working on a master's degree. Pursuant to this new rule, Elijah spent most of the summer of 2020 taking graduate courses at an out-of-town university. His MAGI is $64,000 and expenses are as follows: Tuition $6,600 Books and course materials 1,500 Lodging 1,700 Meals 2,200 Laundry and dry cleaning 200 Campus parking 300 In addition, Elijah drove his personal automobile 2,200 miles in connection with the education. He uses the automatic mileage method. Click here to access Exhibit 9.1 Limitations for Qualified Tuition Deduction. If an amount is zero, enter "0". a. Which of these expenses, if any, might qualify as deductions for AGI? Select "Yes" or "No" whichever is applicable. Tuition (subject to limitation) Lodging Auto mileage Campus parking…Full of Hope Center Operations Recent Operations Presently, the Full of Hope Center facility accommodates a maximum of 20 children at one time, although more children enroll and attend part-time. Sometimes, especially during school vacations, daily attendance is less than 20. Hours are from 7:00 a.m. until 6:00 p.m. each weekday, with lunch and snacks provided for the children. The fee is $500 per week per child, with payment due at the beginning of each week. However, fee payments often trickle in during the week as the services are provided. Each day, three employees operate the Full of Hope Center—the salaried director, one full-time employee, and one part-time emplo But, within a few days, Ruth noticed the cash collected did not match the number of children she observed at the Center during the week. When Ruth asked Miriam if there was additional cash that had been collected, Miriam reached into a desk drawer and handed Ruth currency that totalled $1,000. Miriam explained that…
- Full of Hope Center Operations Recent Operations Presently, the Full of Hope Center facility accommodates a maximum of 20 children at one time, although more children enroll and attend part-time. Sometimes, especially during school vacations, daily attendance is less than 20. Hours are from 7:00 a.m. until 6:00 p.m. each weekday, with lunch and snacks provided for the children. The fee is $500 per week per child, with payment due at the beginning of each week. However, fee payments often trickle in during the week as the services are provided. Each day, three employees operate the Full of Hope Center—the salaried director, one full-time employee, and one part-time emplo But, within a few days, Ruth noticed the cash collected did not match the number of children she observed at the Center during the week. When Ruth asked Miriam if there was additional cash that had been collected, Miriam reached into a desk drawer and handed Ruth currency that totalled $1,000. Miriam explained that…Q1 Bauss Company, a manufacturer of bicycles, started its production in December 2019. For the preceding 5 years Boss Co. had been a retailer of bicycles. After a thorough survey of bicycles markets, management of the Bauss Co. decided to turn its retail store into a bicycles manufacturing factory. Cost of steel frame for a bicycles will total to $80 per unit. The cost of tires for every bicycle would be $25. Workers on the production lines are on average paid $35 per hour. A bicycle usually takes 8 hours to complete. In addition, the rent on the equipment used to assemble bicycle amounts to $6,000 per month. Indirect materials cost $7 per bicycle. A supervisor was hired to oversee production; her monthly salary is $3,500. Factory cleaning costs are $1,500 monthly. Utility costs amounts to $250 per month. Advertising costs to sell bicycles will be 10,500 per year. The factory building depreciation expense is $2,400 per month. Property taxes on the factory building will be $9,900 per…11. Joan is moving from a one-bedroom apartment in one city to a similarapartment in another city. She has been quoted a flat fee for the truck rentaland has two estimates for wages of the movers she will hire depending on herneeds and when she moves. Determine the hourly rates. Weekday Move:3 hoursloading/unloading2 hourspacking/unpacking$480 total cost Weekend Move: 5 hoursloading/unloading2 hourspacking/unpacking$680 total cost A. $90 loading/unloading; $100 packing/unpackingB. $100 loading/unloading; $90 packing/unpackingC. $80 loading/unloading; $130 packing/unpackingD. $130 loading/unloading; $80 packing/unpacking
- 10. Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has three men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 34 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $40 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 26 rental houses every two weeks during the months of May through September. LStar has offered to pay $26 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a two-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $350 used. Fuel to run the additional mower will be about $0.50 per yard. 1. If…5. ABC Company, a manufacturer of stereo systems, started its production in October 2020. For the preceding 3 years ABC had been a retailer of stereo systems. After a thorough survey of stereo system markets, ABC decided to turn its retail store into a stereo equipment factory. 1. Raw materials cost for a stereo system will total $70 per unit. 2. Workers on the production lines are on average paid $10 per hour. A stereo system usually takes 4 hours to complete. 3. In addition, the rent on the equipment used to assemble stereo systems amounts to $5,100 per month. 4. Indirect materials cost $4.5 per system. 5. A supervisor was hired to oversee production; her monthly salary is $3,500. 6. Factory janitorial costs are $1,250 monthly. 7. Advertising costs for the stereo system will be $8,250 per month. 8. The factory building depreciation expense is $7,000 per year. 9. Property taxes on the factory building will be $8,500 per year. Instructions (a) Prepare an answer sheet with the…Refer to Exercise 13-48. Suppose that Kamber is considering building a new plant inside a foreign trade zone to replace its chemical manufacturing plant. Required: 1. How much duty will be paid per year by the factory located inside the foreign trade zone? 2. How much in duty and duty-related carrying costs will be saved by relocating inside the foreign trade zone? Kamber, Inc., owns a factory located close to, but not inside, a foreign trade zone. The plant imports volatile chemicals that are used in the manufacture of chemical reagents for laboratories. Each year, Kamber imports about 14,200,000 of chemicals subject to a 30% tariff when shipped into the United States. About 15% of the imported chemicals are lost through evaporation during the manufacturing process. In addition, Kamber has a carrying cost of 10% per year associated with the duty payment. On average, the chemicals are held in inventory for 9 months. Required: 1. How much duty is paid annually by Kamber? 2. What is the carrying cost associated with the payment of duty?
- Comprehensive Problem 6-61 (LO 6-1, LO 6-2, LO 6-3) (Algo) This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,860 1,460 1,330 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable incomeMa1. Jamal, Kareem, Rashid and Associates are in the process of evaluating its new client services for the business consulting division. •Estate Planning, a new service, incurred $180,000 in development costs and employee training. •The direct costs of providing this service, which is all labor, averages $30 per hour. ⚫ Other costs for this service are estimated at $450,000 per year. ⚫The current program for estate planning is expected to last for two years. At that time, a new law will be in place that will require new operating guidelines for the tax consulting. ⚫ Customer service expenses average $104 per client, with each job lasting an average of 500 hours. The current staff expects to bill 50,000 hours for each of the two years the program is in effect. Billing averages $46 per hour. What is estimated life-cycle operating income for the first year? A. $149,200 B. $319,200 C. $159,600 D. $339,600Question 3 The Unemployment Program of the Government of Guava Land has several offices throughout the country, ten (10) to be specific. At these offices, all the administrative matters of the Program are administered, inclusive of payments to suppliers, payroll and Information Technology services. There are several assets and confidential data on each compound such as computer equipment, filing cabinets, personal data and several pieces of furniture. Within recent times, there were numerous burglaries’ at a number of locations, which resulted in the loss of two million dollars’ worth in items. The Police are currently undertaking an investigation to catch the culprits. The Minister, who is responsible for the Program, has mandated the Program to procure security services for one year at each location. After a highly competitive procurement process, Big Trouble Security Services secured the contract to provide security services at all the locations. The Unemployment Program and…