CengageNOWv2| Online teaching and learning resource from Cengage Leaming 8/28/2019 -1 home office deduction limitation: $ --slified method: $ 8/28/2019 CengageNOWv2| Online teaching and learning resource from Cengage Leaning 50. PR.03-21 Problem 3-21 Office in the Home (LO 3.11) Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 500 Mortgage interest (100 percent deductible) a. Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. $ b. Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses. $

CengageNOWv2| Online teaching and learning resource from Cengage Leaming 8/28/2019 -1 home office deduction limitation: $ --slified method: $ 8/28/2019 CengageNOWv2| Online teaching and learning resource from Cengage Leaning 50. PR.03-21 Problem 3-21 Office in the Home (LO 3.11) Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 500 Mortgage interest (100 percent deductible) a. Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. $ b. Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses. $

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

See similar textbooks

Similar questions

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 112 GHS Accumulated fund (1/06/2019) 31860000 Massage Palour inventory at beginning (1/06/2019) 6075000 Massage Palour Purchases 11430000 Building (Cost) 28845000 Equipment (Cost) 3600000 Furniture and fittings (Cost) 2250000 Subscriptions 2700000 Affiliation Fees 337500 Savings Account 7650000 Venue of the "Weekend in Paradise Trip" 157500 Executive Mens Club Entrance fees 270000 Massuer's Wages and Salaries 1125000 Accumulated Depreciation Building 11538000 Equipment 900000 Furniture and Fittings 225000 Salaries 1080000 Rent 432000 "Weekend in Paradise Trip" expenses 270000 Administrative expenses 783000 Interest on Savings account 427500 Sale of "Weekend in Paradise Trip" tickets 3420000 Bank account (Current) 5625000 Donation for "Weekend in Paradise Trip" 832500 Revenue from Massage…
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 (USD)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Total Assets 1,004,000Additional Information1. 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 only.4. Plant and machinery was bought on 1st October, 2019 for production of furniture.5. The business depreciates its asset at the rate of 20% on straight line method on one month ownership basis.6. All the above assets existed as of 31st December, 2019.Required a. Draft…
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…
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.…
USE MS EXCEL AND SHOW FORMULAS USED PLEASEEE Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts. USE MS EXCEL AND SHOW FORMULAS USED PLEASEEE
Item Recognition of Liability? (Must type yes or no) Account Name (choose the correct answer) $ Measurement Amount (don't put $ sign or MM for example 1MM should be listed as 1) Current or Noncurrent 1. Nike agrees to purchase a plot of land in the future on which it will build a factory for $5MM. 2. Nike places a $50MM order from one of its suppliers. They did not pay any cash for the order. The supplier is completing the manufacturing of the goods and will ship them within six months. 3. Nike signs a 5-year employment offer with an incoming CFO for $15MM salary and stock options. They have not paid the CFO any cash. The CFO will start in two months. 4. Nike receives a check of $12MM from a store for merchandise that it will ship to the store in 90 days. 5. The supplier from above (with the $50MM order) ships the goods to Nike and sends an invoice. Nike obtains ownership of the goods when they arrive. The goods should arrive in less than 14…
https://www.chegg.com/homework-help/questions-and-answers/q1-let-us-assume-mr-amir-starts-business-called-amir-enterprises-1st-january-2021-invests--q69973974?fbclid=IwAR2P3PvLU-TV9l2c3UJ1L3iqmf2MoRP-lQpp1m2RE9bHkCPdTkYNenUXFPY
Please answer Requirements 7 & 8 Purchasing Supplies and the Monthly Supplies Adjusting EntryOn July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Marthapurchased the following supplies for use in the repair shop:Item Unit ofMeasureQuantityPurchasedPrice perUnitExtendedTotal CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies wouldinitially be recorded in the Supplies asset account.At the end of July, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 80Degreasing Fluid Quarts 65Gasket Sealer Tubes 32At the end of August, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 55Degreasing Fluid Quarts 48Gasket Sealer Tubes 22The following is a…
Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited.BOILERMAKER UNLIMITEDAdjusted Trial Balance December 31, 2021Accounts Debits CreditsCash $ 16,000Accounts Receivable 25,000Supplies 32,000Prepaid Insurance 7,000Equipment 625,000Accumulated Depreciation $ 200,000Accounts Payable 31,000Salaries Payable 28,000Utilities Payable 5,000Notes Payable (due in 5 years) 150,000Common Stock 200,000Retained Earnings 31,000Dividends…
Hello. I'm a 2nd year college student taking BS Accountancy. Please help me with my assignment. It will be a great help for me in understanding the topic. Thank you very much <3 Intermediate Accounting: BORROWING COSTS Requirements: Problem 25-3 (IFRS)... Compute the cost of the new building. Problem 25-4 (IFRS)... 1. Compute the cost of the new building on December 31, 2021 and June 30, 2022. 2. Compute the interest expense for 2021 and 2022
PB&J Cafe has the following transactions that need to be recorded: On April 7, 2019, $250 for peanuts the cafe purchased from The Peanut Gallery to make its patented peanut butter On April 30, 2019 $375 For Rover's Sake paid for catering a corporate event How would Reha record these transactions in the general journals for these accounts? Why does she need to keep separate general journals for each account? Your answer should be at least 100 words.