One of Ed's favorite bands is playing in Philadelphia. Ed purchases a ticket ($50.00) and takes a day off work tog ready for the concert (Ed earn $75.00). While standing on line to get into the venue, someone o Ed $160 for his ticket, but he turns them down. From thi can infer that the benefit Ed gets from attending the com is at least dollars (please record your answer without a dollar sign).
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- Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor societys annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 pm. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is tour hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round, trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, Bridget is responsible for recruiting within a budget and wants to determine which is more economical. Use the information provided to answer these questions. A. What is the total amount of expenses Bridget would include on her expense report if she drives? B. What is the total amount of expenses she would include on her expense report if she flies? C. What is the relevant cost of driving? D. What is the relevant cost of flying? E. What is the differential cost of flying over driving? F. What other factors should Bridget consider in her decision between driving and flying?Problem 5 Joe College graduated from a university that is located three hours from the city in which he now works. A loyal alumnus and an avid football fan, Joe always buys season tickets to the football games although his Alma Mater has posted loosing records in each of the last three years. Joe sends a check for $218 to the University by July 1 of every year to cover the cost of two tickets for each of the 7 home games plus $50 for a parking permit. Joe has difficulty finding friends to accompany him to the games. However, he is adamant that he must go to the games because he has paid for the tickets. Friends insist that the cost of the tickets is a sunk cost and that the decision should be based on future costs that would be different between alternatives – going to the game and not going to the game. Friends have calculated the fuel for the 6 hour round trip costs $15 and two meals while away from home for the game can easily cost $30 or more. Write a memo to Joe outlining the…Question 40 Grace is a self employeed sales consultant who spends significant time entertainment potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year: meals where business was conducted $5000 Greens fees (all fees) 500 tickets to baseball games (all business) 500 country cup dues (all business use) 6000 what are the tax-deductible meals and entertainment expenses Grace May claim in the current year? $ on which tax form should she claim the deduction?
- points Karl works at Moe's grocery. This year Karl was paid $43.000 in salary but he was allowed to purchase his groceries at 10% below Moe's cost. This year Karl spent $3.600 to purchase groceries costing Moe $4,000 and worth $6,000. What amount must Kart include in his gross income? A $46,600 B$47,000 OC $49,000 D. 543,400 E $45,500What kind of obligation are the following? 1.1. Rosalie agreed to pay her tuition fee in five monthly installments. 1.2. Gino promised to give Rhino a puppy husky four months from now. 1.3. Ivy is buying a pair of headlights for her car but requested that she will buy one piece at a time because her money is insufficient for both pieces. 1.4. The parents donated a farm lot to their children Josie, Jojo, and Joey. 1.5. The teacher opted for “blended” teaching where she can meet students face to face for 10 hours and give them e-learning materials for 40 hours.Twice a year Rowdy (40% shareholder) and Q (40& shaeholder) travel to various locations across the United States to host ticketed lice recording of Who Up To What? The corporation has a acoountable plan in place to reimbuse them for their travel expenses In 2022 Rowdy and Q were reimbused a combined total of the following amount $3000 Transportation $239 Meals purchased from restaurants $200 Meals not purchased from restaurants How much of this reimbursement is taxable compensation to Rowdy and Q? a $439 b 0 c $3439 d $3220
- Lorenzo Ricci, a 38-year-old computer programmer, earns $96,000 a year. His monthly take-home pay is $4,800. His wife, Siena, works part-time at their children’s elementary school but receives no benefits. Under state law, Lorenzo’s employer contributes to a workers’ compensation insurance fund that would provide $2,250 per month for six months if he were disabled and unable to work. Use Worksheet 9.2 to calculate Lorenzo’s disability insurance needs assuming that he won’t qualify for Medicare under his Social Security benefits. Based on your answer in part a, what would you advise Lorenzo about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage that he should consider, including possible provisions that he might want to include. What other factors should he take into account if he decides to purchase a policy?14. Carla is not happy with her present job, she resigned and started her own business. The business requires her to travel so she used her car for the purpose. Assume that A started her business on April 1 and that the uses the car for business 70% of the time. Assuming total expenses for the year for the use of the car is P300,000, the deductible expense is:* a. 210,000 b. 225,000 c. 300,000 d. 157,500FASTER BIKE SHOPPhil Murphy liked bikes. During a recent period of unemployment, he decided to turn his hobbyinto a business by opening: FASTER BIKE SHOP where he both would sell and repair bikes.Phil opened up an account at the local bank for FASTER BIKE SHOP and deposited all of hisretirement money, $20,000, into the business. His friend, Sue Long, gave Phil a two-year leaseon a building she owned for Phil to use as his bike shop for $12,000. To receive such a gooddeal on rent, he was required to pay the $12,000 up front. In addition, Phil bought some storefixtures and bicycle repair equipment for $10,000. He expected these to last for 5 years beforethey needed to be replaced. Phil spent $2,700 for hand tools. Because of heavy use Philexpected to need to replace the hand tools in 3 years.To get the business started Phil advertised heavily in the local newspaper. He spent $5,000advertising Faster Bike Shop in the first month, including the grand opening. He spent another$2,000…
- 2.Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00 over his monthly salary of P24,300.00. How much is his monthly net payM1) Joan Myers is a designer for a clothing company named "Whitesnow Ltd" incorporated in Wakefield. The company is very successful due to the fashion clinic project set up by Joan in 2019. Joan is preparing all the information to her tax return for the current tax year. She knows you are a very successful accountant and asks for your professional advice. Joan emails you with the following information: • My gross salary for the tax year was £81,000 (income tax of £19,800 and national insurance contributions of £5,500 deducted under PAYE). During the year, I made the following contributions: I contributed 5% of my salary to a registered Occupational Pension Scheme, and my employer contributed a further 6%. • In 2019, when I was invited to set up the fashion clinic, my employer provided a laptop. I used the equipment both for work and for personal use at home. The equipment cost the company £2,400. • In addition, the company offers me the use of a mobile phone that I also use…Read the case and analyze. Identify which part of the case refers to the 5C’s of credit. Mr. Cruz is a scholar in one of the charitable organizations in the town. He is in 2nd year college and took up Bachelor of Science in Management. Even though he is receiving P10,000.00 per semester, Mr. Cruz realize that the money from his scholarship is not enough to provide his needs that is why he work as a part time worker in a computer shop as an encoder and earns P4,000.00 a month. During pandemic, Mr. Cruz was not able to earn from his sideline and was informed that his scholarship allowance will be delayed for one month. Mr. Cruz is really dedicated in enrolling; what do you think should Mr. Cruz do?
