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azamat
3 years ago
12

Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and

two days sightseeing. His expenses are $400 (airfare), $150 per day (meals), and $300 per night (lodging). If required, round your answers to the nearest dollar. Fred's deductible expenses are:
A. Airfare: $ 400
B. Lodging:$ 300
C. Meals: $ 0
Business
1 answer:
malfutka [58]3 years ago
8 0

Answer:

$9,400

Explanation:

The computation of deductible expenses is shown below:-

Airfare = $400

Lodging = $300 × 5

= $1,500

Meals = $150 × 5

= $7,500

Total deduction = Airfare + Lodging + Meals

= $400 + $1,500 + $7,500

= $9,400

Therefore for computing the total deduction we simply add airfare, lodging and meals and hence the total deduction is $9,400

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In the DuPont Model, return on equity (ROE) is dependent on the firm's:
Anna35 [415]

Answer:

A. Net margins, debt leverage, and asset turnover.

Explanation:

ROE = (Net income / sales) x (sales / total assets) x (total assets / shareholders equity)

I hope my answer helps you

8 0
3 years ago
On October 1, Company B records 1 year of prepaid rent in an income statement account then adjusts for the unexpired prepaid ren
trasher [3.6K]

Answer:

The first journal entry was not the most appropriate, but since the mistake was correctly adjusted at the end of the year, both assets and expenses will be the same whether they did it correctly the first time or they had to adjust a mistake at the end of the year.

E.g. something like this happened

October 1, rent expense for 1 year

Dr Rent expense 12,000

    Cr Cash 12,000

December 31, adjustment to rent expense

Dr Prepaid rent 10,000

    Cr Rent expense 10,000

they should have recorded it as:

October 1, prepaid rent for 1 year

Dr Prepaid rent 12,000

    Cr Cash 12,000

December 31, adjustment to rent expense

Dr Rent expense 2,000

    Cr Prepaid rent 2,000

Whichever way you recorded the transactions, the balances a the end of the year would be:

prepaid rent (asset) $10,000

rent expense (expense) $2,000

6 0
3 years ago
The name for computations that allow you to determine how much money to deposit now to earn a desired amount in the future is
nydimaria [60]

Answer:

Future value

Explanation:

The name for computation that allows you to determine how much money to deposit now to earn a desired amount in the future is "Future value." Future value is the equivalent of an asset at a particular date. It estimates specific nominal future sum of cash that an invested sum of money is "worth" at a stipulated period in the future considering a specific interest rate, or more commonly, rate of interest; it is the immediate price multiplied by the aggregation function.

5 0
3 years ago
Cassius Corporation has provided the following contribution format income statement. Assume that the following information is wi
Romashka [77]

Answer:

9,400 units

Explanation:

The breakeven point is the number of units that must be sold for the company to make neither a loss nor a profit. A target profit is the net of the sales less the sum of the fixed and variable expenses. The contribution margin  is the difference between the sales and variable cost.

Sales per unit = $210,000/7000 = $30

Variable cost per unit = $136,500/7000 = $19.50

Let the number of units to be sold to achieve the profit target be x

30x - 19.5x - 67200 = 31500

10.5x = 98700

x = 98700/10.5

x = 9,400 units

8 0
3 years ago
Assessment
faust18 [17]

Answer:

false cause people they alr on the stock market

6 0
3 years ago
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