1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
8090 [49]
3 years ago
10

Georgie has gross income of $5,000 from an activity that has been deemed to be a hobby by the IRS. Her expenses related to the a

ctivity include property taxes of $3,000, operating expenses of $1,500, and depreciation expense of $800. What would be Georgie's deductible expenses for the year and where would they be taken
Business
1 answer:
Elina [12.6K]3 years ago
8 0

Answer:

$5,000 Schedule A (Itemized Deductions)

Explanation:

Solution

We recall that:

George gas a gross income of =$5000

Property taxes =$3000

Operating expenses of =$1500

Deprecation expense of =$800

Now

Normally As per IRS, hobby expenses are normally subtracted up to the hobby income . hobby is pursued as enjoyment and not for making profits hence can not be termed as Profit and loss from business

Therefore George deductible expense for the year is $5,000 it would be taken from Schedule A (Itemized Deductions).

You might be interested in
Suppose sweden produces only tablets and smartphones. The resources that are used in the production of these two goods are not s
slega [8]

Answer: Straight line PPF, Opportunity cost is constant.

Explanation:

The PPF for Sweden is downward sloping straight line which depicts that the resources that are used in the production of these two goods are not specialized and the same set of resources is equally useful in producing both smartphones and tablets. Thus, Sweden's opportunity cost of producing more smartphones and fewer tablets should remain constant.

6 0
2 years ago
Cool Compartments Inc. has offered to sell 20,000 ice-makers to Refrigerator Company for $28 per unit. If Refrigerator accepts C
r-ruslan [8.4K]

Answer:

$680,000 vs $440,000

Explanation:

Total Costs to Make :

Manufacturing Costs ($34 x 20,000)                                     $680,000

Total                                                                                          $680,000

Total Cost to Buy :

Purchase Price ($28 x 20,000)                                               $560,000

<u>Less Savings :</u>

Fixed overhead ($6 x 20,000)                                                ($120,000)

Total Cost                                                                                  $440,000

7 0
2 years ago
Which of the following methodologies takes the list of desired customer attributes (CAs) generated by market research and turns
lianna [129]

Answer: B. Quality function deployment

Explanation:

Quality function deployment is a very useful process to the manufacturing, healthcare and service industry that was introduced in the 1960s in Japan. It refers to the process of converting the needs and requirements of customers for a good generated by market research to actionable plans and specification that engineers can then use to create the product in question and thus satisfy the need of the customer.

3 0
3 years ago
A direct mailer falls under the category of sales, not marketing.<br><br> True<br> False
Len [333]

Answer:

False.

Explanation:

A direct mailer can be defined as a form of marketing which involves the use of a mail service such as a courier or postal service to physically deliver a piece of promotional product or material to a target audience such as home or business. Some examples of a direct mailer are catalogs, postcards, solicitation letters, flyers, coupons, brochures etc.

<em>Hence, a direct mailer falls under the category of marketing, not sales.</em>

3 0
3 years ago
Carlson Company uses a predetermined rate to apply overhead. At the beginning of the year, Carlson estimated its overhead costs
____ [38]

Answer:

The estimated rate based on labour hour==6

The  actual rate based on labour hour=6.08

The rate based on machine hour=24

The rate based on machine hour= 22.66

Explanation:

Given that Carlson estimated its overhead costs to be $240,000,direct labor hours at 40,000 and machine hours at 10,000 as well as the actual overhead costs incurred of  $249,280, actual direct labor hours of  41,000, and actual machine hours of 11,000.We can calculate the to apply .

The estimated rate based on labour hour=240000/40000=6

The  actual rate based on labour hour=249280/41000=6.08

The rate based on machine hour=240000/10000=24

The rate based on machine hour=249280/11000=22.66

4 0
3 years ago
Other questions:
  • Career exploration unit 5 test answers- edgenuity- business management and administration careers
    6·2 answers
  • Which of the following are characteristics of a perpetuity? A. A perpetuity is a stream of regularly timed, equal cash flows tha
    7·1 answer
  • Match each type of tax with an example of its use.
    12·1 answer
  • What is a teaming agreement? An agreement that will force both the vendor and customer to work together An agreement designed to
    6·1 answer
  • For Waterway Industries, the predetermined overhead rate is 70% of direct labor cost. During the month, $400000 of factory labor
    15·1 answer
  • HURRRRRY in the space provided, analyze the pris and cons of being a freelance multimedia artist. Gugr an example of work in whi
    15·1 answer
  • PLEASE HELPPP
    12·1 answer
  • Assets for Smith Company are $30,000. Liabilities are $20,000. What is the Equity for Smith Company?
    7·1 answer
  • Which of these statements are Red Flags that may signal Colleague
    10·1 answer
  • An equitable remedy requiring exactly the performance that was specified in a contract; usually granted only when monetary damag
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!