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lutik1710 [3]
3 years ago
15

Assume you gave up a $60,000 per year job at an accounting firm to start your own tax preparation business. To simplify, assume

your tax personal obligations are the same whether you run your own firm or work for another firm. If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit
Business
1 answer:
Rasek [7]3 years ago
3 0

Answer:

Accounting profit= $70,000

Explanation:

Giving the following information:

If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit

<u>The accounting profit does not include the opportunity cost of leaving the accounting job. In this case, the accounting profit is:</u>

Accounting profit= revenue - costs

Accounting profit= 75,000 - 5,000

Accounting profit= $70,000

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A roofing company collects fees when jobs are complete. The work for one customer, whose job was bid at $3,900, has been complet
3241004551 [841]

Answer:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3,900

Explanation:

Here, no cash transaction was involved. Since the job has been completed but  the customer has not been billed yet, this simply means it has to be debited with accounts receivable, which is recognised as current asset and recognised as revenue for the period, hence needs to be credited.

This means that accounts receivable has to be debited with the amount of $3,900 while roofing fees revenue has to be credited with the amount of $3,900

Considering the above, the adjusting entry the company would need to make on December 31, the calendar year-end would be:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3.900

3 0
3 years ago
Jacob has been hinting that he loves to bowl and would like to join the company bowling team in order to get to know his new cow
Charra [1.4K]

Option D

He is probably using Indirect questions information seeking tactics

<u>Explanation:</u>

Indirect questions are a more formal process to demand erudition or perform requests. We regularly practice them when requesting something of immigrants or people we do not know well, including coworkers. Hinting is an indirect tactic.

It often transpires with questions about job execution. They are face-saving tactics.  Indirect questions are a way of being respectful.  We also practice them when requesting support from friends or when we desire to evade sounding demanding. But, some indirect questions do not exist wh-question words.

8 0
3 years ago
It is a fact that there is a(n) ________ relationship between interest rates and bond values in the secondary market. When inter
LenKa [72]

Inverse; rise; drop; drop; rise

It is a fact that there is an inverse relationship between interest rates and bond values in the secondary market. When interest rates rise, bond prices drop, and when interest rates drop, bond prices rise.

<h3>What is the relationship between interest rate and bond values?</h3>

Bond prices and interest rates go hand in hand. Bond prices typically decline as borrowing costs increase (when interest rates rise), and vice versa.

Most bonds have a fixed interest rate that increases in attractiveness when interest rates decline, increasing demand and bond price.

In contrast, a bond's price will drop if interest rates increase because investors will no longer value the lower fixed interest rate it offers.

Learn more about relationship between interest rate and bond prices here:

brainly.com/question/24922696

#SPJ4

7 0
2 years ago
Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?
ycow [4]

Answer:

The correct answer is a. Special revenue.

Explanation:

A special revenue fund is an account established by a government to raise money that must be used for a specific project. Special income funds provide an extra level of responsibility and transparency to taxpayers that their taxes will be used for a specific purpose.

Example: A city could establish a special income fund to pay the costs associated with stormwater management. The money from this fund could only be used for stormwater management expenses, such as street sweeping, sewer and ditch cleaning, system maintenance and a public awareness campaign. The city would have to publicly report where it raised the money from the special income fund and how it spent the budget of the special income fund.

3 0
3 years ago
During the year (not a leap year), Anna rented her vacation home for 87 days, used it personally for 13 days, and left it vacant
Oksana_A [137]

Answer:

<u>Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction the payment of US$ 2,500 on real estate taxes she made.</u>

Explanation:

Any taxpayer can deduct real estate taxes on the federal income tax return.  For 2019, the IRS says a taxpayer can deduct up to $10,000 ($5,000 if you're married filing separately) But limits apply and you have to itemize to take the deduction.

<u>Therefore, Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction, the payment of US$ 2,500 on real estate taxes she made.</u>

6 0
3 years ago
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