The total projected misstatement of the firm is $92225 and it can be concluded that projected misstatement is more than the expected misstatement.
<h3>How to calculate the projected misstatement?</h3>
The total projected misstatement will be calculated thus:
= $3500 + ($15250/$910000 × 3000000) + (1550/70000 × 1750000
= $3500 + $50275 + $38750
= $92225
The projected misstatement is more than the expected misstatement. Therefore, there is an unacceptable risk that the true misstatement is more than the tolerable misstatement.
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Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:
An activity or business is classified as hobby :
- The owner of the business is not making profit from the business
- When their is no proof as to whether the business owner is making profit
- When the owner does not intend to make profit from the business etc
Based on the given information the revenues or income amount of $18,000 will be the amount that will be reported by Alex as part of the gross income.
While the expenses or property taxed amount of $3,000 is deductible because the deductions are itemized deductions.
Inconclusion Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:
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Answer:
Cash Flow = $89,828.
Explanation:
Detail is given in the picture attached.
False :
because a product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product.
(Here it’s says only the aesthetic but it’s all)
Joint costs are irrelevant in decisions regarding what to do with a product after split-off.
The reason for this answer is because they are not relevant for the decision to either sell or to process further.
The costs are the same. It does not matter if you are to sell at a split off or not. We can then regard it as either a past or sunk cost. In summary it means that they have being paid off already.
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