Adele is a ride-hailing driver. On Monday, she drove from her home to the airport (15 miles) to pick up her first ride. Shedrove from ride to ride after that until she took a break to drive three miles to the store, two miles to her kid's school, andtwo miles to her house. Then she drove back to the airport and continued from ride to ride. At the end of the day, she drove10 miles home. Her total miles for the day were 223. How many deductible miles did Adele drive on Monday?

Introduction: Adele is a ride-hailing driver who drove a total of 223 miles on Monday. She drove…

Answered: Adele is a ride-hailing driver. On…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mitch and Bill are both age 75. When Mitch was 23 years old, he began depositing $1300 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money in the account, where it continued to earn interest for the next 42 years. Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1300. Assume that both accounts earned an average annual return of 4% (compounded once a year). Complete parts (a) through (d) below. A) How much money does Mitch have in his account at age 75? B) How much money does Bill have in his account at age 75. C) Compare the amounts of money that Mitch and Bill deposit into their accounts. Mitch deposits _ in his accunt and Bill deposits _ in his account. D) Draw a onclusion about the parable. Choose the correct answer. -Bill ends up with more money in his account than Mitch because he makes more deposits than…
Jo, a lawyer, took a voluntary redundancy from her full-time position at a law firm. She had done some photography when she was younger and decided to engage an architect to build her a dark room in her house. The dark room was completed at a cost of $55,000, equipped with all of the equipment that she needed to take her photography further. Jo advertised her services in the local newspaper and hired an assistant to help carry her expensive photography equipment around photo shoots, but few people were interested in paying Jo for her photography. For the year ending 30 June 2020 Jo sold $12,200 worth of professionally finished photographs and had expenses of $16,500. She is considering selling her photography equipment and taking up painting. Referring mainly to income tax cases, advise Jo of the tax implications of these activities. Would she be carrying on a business? What implications would this have? Please include specific advice on whether receipts would be assessable and…
Alex Kingsford is a mechanical engineer working for ABC engineering in Melbourne. Alex owns a property in then Dandenong Victoria where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is very structured. Alex works 15 days a month and earns a substantial income from the catering service business. He is travelling from ABC engineering workshop to his homeBy car or sometimes Uber.When he lost his tax return in July 2019 he has requested a deduction for a substantial amount of travelling expenses between the ABC engineering workshop and home-based food business. Alex is now seeking your advice with reference to relevant legislation and case law discuss whether Alex travelling expenses between the ABC engineering workshop and his homebase catering business is an allowable deduction.
20 years ago, I opened a coffee shop in a small town in New Jersey. My small business grew, and after 12 years, I have opened more than 7 coffee shops in different parts of the state. I decided to retire in Costa Rica and enjoy life with my family. My biggest mistake was leaving my best friend, the most trusted employee, in charge of my stores. He had been in the company since its foundation and always was diligent. However, soon after I left for Costa Rica, my friend started his own coffee shop business while still managing my shops. Two years later, after wondering why sales in my coffee shops had declined, I decided to come in person to find out why. To my surprise – and frankly to my sadness-, my friend had opened four coffee shops near (one of them in front of) my businesses. He claimed that he opened his stores near my stores to take care of my business and his business at the same time. However, he never mentioned to me that he had opened his own stores. More appalling, while…
Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay an $19 processing fee per $100 that she borrowed. If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short term loan? [Blank-1] The end of the month has arrived and Marina was only able to save up a portion of the money she owed so far. This means she will have to delay paying off on the remaining amount. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount until it is paid off. The APR (annual percentage rate) is 46.5%, but the interest is compounded daily. What…
Ralph has two accounts with South Trust National Bank. Over the summer, he mows lawns and deposits his earnings weekly into his savings account. Ralph also eats out every day and uses the money in his checking account to pay for his meals. Besides these two transactions, he does not deposit or withdraw funds from either of these accounts.The amount in his savings account over time is represented in the table below. He spends$50 on food each week, and after three weeks, he has $1,600 in his checking account. Ralph Saving Account Weeks Total Amount 0 2 700 6 1100 12 1700 Part A How much money was in his saving account initially (at week zero)? Show how you determine your answer. Part B Create an equation to model Ralph’s savings account and create another equation to model Ralph’s checking account. After how many weeks will he have more money in his saving account?
Martin and her girlfriend took a week off from work to spend some time in a cottage in Mont-Tremblant. The weekly rent of the cottage was $1000. They spent about $200 in gasoline for the round trip. Meals and parking bill summed up to $500. Had the couple not gone for this mini-vacation, each of them would have earned $1000. The opportunity cost for the couple of taking this vacation is Select one: A. $3700. B. $2700 C. $1700 D. $2000 E. $0. Martin and her girlfriend took a week off from work to spend some time in a cottage in Mont-Tremblant. The weekly rent of the cottage was $1000. They spent about $200 in gasoline for the round trip. Meals and parking bill summed up to $500. Had the couple not gone for this mini-vacation, each of them would have earned $1000. The opportunity cost for the couple of taking this vacation is Select one: A. $3700. В. $2700 C. $1700 D. $2000 E. $0.
Sophie Lopez is a 72-year-old widow who has recently been diagnosed with Alzheimer’s disease. She has limited financial assets of her own and has been living with her daughter Felicity for two years. Her income is $850a month in Social Security survivor’s benefits. Felicity wants to make surethat her mother will be taken care of if Felicity should die prematurely. Felicity, 40, is single and earns $55,000 a year as a human resources manager for a small manufacturing firm. She owns a condo with a current market value of $100,000 and has a $70,000 mortgage. Other debtsinclude a $5,000 auto loan and $500 in various credit card balances. Her 401(k) plan has a current balance of $24,500, and she keeps $7,500 in a money market account for emergencies. After talking with her mother’s doctor, Felicity believes that her mother will be able to continue living independently for another two to three years. She estimates that her mother would need about $2,000 a month to cover her living…
Jane is a roofing contractor. Jane's friend needed a new roof but did not have the cash to pay. Jane's friend instead paid with a used truck that Jane could use in her roofing business. The truck had originallycost the friend $17,500 but it was gently used and only worth $6,000. Jane did not actually need the truck and ended up selling it to a used car dealer for $5,200 a few months later. Explain what amount of gross income Jane must recognize as a result of the truck payment and why.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS