Darsh and Darpan share an apartment. Both have separate cell phone plans. The costs are $70 and $90,respectively. They would like to save money and combine it into one plan that costs $121. Using the stand-alonecost allocation, how much of the cost should be allocated to each? (Do not round the intermediate calculations.)DarshDarpan$61$31$53$70$61$90$68$51

Cost allocation is the technique which is used by the cost accountants to allocate a common cost to…

Answered: Darsh and Darpan share an apartment.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The average Gross Salary you would need in order to live in the Sacramento area is lower than the national average. Which of the following would you need to live here?
Multiple Choice Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $360 for the meal and separately paid $222 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense? O O $582 $291 $360 $111 Help None-the meals and entertainment are not deductible except during travel. Save & Exit
A 67.
Q37
$230.16 $521.54 $920.64 $8,251.45
Question 18 Sean was negotiating his salary and benefit package with South Beach Hospital. First, South Beach offered Sean a salary of $75,000. Sean and his wife, Rachelle, had a baby last year and were paying $2,000 per month for day care costs. Assume their daycare costs have no tax benefit, Knowing the hospital had an onsite daycare, Sean asked South Beach for a salary of $60,000 and fully paid daycare at their on-site daycare. If Sean and Rachelle are in the 25% tax bracket, what is their after-tax savings per year if South Beach agrees to Sean's request? C A) $6,750 C B) $24,000 C C) $12,75so C D) $18,750
Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? $ 13,810 b. How much credit could they claim if the adoption falls through and is never finalized? $4 c. How much credit could they claim if their AGI was $221,660? 8,797
What is the amount of Laura’s monthly cash outflows if she chooses to rent the apartment by her herself? Use the rent amount for the one bedroom apartment to complete her budget?
Self-Study Problem 3.12 Kana is a CPA who loves chinchillas. She breeds chinchillas as pets (she currently owns 13 of them) and every so often sells a baby chinchilla to a suitable family to keep as a pet. In the current year, she sells $250 worth of chinchillas and incurs the following expenses: Line Item Description Amount Chinchilla cages $300 Advertising for chinchilla sales $2,500 This activity is considered a hobby. Kana has adjusted gross income of $72,000. What is the amount of income and expense Kana recognizes (assume she itemizes deductions) associated with her chinchilla hobby? If an amount is zero, enter "0". Line Item Description Amount Income 250 Deduction
Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 Store Local Shoe Store Different Neighborhood in Town Rural Outlet 60 Price of a Sneakers (Dollars per sneakers) 118 96 78 Juanita earns an hourly wage of $26 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her costs her $26 in lost income. Assume that Juanita's travel time is the same each way (to and from the store) and that it will take her 30 minutes on she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sneakers, suc as gas. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) 118 96 78 Total Cost (Dollars) Assume that Juanita considers both her opportunity costs and the price of sneakers…
S Unit Activity: Mathematical Models and Investments Fach question is worth four point Part A Tiffany has $5,000 of her savings in a bank account. What would be different if she had that $5,000 invested in stocks Instead? BIU X² X₂ A V EEEEEE 15px Space used (includes formatting): 0/ 15000 15px A Part B Danielle eventually wants to buy a house that requires a $40,000 down payment. In the meantime, she is investing $20,000 in mutual funds that are expected to grow to $40,000 in value over 10 years. Assuming that Danielle's investments perform as expected, will they give Danielle enough for the down payment? Explain the reasoning behind your answer. BIUX² X₂ EEEEE Space used (includes formatting): 0/15000 A 7 of 11 al Apr 14 8:28 0 Save & Exit
Budgets Independent Prastice Paul is considering two dirferent job offers. Use the clues to help nim derermine which is the best fil financialy in order lo meet his basic neecs. AUSTIN, TX $44,000 PER YEAR LUBBOCK, TX $39,000 PER YEAR ITEM EXPENSE ITEM EXPENSE Rent Rent Food Fooc Transportation Transportation Ulilies UThies Insurance Insurunce Taxes $400 Taxes $350 Monthly Total Annual Expenses Monthly Total Annual Expensos

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