Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. • 350 units in her van, ready to deliver per a customer order, terms FOB destination. • 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company's period-end inventory? Units in Ending Inventory: Units of Product on hand: 1,300 units Add: Less: Total units in period-end inventory 1,300 units

Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1,300 units (products) in her basement, 20 of which were damaged by water and cannot be sold. • 350 units in her van, ready to deliver per a customer order, terms FOB destination. • 80 units out on consignment to a friend who owns a retail store. How many units should Emma include in her company's period-end inventory? Units in Ending Inventory: Units of Product on hand: 1,300 units Add: Less: Total units in period-end inventory 1,300 units

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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Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. Note: Leave no answers blank. Enter zero if applicable. a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $160 for speeding, including $115 for legal advice in connection with the ticket. b. Michelle paid $785 to reserve a parking place for her food truck for the fall football season outside the local football stadium. Michelle also paid $130 for tickets to a game for her children. c. Michelle provided a candidate with free advertising painted on her truck during the candidate's campaign for city council. Michelle paid $640 to have the ad prepared and an additional $340 to have the ad removed from the truck after the candidate lost the election. d. Michelle realized a $1,235 loss when she sold one of her food trucks to her…
Example. Consider a household on a given day received 20 Ib of consumer goods (food, paper, cardboard, and cans). The family stored 7.65 Ib from food products, which represent 45% of the goods brought into the house. The remaining food is ground up and discharged to the local sewer. Cans represented 30% of the goods entering the house, 4 Ib of cans were recycled and the remaining were stored into the house. Paper and cardboard were 5% were incinerated by the family where 80% was stored in the house and the remainder paper was discharged as mixed waste. Prepare a material balance for this house on this day?
Last year, Thea and Rory Brown bought a home with a dwelling replacement value of $350,000 and insured it (via an HO-5 policy) for $310,000. The policy reimburses actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a two-year-old television set with a current replacement value of $600 and an estimated useful life of eight years. They also took jewelry valued at $1,850 and silver flatware valued at $3,000. Make sure to account for depreciation. If the Browns’ policy has an 80 percent co-insurance clause, do they have enough insurance? Assuming a 50 percent coverage C limit, calculate how much the Brown family would receive if they filed a claim for the stolen items. What advice would you give the Brown family about their homeowner’s coverage?
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Fred Tang is a property investor. He owns an apartment at Harbord, and a house at Glebe which have been leased to tenants for several years. He also owns land in Shellharbour. Fred received the following amounts in respect of the Harbord and Glebe properties: Receipts Rent Income (net of agent's commission $5,200) $ 64,250 Rent received from the rental bond board, which represented unpaid rent from April 2015 1,640 Water usage component of water rates paid recouped from tenant 1,040 Settlement from a tenant that was held to have breached the terms of the lease. The settlement included $10,400 which was in respect of a garage that had to be completely rebuilt. The balance was unpaid rent 13,400 Deductions Water & Council Rates 3,200 Cleaning of properties after tenants vacated 740 Landscaping at Glebe property 5,000 Building insurance 380 Repairs and Maintenance 4,400 Decline in Value…
Last year, Jose and Josefina Munoz bought a home with a dwelling replacement value of $250,000 and insured it (via an HO-5 policy) for $225,000. The policy reimburses actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a new computer with a current replacement value of $1,500 and an estimated useful life of three years. They also took jewelry valued at $2,500 and a coin collection valued at $1,500. If the Munozs’ policy has a 90 percent co-insurance clause, do they have enough insurance? Assuming a 50 percent coverage C limit, calculate how much the Munoz family would receive if they filed a claim for the stolen items. What advice would you give the Munoz family about their homeowner’s coverage?
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During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.
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