Maya offers dog-walking services in her neighborhood. She charges $8 per dog walk and estimates that her variable costs (treats, poop bags, etc.) are $2 per walk. Her fixed costs (advertising, website, insurance) total $300 per month. How many dog walks must Maya complete in a month to earn a profit of $900?
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- Jarvie loves to bike. In fact, he has always turned down better-paying jobs to work in bicycle shops where he gets an employee discount. At Jarvie's current shop, Bad Dog Cycles, each employee is allowed to purchase four bicycles a year at a discount. Bad Dog has an average gross profit percentage on bicycles of 25 percent. During the current year, Jarvie bought the following bikes: Description Retail Price Cost Employee Price Specialized road bike $ 7,200 $ 4,900 $ 5,040 Rocky Mountain mountain bike 5,200 3,750 4,160 Trek road bike 3,300 2,760 2,310 Yeti mountain bike 3,300 2,900 2,640 Required: What amount is Jarvie required to include in taxable income from these purchases? What amount of deductions is Bad Dog allowed to claim from these transactions?LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?Jarvie loves to bike. In fact, he has always turned down better-paying jobs to work in bicycle shops where he gets an employee discount. At Jarvie’s current shop, Bad Dog Cycles, each employee is allowed to purchase four bicycles a year at a discount. Bad Dog has an average gross profit percentage on bicycles of 25 percent. During the current year, Jarvie bought the following bikes: Description Retail Price Cost Employee Price Specialized road bike $ 7,400 $ 5,100 $ 5,920 Rocky Mountain mountain bike 4,200 3,500 3,360 Trek road bike 4,700 4,200 3,290 Yeti mountain bike 4,200 3,120 3,360 What amount is Jarvie required to include in taxable income from these purchases?