Michael has his own consulting firm and works from home. He has the following expenses:Advertising, supplies, car expenses, computer, mortgage interest expense, real estate taxes,and utilities. What advice and additional information is needed to calculate the deductibilityof these expenses?BI U T₂ T²« |IIBáĘIx!!!↑|||H99O Word(s)

While calculating income from business & profession, we can deduct expenses which is exclusively…

Answered: Michael has his own consulting firm and…

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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Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Based on the given data, answer the three questions. Show your solutions.
please answer questions number 3
Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. No. A E + L %3D EG. -75 996 Bank -75 996 Rent Expense (6 333 x 12) Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used…
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Paid premium by cheque R300. I answered it the following way: Asset:cash liability: Insurance premium -R300 DR -R300 CR Is my anwser correct? This is an accounting equation question
The following provides a list of transactions and a list of business activities.Transactions Business Activities1. _________Borrow from the bank. a. Financing2. _________Provide services to customers. b. Investing3. _________Issue common stock to investors. c. Operating4. _________Purchase land.5. _________Pay rent for the current period.6. _________Pay dividends to stockholders.7. _________Purchase building.Required:Match the transaction with the business activity by indicating the letter that corresponds to the appropriate business activity.
Give me answer within 45 mi plz I will give you upvote immediately...
3. Zach had surgery, which was his third claim of the year. He had a bill of $5000. Considering the prior visits, what is Zach's portion of this bill, and what is the responsibility of the insurance carrier? 4. How much is Zach responsible for so far this year considering his first three visits?
A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg
Based on the given data, answer the three questions. Show your solutions.
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