Michelle started a consulting business with the following transactions: -Invested $35,000 into the business. -Purchased office equipment worth $8,000 on account. -Provided services for $15,000; these services cost $9,000 to deliver. -Paid rent of $2,000. What is Michelle's net income after these transactions? A) $15,000 B) $4,000 C) $6,000 D) $13,000
Q: Quick answer of this accounting questions
A: Step 1: Definition of Operating Leverage (Degree of Operating Leverage - DOL)The Degree of Operating…
Q: please help me
A: To calculate the Return on Equity (ROE), we use the DuPont Formula, which is:ROE=Profit Margin×Total…
Q: Calculate the net income
A: Explanation of Net Income:Net income is the final profit a company earns after deducting all…
Q: general account
A: Step 1: Definition of Debt to Equity RatioThe Debt to Equity Ratio is a financial metric that…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Net IncomeNet income represents the company's earnings after accounting for…
Q: Income taxes payable is?
A: Explanation of Pretax Financial Income: Pretax financial income represents a company's earnings…
Q: Financial Accounting Question
A: Step 1: Define Total EquityTotal Equity represents the ownership value of a company after all…
Q: Calculate the expected return for the financial accounting
A: Formula:Expected Return (r) = (D1 / P0) + gWhere:r = Expected returnD1 = Expected dividend next year…
Q: Provide answer with step by step calculation
A: (a) BrightCo's Sales Revenue CalculationThe company's income statement follows this structure:Net…
Q: Hi expert please help me this question
A: To estimate the maintenance cost using the high-low method, we need to find the variable cost per…
Q: Please see an attachment for details general accounting question
A: Step 1: Define Asset DisposalWhen a company sells a fixed asset, the difference between the sale…
Q: Determine the company's 2014 operating leverage.
A: Step 1: Understanding Operating LeverageOperating leverage measures how a company's operating income…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Direct Labor Efficiency VarianceThe Direct Labor Efficiency Variance measures…
Q: What is brightwood total cost of work in process for the year?
A: Step 1: Definition of Total Cost of Work-in-Process (WIP)The Total Cost of Work-in-Process (WIP)…
Q: What is the amount of goodwill?
A: Explanation of Goodwill:Goodwill is an intangible asset that represents the excess amount paid by an…
Q: Need answer please
A: Explanation: In the given case, we are provided with the amount of assets and liabilities as at Year…
Q: What is the cost of goods sold?
A: Explanation of Perpetual Inventory System: The perpetual inventory system is an accounting method…
Q: Can you please give me correct answer this financial accounting question?
A: Step 1: Define Required Rate of ReturnThe Required Rate of Return (RRR) is the minimum return an…
Q: Mercury Inc. had 30,000 units of ending inventory recorded at $9.50 per unit using FIFO method.…
A: Explanation of FIFO Method: First-In, First-Out (FIFO) is an inventory valuation method that assumes…
Q: General accounting
A: Step 1:Price- earning ratio Market price per share/ earning price per share Market price per share (…
Q: What is the net income for the year?
A: Step 1: Definition of Net IncomeNet Income is the amount of profit a company earns after deducting…
Q: HELP
A:
Q: what is tikki's ROE for 2008? account questions
A: Step 1: Return on Equity is the financial metric in which the users of accounting information can…
Q: At Baxter Company, as of June 30, the company has net sales of $400,000 and a cost of goods…
A: Concept of Gross ProfitGross profit is the difference between net sales and the cost of goods sold,…
Q: Calculate the degree of opereting leverage.....?
A: The degree of operating leverage (DOL) is calculated using the formula:DOL = (% Change in Operating…
Q: Financial Accounting Question please answer
A: Step 1: Definition of Net IncomeNet Income is the amount of profit a company earns after deducting…
Q: Please give me true answer this question
A: Step 1: Define Product CostProduct Cost refers to the total costs incurred by a company to…
Q: can you please provide answer accounting
A: Step 1: Definition of Finished Goods InventoryFinished goods inventory refers to the completed…
Q: account questions answer plz
A: Step 1:Activity based costing is a method of overhead allocation based on respective…
Q: Please provide correct answer this financial accounting question
A: Step 1: Definition of Net Capital Gain and Net Ordinary IncomeCapital Gains and Losses: These arise…
Q: A B correct answer
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
Q: During a specific period, Nexus Technologies reported a decrease in total assets of $14,500 and an…
A: To determine the change in total liabilities, we use the accounting equation:Assets = Liabilities +…
Q: Calculate net income
A: Explanation of Net Income:Net income is the final amount of profit a company earns after deducting…
Q: Not Ai solution
A: Concept of Contribution MarginContribution Margin represents the amount per unit that contributes to…
Q: Kindly help me with this question general accounting
A: Step 1: Define Overhead Allocation Based on Machine HoursOverhead allocation assigns indirect…
Q: Financial accounting
A: Step 1: Define Maturity ValueMaturity Value refers to the total amount that must be paid on the due…
Q: What is the cost of goods sold for this financial accounting question?
A: Step 1: Define Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) represents the direct costs…
Q: Answer? ? Financial accounting question
A: Step 1: Define Extended Accounting EquationThe extended accounting equation expands the basic…
Q: Not Ai Solution
A: Concept of Manufacturing OverheadManufacturing overhead refers to indirect costs incurred in the…
Q: answer ?? General accounting
A: Step 1: Define Accounts Receivable Before AllowanceAccounts receivable represent amounts due from…
Q: compared to the individual risks of constituting assets. Question 5 (6 marks) The common shares of…
A:
Q: abc account question answer
A: Step 1: Definition of Over- or Under-Absorbed OverheadOver- or under-absorbed overhead refers to the…
Q: Acp Distributors purchased a Cooling System
A: Concept of DepreciationDepreciation is the systematic allocation of an asset's cost over its useful…
Q: Need help with this question solution general accounting
A: Calculation of Direct Material Price VarianceDirect Material Price Variance = (Standard Cost of…
Q: Need help this question
A: Given Data:Interest-bearing debt: $1,200,000Annual interest rate: 9%Common stock (equity):…
Q: i want to this question answer of this General accounting question
A: Step 1: Definition of Common Fixed ExpensesCommon Fixed Expenses are costs that are shared among…
Q: Calculate days' sales in receivables.
A: Days' Sales in Receivables measures how long it takes, on average, for a company to collect its…
Q: Net income
A: Step 1: Meaning of Net IncomeNet income is the total profit a company earns after subtracting all…
Q: Accounting question
A: Step 1: Definition of Key Financial MetricsSales Revenue: This represents the total income generated…
Q: What amount should Parker reported
A: Explanation of Intangible Assets:Intangible assets are non-physical assets that provide value to a…
What is Michelle's net income after these transactions on these financial accounting question?
Step by step
Solved in 2 steps
- Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Rene’s proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million. Sales commissions paid of $16.9 million. $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. What’s Renee’s adjusted taxable income for purposes of calculating the limitation on business interest expense? What is the maximum amount of business interest expense that Renee can deduct this year, and how is the disallowed interest expense (if any) treated? Suppose that Renee’s revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation?What her net income for this accounting question?You are to refer to Kate Minimart operation below: Kate operates a minimart store located in a private estate. She invested $20,000 of her own funds and took an additional $10,000 bank loan to pay for the renovation and store fittings totaled $22,000, balance funds to use for operation needs. Kate paid a monthly rent of $5,000 for the store. The minimart sells a variety of goods estimated a total worth of $10,000. All sales are on cash basis amounting to about $12,000 to $14,000 each month. Kate is at a loss how to prepare the accounts for her business. You will perform the following: (0) Select an accounting principle and explain how it can be applied to Kate Minimart 3
- (iii) (iv) element Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its information provide a brief format of the selected financial statement (with no numbers).Joshua Pty Ltd runs a furniture retailing business. During the tax year 19-20, Joshua provided customers with various loan arrangements to finance the purchase of furniture. Total expenses relating to the loan arrangements (specific loan calculation software and computers) totaled $33,000 (inc. GST) Joshua’s total expenses during the year (All expenses to run the business included the $33,000) were $2.2 million (inc. GST). Joshua Pty Ltd is registered for GST purposes. Required: Discuss Joshua’s Ability to claim the $3,000 Input Tax Credit?[The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. c. Suppose that Renee's revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation? (Do not round intermediate calculations. Enter your answer in millions of dollar rounded to 2 decimal place.) Deductible Business Interest Expense $ 12.53 million
- Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare Lodging Meals Entertainment of clients. $ 550 3,000 900 750 Required: How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value. DeductionJordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 550 Lodging 3,000 Meals 900 Entertainment of clients 750 Required: How much of these expenses can Jordan deduct?[The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. Required: b-1. What is the maximum amount of business interest expense that Renee can deduct this year? b-2. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Complete this question by entering your answers in the tabs below. Required B1 Required B2 What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.…
- Katie operates a ceramics studio from her garage. She incurs the following expenses: Clay and paint supplies $3,500 Painting technique seminars 400 Pottery wheel 75 Utilities for the ceramic studio 375 Advertising 50 Katie’s gross receipts from her business were $2,000.a. If the studio is deemed to be a hobby, then calculate the amount of expenses Katie may deduct, and describe how she may report the income and expenses on her tax return. b. If the studio is not a hobby, then calculate the amount of expenses Katie may deduct, and describe how she may report the income and expenses on her tax return.Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses Airfare $ 550 Lodging 3,000 Meals 900 Entertainment of clients 750 How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)Jill is self-employed in the commercial plant care business. The business earned $120,000 in revenue and has $36,000 in business expenses. How much does Jill owe in FICA taxes? Select answer from the options below $11,868.82. $16,955.46. $12,852.00. $18,360.00.