Peyton is a well-liked intern at Gary's Tri-State Metal Sales. Customers and coworkers describePeyton as kind, cooperative, sympathetic, and warm. Peyton probably has a great deal of the BigFive Trait of

Peyton's personality traits, as described by customers and coworkers, align with the Big Five…

Answered: Peyton is a well-liked intern at Gary's…

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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Bobby Reynolds, a new client of yours, is a self-employed caterer in Santa Fe, New Mexico. Bobby drives his personal van when delivering catered meals to customers. You have asked him to provide the amount of business miles driven using his vehicle. You are planning on using the standard mileage method to calculate Bobby’s deduction for transportation costs. Bobby has responded by saying, “Well, I don’t really keep track of my miles. I guess I drove around 3,000 miles last year for the business.” What would you say to Bobby? Please give a response as if you are a professional tax accountant.
Harold McWilliams owns and manages a general merchandise store in a rural area of Virginia. Harold sells appliances, clothing, auto parts, and farming equipment, among a wide variety of other types of merchandise. Because of normal seasonal and cyclical fluctuations in the local economy, he knows that his business will also have these fluctuations, and he is planning to use CVP analysis to help him understand how he can expect his profits to change with these fluctuations. Harold has the following information for his most recent year. Cost of goods sold represents the cost paid for the merchandise he sells, while operating costs represent rent, insurance, and salaries, which are entirely fixed. Sales $ 740,000 Cost of merchandise sold 407,000 Contribution margin 333,000 Operating costs 153,900 Operating profit $ 179,100 Required: What is Harold’s margin of safety (MOS) in dollars? (Do not round intermediate calculations.) What is the margin of safety (MOS) ratio?…

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Peyton is a well-liked intern at Gary's Tri-State Metal Sales. Customers and coworkers describe Peyton as kind, cooperative, sympathetic, and warm. Peyton probably has a great deal of the Big Five Trait of