Principles of Financial Accounting.
Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 8, Problem 8DQ

What is a petty cash receipt? Who should sign it?

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Brooke owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home where she meets with clients, prepares bills, and performs other work-related tasks. The home office is 300 square feet, and the entire house is 4,500 square feet. Brooke incurred the following home-related expenses during the year. Brooke itemizes her deductions, and her itemized deduction for non–home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Unless indicated otherwise, assume Brooke uses the actual expense method to compute home office expenses. Real property taxes $ 3,870 Interest on home mortgage 14,900 Operating expenses of home 5,900 Depreciation 14,700 Repairs to home theater room 1,090     Required: a. What amount of each of these expenses is allocated to the home office? b. What are the total amounts of tier 1, tier 2, and tier 3 expenses, respectively, allocated to the…
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