"richard operates a hair styling boutique out of his home. the boutique occupies 420 of the home's 1,200 square feet of floor space. other information is as followsgross income from the boutique $10,000supplies for the boutique $ 2,400depreciation on total residence $12,000utilities for total residence $ 6,000"what amount of income or loss from the boutique should richard show on his return? a.$3,500 incomeb.$1,300 incomec.$0 income or lossd.$10,400 losse. none of these choices are correct.

Ail industries uses activity-based costing to assist management in setting prices for the company's three major product lines. the following information is available: activity cost pool estimated overhead expected use of cost driver per activity cutting $1,000,000 25,000 labor hours stitching 8,000,000 320,000 machine hours inspections 2,800,000 160,000 labor hours packing 960,000 64,000 finished goods units compute the activity-based overhead rates. (round answers to 2 decimal places, e.g. 12.25.)

rural residential development company and suburban real estate corporation form a joint stock company. the longest duration a joint stock company can be formed for is

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of