For the years 2010 through 2014 (inclusive) mary, a best-selling author, has been involved in operating an antique store. in 2010, 2011 and 2012 her revenue exceeded the expenses from the activity. in 2013 and 2014, the antique store generated a loss. which statement is correct? a) the activity is a business. the irs cannot prove it is a hobby. b) the activity is a hobby. mary cannot prove it is a business. c) the activity is presumed to be a business. however, the irs may prove it is a hobby. d) the activity is presumed to be a hobby. however, mary may prove it is a business.

Acompany manufactures hair dryers. it buys some of the components, but it makes the heating element, which it can produce at the rate of 920 per day. hair dryers are assembled daily, 250 days a year, at a rate of 360 per day. because of the disparity between the production and usage rates, the heating elements are periodically produced in batches of 2,300 units. a. approximately how many batches of heating elements are produced annually? b. if production on a batch begins when there is no inventory of heating elements on hand, how much inventory will be on hand 4 days later? c. what is the average inventory of elements, assuming each production cycle begins when there are none on hand?

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

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