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Tutor profile: Shawn A.

Inactive
Shawn A.
Tutor for 2 years headed into Public Accounting (tax)
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Questions

Subject: Basic Math

TutorMe
Question:

How do I solve for X in this equation? 25 = 2.5x + 9

Inactive
Shawn A.
Answer:

First, we want to subtract 9 from each side, which gets us: 16 = 2.5x. Next, we want to isolate X by dividing each side by 2.5: (16/2.5) = (2.5/2.5)x This will result in the following: 6.4 = 1x Therefore, 6.4 is the value of x in this equation!

Subject: Personal Finance

TutorMe
Question:

How should you determine an appropriate range for renting an apartment?

Inactive
Shawn A.
Answer:

It is not recommended to spend more than 25-30% of your take-home income on rent each month. This is calculated by multiplying the monthly deposits (or biweekly deposits added together) from your job by 25-30%. That is the maximum amount of rent you should be paying at your current earning level!

Subject: Accounting

TutorMe
Question:

How do you determine what is depreciated and by how much each year?

Inactive
Shawn A.
Answer:

First, a business should determine the best way to depreciate currently held property. Most businesses opt for straight-line depreciation, where you depreciate the property evenly over the course of its life. Other options are more mathematically involved, like sum-of-the-years digits and double-declining balance methods. Once we have determined what method of depreciation we are going to use, the business will approximate the useful life, which is the amount of time they intend to use the asset before disposal (fancy word for selling the asset!) After we have our useful life, we determine a salvage value, which is what we believe the value of the asset will be once we fully depreciate it. This value will NOT be included in our total depreciation taken, we don't want to 'double dip'! Finally, we enter in the values the business has given regarding our information listed above in the following formula (for straight-line depreciation): (Asset Cost - Salvage Value) / Useful Life = Annual Depreciation!

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