Rex loves to work with his hands and is very good at making small figurines. Three...
80. Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following information relating to his business. Required: Calculate the business taxable income for BAM assuming that BAM...
Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following information relating to his business. Rex received approval from the IRS to switch from the cash method...
Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following information relating to his business. a. Rex received approval from the IRS to switch from the cash...
Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following information relating to his business a. Rex received approval from the IRS to switch from the cash...
80. Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following information relating to his business. Required 1: Explain the tax treatment for each scenario and show...
Please help! thanks! all the info is here please help thank you! Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular), Business has been going very well for him, and he has provided the following information relating to his business...
Required: Explain the tax treatment for each scenario and show how it affects the taxable income. 80. Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (BAM) for business as a sole proprietorship. BAM produces miniature characters ranging from sci-fi characters (his favorite) to historical characters like George Washington (the most popular). Business has been going very well for him, and he has provided the following...
I NEED HELP that's all the information that I send Saved Bryan followed in his father's footsteps and entered into the carpet business. He owns and operates I Do Carpet (DC). Bryan prefers t install carpet only, but in order to earn additional revenue, he also cleans carpets and sells carpet-cleaning supplies. a. IDC contracted with a homebuilder in December of last year to install carpet in 10 new homes being built. The contract price of $88,000 includes $53,200 for...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If...
QUESTION 1 Colbert operates a catering service since 2015. In November, 2018 Colbert received a payment of $9,000 for 18 months of catering services to be rendered from December 1, 2018 through June 1, 2020. REQUIRED: When must Colbert recognize the income if: a) He uses the accrual method of accounting b) He uses the cash method of accounting [2 Marks) QUESTION 2 Smith operates a roof repair business. This year Smith's business generated cash receipts of $32,000 and Smith...