A |
4288 |
(22500-5350)/4 |
B |
126250 |
It is due to the sale of HRU |
C |
25872 |
It is due to the Prepayment of goods from HRU |
D |
17094 |
(22*(588+588)). It is due to sale at scifi convention |
E1 |
-3900 |
|
E2 |
433400 |
It is due to Sale of figurines on credit |
F |
-303380 |
It is Cost of goods sold |
G |
-2061 |
(1340+197+297+125+(204*50%)) this is Travel costs |
H |
-6540 |
This is insurance expense |
I |
-6100 |
This is depreciation |
J |
-15840 |
(1440*11) It is Rent expense |
K |
-2222 |
(40000/180*10) It is Amortization of startup costs |
L |
-475 |
(5700/12) It is Advertising |
M |
-3900 |
It is Property taxes |
Gross income = 606904
Deductible business expenses= -344418
Business income = 262486
Rex loves to work with his hands and is very good at making small figurines. Three...
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: 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...
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...
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...
COMPREHENSIVE PROBLEMS Select problems are available in Connect 81. Joe operates a business that locates and purchases specialized assets for clients, amono connedt other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells. Joe reported the follow financial information for his business activities during year 0. Determine the effect of each of the following transactions on the taxable business income. a) Joe has signed a contract to...
method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information for his business activities during year 0 Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual Determine the effect of each of the following transactions on the taxable business income. (Select "No Effect" from the dropd If no change in the taxable business income.) own a. Joe...