If inventory is a material amount, what method of accounting is acceptable for a sole proprietorship...
If inventory is a material amount, what method of accounting is acceptable for a sole proprietorship to use?
A) the cash method
B) accrual method
C) hybrid method
D)both accrual method and hybrid method
Homework Answers
D) both accrual method and hybrid method
is correct option
because in both method that is accrual method that records revenue and expenditure when they are incurred regardless of when cash is exchange and hybrid method is a combination of cash and accrual method of accounting. That the reason we use them in above method.
Add Answer to:
If inventory is
a material amount, what method of accounting is acceptable for a
sole proprietorship...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $28,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $28,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 40 percent this year and next year, and that she can earn an after-tax rate of return of 11 percent on her investments. o. What is...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $39,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny's marginal tax rate is 37 percent this year and next year, and that he can earn an after-tax rate of return of 4 percent on his investments. a. What is the after-tax income if Manny sends his client the bill...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $14,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny's marginal tax rate is 37 percent this year and next year, and that he can earn an after-tax rate of return of 8 percent on his investments o. What is the after-tax income if Manny sends his client the bill...
1.0Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
1.0Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $21,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $21,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 8 percent on her investments. What is the...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $80,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $80,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 6 percent on her investments. a. What is...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $90,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $90,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 8 percent on her investments. a. What is...
Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $25,000 bill from her accountant for consulting services related to her small business. Reese can pay the $25,000 bill anytime before January 30 of next year without penalty. Assume Reese's marginal tax rate is 32 percent this year and will be 37 percent next year, and that she can earn an after-tax rate of return of 9 percent on her...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. a. What is...
Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late...
Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $26,000 of legal services for a client. Hank typically requires his clients to pay his bills immediately upon receipt. Assume his marginal tax rate is 32 percent this year and will be 37 percent next year, and that he can earn an after-tax rate of return of 9 percent on his investments. a. What is the after-tax income if Hank sends...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $28,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $28,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 40 percent this year and next year, and that she can earn an after-tax rate of return of 11 percent on her investments. o. What is...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $39,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny's marginal tax rate is 37 percent this year and next year, and that he can earn an after-tax rate of return of 4 percent on his investments. a. What is the after-tax income if Manny sends his client the bill...
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $14,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny's marginal tax rate is 37 percent this year and next year, and that he can earn an after-tax rate of return of 8 percent on his investments o. What is the after-tax income if Manny sends his client the bill...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $25,000 bill from her accountant for consulting services related to her small business. Reese can pay the $25,000 bill anytime before January 30 of next year without penalty. Assume Reese's marginal tax rate is 32 percent this year and will be 37 percent next year, and that she can earn an after-tax rate of return of 9 percent on her...
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. a. What is...
Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $26,000 of legal services for a client. Hank typically requires his clients to pay his bills immediately upon receipt. Assume his marginal tax rate is 32 percent this year and will be 37 percent next year, and that he can earn an after-tax rate of return of 9 percent on his investments. a. What is the after-tax income if Hank sends...
Most questions answered within 3 hours.
-
In a performance test, each of two cars takes 8.9 s to
accelerate from rest to...
asked 12 minutes ago -
Sapphire Aerospace operates 52 weeks per year, and its cost of
goods sold last year was...
asked 15 minutes ago -
Which of these four researchers is most likely to have made Type
1 error
Kim who...
asked 11 minutes ago -
Create ER Model
Assets are resources that are used in CMS to display content.
Each asset...
asked 10 minutes ago -
A. Suppose your manager indicates that for a normally
distributed data set you are analyzing, your...
asked 16 minutes ago -
For each the following molecules draw the best possible
structure based on formal charges for each...
asked 16 minutes ago -
A proton moves in the plane of this paper toward the top of the
page. A...
asked 25 minutes ago -
different divisions differing lines of business use
different costs of capital because their cost of equity...
asked 22 minutes ago -
Give an algorithm to determine whether or not the elements
of
an array of integers are...
asked 29 minutes ago -
. Gravimetric analysis. The gravimetric analysis that we will
perform in lab occurs according to the...
asked 47 minutes ago -
Learning curve problem:
A company was ordered to make 6 custom made parts. the labor
costs...
asked 45 minutes ago -
When you don’t recall operator precedences you can Guess
Experiment with the compiler Look in a...
asked 48 minutes ago