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.
What amount will increase taxable income (positive) or reduce taxable income (negative) for each of the above scenario? (Enter the write-off of the receivable under e-1 and the sales under e-2. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)
a. ?
b. ?
c. ?
d. ?
e -1. ?
e -2.?
f. ?
g. ?
h. ?
i.?
j. ?
k. ?
l. ?
m. ?
Solution:-
# | increase /decrease | Amount | |||
a | increase | 8650 | |||
b |
|
$266,200 | |||
c |
|
$45,652 | |||
d | decrease | $3,600 | |||
e |
|
$142,500 | |||
f | decrease | $2,073 | |||
g | decrease | $96,00 | |||
h | decrease | $622,540 | |||
i | decrease | $52,250 | |||
j | decrease | $89,452 | |||
k | decrease | $2,283 |
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. 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...
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