Department of revenue in sales

Assignment Help Financial Accounting

Reference no: EM13164114

This is my situation, I own a used car lot, I sold and report to Department of Revenue in sales the amount of $720.000 dollars.

I just deposit $500,000 in the bank, the other $220,000 it is not collected yet due to a buy here pay here that I perform in my dealership. (I do my own finance)

My inventory at the end of 12/31/2013 was $125,000 my purchase this year was $400,000 dollars and my dealer expenses was $125,000 dollars, I need help in how I enter the information in my schedule C, in previous years I do not uses accrual methods was cash basic.

I know that that the $720,000 has to be reported in line 1 Schedule C, but the $220,000 that I am not collected yet is not taxable to IRS because I am still waiting to collect this 2014.

Reference no: EM13164114

Questions Cloud

Compute the partial pressures of each liquid : At 50 degree's Celsius the vapor pressure for methanol and ethanol are 406 and 222 torr, respectively. Given a mixture at 50 degree's Celsius that contains 0.2 mol of methanol and 0.1 mol of ethanol, compute the partial pressures of each liquid an..

Calculate the molarity of sodium ions in a solution : Calculate the molarity of sodium ions in a solution made by diluting 50.0 mL of 0.874 M sodium sulfide solution to a total volume of 250.0 mL

What is the new volume : if a sample of 4.17 L of ethane gas at 725 C is cooled to 175 C at constant pressure, what is the new volume?

What is the molar mass of the added gas : A sample of neon gas is held in a rigid 1.814L container with a pressure of 1.273atm at 25 C. 3.193g of an unknown gas is added to the container. The temperature remains constant, but the pressure rises to 2.386atm. What is the molar mass of the a..

Department of revenue in sales : This is my situation, I own a used car lot, I sold and report to Department of Revenue in sales the amount of $720.000 dollars.

Describe the issues that the exposure draft : Explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session.

Calculate the mass of naoh needed : how would you prepare 100ml of 0.5M NaOH? Calculate the mass of NaOH needed, and describe the procedure and glassware you would use.

Intercultural communication strategies : From this theme it would be ideal to dicussed around widely popular TV series "The Wire". This I say so because it is centered around Blacks and Whites population in City of Baltimore, Maryland and the related complexicites of dealing with needs of t..

What quantity of heat is required to vaporize : What quantity of heat is required to vaporize 151 g. of benzene C6H6 at its boiling point 80.1 degrees celsius? Heat of vaporization = + 30.8 kj/mol.

User Account

All Pages