Determine how much income is to be taxed

Assignment Help Taxation

Reference no: EM13298415

Office supplies unlimited is a small office supply outlet. The result of its operations is for the most recent year are summarizedas follows:

gross profit on sales: $95,000
cash operating expenses: 43,000
depreciation expense: 16,500
compensations to owner(s): 20,000
distribution of profit to owner(s): 5,000

determine how much income is to be taxed for:

-a sole proprietorship owned by H?

-partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000

- a corporation owned equally by N and K. K is employed bythe business and receives salary of $20,000.

Reference no: EM13298415

Questions Cloud

Define what was the initial temperature of ethylene glycol : A 28.7 g sample of ethylene glycol, a car radiator coolant, loses 676 J of heat. What was the initial temperature of ethylene glycol if the final temperature is 32.5°C (c of ethylene glycol = 2.42 J/gK)? =°C

Calculate the thermal conductivity with the given data : A small house is built in the arctic. It has four square walls of 500 ft2 each. For simplicity, we will assume it has no windows, and we are only interested in calculation the heat loss through the four walls. A total of one hundred Watts (100 kW)..

How much interest will you pay : Suppose you need $ 15 million today and you repay it in six months. How much interest will you pay?

What is sustainable growth rate for bad company, inc. : What is sustainable growth rate for Bad Company, Inc.? If it does grow at this rate, how much new borrowing will take place in the coming year, assuming a constant debt-equity ratio?

Determine how much income is to be taxed : Determine how much income is to be taxed for a sole proprietorship owned by H - partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000

Difference between grace and glory is one of degree : The medieval said the difference between grace and glory is one of degree,not one of kind. Why does hope look more like "getting to work" rather than "waiting around"?

What is the amount of the net new borrowing for the current : The income statement for the current year displays an interest paid amount of $8,200. What is the amount of the net new borrowing for the current year?

By how much would the monetary base change : If the Fed bought $3.5 billion in government securities and the public withdrew $2.0 billion from their transactions deposits in the form of cash, by how much would the monetary base change?

How to calculate [oh-] in the aqueous solution : Calculate [OH-] in the following aqueous solution at 25 deg C: [H3O+] = 3.6×10^?2 M? I know you have to divide 1x10^-14 by the 3.6x10^-2 and the answer I got was 2.8x10^-17 but it said my answer is wrong

User Account

All Pages