Determine the schedule c net income

Assignment Help Cost Accounting
Reference no: EM13539849

John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship. He had to transfer $100,000 of stocks and securities into Mason Enterprise's name to show financial viability for the business. During the current year, the business had the following income and expenses from operations:

Consulting revenue

$125,000

Travel expenses

40,000

Transportation

3,000

Advertising

7,000

Office expense

3,000

Telephone

1,000

Dividends

5,000

Interest

2,000

Charitable contribution

1,000

Political contribution

6,000

Determine the Schedule C net income. How are items not included in the Schedule C net income reported?

Reference no: EM13539849

Questions Cloud

What is each partners basis at year-end : What is the net income, excluding separately stated items, that each partner is required to report at the end of the year and how is each of the separately stated items treated on the partners' tax returns?
What are the partnerships tax consequences : Determine the tax consequences to Zoe for the contribution of property to the partnership and what are the partnership's tax consequences?
What is the total momentum of the system of the two carts : A 2.6-kg cart is rolling along a frictionless, horizontal track towards a 1.9-kg cart that is held initially at rest. What is the total momentum of the system of the two carts
What is the net income excluding separately stated items : What is the net income, excluding separately stated items, that each shareholder is required to report at the end of the year and how is each of the separately stated items treated on the shareholders' tax returns?
Determine the schedule c net income : Determine the Schedule C net income. How are items not included in the Schedule C net income reported - John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship
Applied to the primary coil of a step-up transformer : A voltage V is applied to the primary coil of a step-up transformer with a 3:1 ratio of turns between its primary and secondary coils. A resistor R connected to the secondary dissipates a power P = 100 W. How much power is dissipated by the same r..
What power is dissipated in the hair dryer : A 1945-W electric hair dryer is designed to work in the United States, where the ac voltage is 120 V rms. What power is dissipated in the hair dryer
Develop plan of liquidation and liquidate : Each shareholder owns some other depreciated business properties that they could give to the corporation as a contribution to capital approximately 20 months before they formally develop their plan of liquidation and liquidate the corporation.
Using the rayleigh criterion : Using the Rayleigh criterion, one concludes that using fixed wavelength light that it is not possible to resolve details less than about

Reviews

Write a Review

Cost Accounting Questions & Answers

  Question buffalo falls ltd manufactures among other things

question buffalo falls ltd manufactures among other things glass table tops. it uses a just-in-time system of

  Determine the depreciation expense bakersfield would report

Determine the depreciation expense Bakersfield would report for 2010 and 2011 using Straight-line, Double-declining-balance and Units-of-production.

  Calculate the net patient service revenue

Calculate the net patient service revenue that would be reported on the statement of revenues, expenses, and changes in net assets.

  What would be the red margin in action analysis report

For the purposes of preparing action analyses, management has assigned ease of adjustment codes to the costs as follows: wages are classified as a Yellow cost; supplies and raw ingredients as a Green cost; and other expenses as a Red cost.

  How many units were lost in production

How many units were lost in production and equivalent production for materials, labor, and overhead, respectively

  Q ron williams currently took over as the controller of

q ron williams currently took over as the controller of johnson brothers manufacturing. last month the last controller

  Determine the cost of ending work in process

Determine the cost of ending work in process and the cost of finished goods transferred out during March using the first in first out (FIFO) method.

  The city of walford is considering the purchase of new road

the city of walford is considering the purchase of new road repair equipment costing 40000 to achieve cash savings of

  Determine the amount of cash received by the club

Prepare journal entries for each of the following events that took place during 2012 and determine the amount of cash received by the Club from the above transactions during the year ended September 30, 2012.

  What is the cost of the preferred stock

Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. The stock is selling on the market for $70.00, and Burnwood must pay flotation costs of 5% of the market price.

  Calculate npv

Discount tables for several different interest (discount) rates that are to be used in any discounting calculations are given below. Assume for questions 2-6 that Hilltop is not subject to income taxes.  If Hilltop requires investments to earn an 8% ..

  How would you record the entry

Cashier receives $8,000 cash for Accounts Receivables during her shift, but she only has $7,990 at the end of her shift. How would you record the entry?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd