Garage as sole proprietorship

Assignment Help Financial Accounting

Reference no: EM131256110

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI for 2016.

Revenue from auto repairs $144,730

Salaries paid to mechanics 72,290

Supplies and tools 18,580

Revenues from gas station partnership (Alexandra’s share) 125,800

Expenses from gas station partnership (Alexandra’s share) 95,280

Self-employment tax (1/2 is employer’s share) 12,782

Reference no: EM131256110

Questions Cloud

Responsible for developing marketing strategy : Imagine that you are the marketing manager responsible for developing marketing strategy for a bicycle company. Propose the strategic marketing process you will use, being sure to name the stages, the activities included in the stages, and stage-s..

Explaining the consolidation process : Explaining the consolidation process when there is a less than wholly-owned subsidiary acquired at more than book value. Include calculations of how amounts were determined and the journal entries required to record the acquisition by the purchaser.

Flowchart for filling up with gasoline at self serve station : Develop a flowchart for Filling up with gasoline at a self-serve station, Determining your account balance and making a withdrawal at an ATM.

Assuming the responsibility of leadership : Is there one best way? Assuming the responsibility of leadership, a leader also assumes the intellectual qualities that accompany it. Many leaders have made poor process improvement decisions to achieve their goals. For this assignment, use the In..

Garage as sole proprietorship : Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property.

Discuss police-community relationship regarding gang control : Discuss police-community relationships regarding the media, gangs, and the process of assimilation. Discuss police-community relationships regarding gang control.

Inspire moments of optimism and happiness : Our Roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions.

Summarize and synthesize the main points : Compare and contrast how these have been used by two real-world businesses. Begin your paper with an introduction that states a thesis and explains how the body of the paper is arranged to support it. Close the paper with a conclusion in which you..

What techniques does arnold palmer hospital practice : How would you build a culture of quality in an organization such as Arnold Palmer Hospital? - What techniques does Arnold Palmer Hospital practice in its drive for quality and continuous improvement?

User Account

All Pages