User Account

All Pages

How much income should the y record as net business income

Assignment Help Accounting Basics
Reference no: EM132832455

In January, 2020, Y Jewelry sold an elusive necklace for $600,000. The necklace originally cost $300,000. There is a down payment of 40 percent in 2020, followed by 3 annual payments of 20 percent in the years 2021, 2022, and 2023.

Required

Problem 1: How much Income should the Y record as Net Business Income and how much can they defer as reserves over the future taxation year.

Reference no: EM132832455

Questions Cloud

What are ways that we can control for extraneous variables : What does it mean to have experimental control? What are some ways that we can control for extraneous variables during a study? Is there such thing as too much.
Find the mean for the given sample data : Find the mean for the given sample data. Unless otherwise specified, round your answer to one more decimal place than that used for the observations.
Prepare revised budget consistent : Further, she wanted Matthew to assume a sales level of $9,900,000. Prepare revised budget consistent with the president's recommendation
Component of the goal-setting process : Select a business-related or professional goal you want to achieve. Address each part of the SMART technique -- specific, measurable, achievable, realistic
How much income should the y record as net business income : How much Income should the Y record as Net Business Income and how much can they defer as reserves over the future taxation year.
What should tom do in the given situation : Truth is, Tom only takes paper copies of his patient files with him to his home, so his supervisor would never know that he had misplaced his patients'.
Participate in health and safety processes : This project assesses the skills and knowledge required to participate in health and safety processes to protect own health and safety and that of others.
Prepare the statement of net position at dec : Prepare the Statement of Net Position at Dec 31, 20X7 and the Statement of changes in Net position for 20X7 for the City of Cherrydales Policeman
Determine the market share variance : Industry volume was estimated to be 1,875,000 units at the time the budget was prepared. Determine the market share variance

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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