User Account

All Pages

How much is her income tax liability for the year

Assignment Help Accounting Basics
Reference no: EM133176466

Question - Grace operates a pet shop and at the same time offers interior design services to her clients. The following data were provided by Grace for 2021 taxable year:

Pet Shop:

Gross Sales - 1,800,000

Cost of Sales - 600,000

Operating Expenses - 200,000

Interior design services:

Gross receipts - 1,150,000

Cost of direct services - 120,000

Operating Expenses - 80,000

Required - How much is her income tax liability for the year?

Reference no: EM133176466

Questions Cloud

How much gain or loss is recognized from change : It is reliably determined that 40% of the increase in fair value is attributable to credit risk. How much gain or loss is recognized from change in fair value
Union and the position of management : Describe the positions of the union and the position of management. What were they negotiating?
Explain the concept of interoperability : Explain the concept of interoperability, including the role of APIs, between disparate health information systems and it's value in health care.
7DIBU007W Digital Capabilities Assignment : 7DIBU007W Digital Capabilities Assignment Help and Solution, University Of Westminster - Assessment Writing Service
How much is her income tax liability for the year : Grace operates a pet shop and at the same time offers interior design services to her clients. How much is her income tax liability for the year
Calculate the amount of interest earned on an investment : Money is a central concept for everyone no matter what age you are. In this project, you will explore exponents using the compound interest formula to make conc
What amount of sales will be reported : BB produced the inventory sold to KK for P47,000. What amount of sales will be reported in the 20x9 consolidated income statement
What amount of net income will be reported : The companies held no beginning inventory and had no other transactions in 20x9. What amount of net income will be reported in the 20x9
Determine the times interest earned ratio : A company reports the following: Income before income tax expense $2,058,000. Determine the times interest earned ratio

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