How would change if wqp was an unincorporated

Assignment Help Financial Accounting

Reference no: EM13140336

WQP Company generated $1,814,700 ordinary income from the sale of inventory to its customers. It also sold three non-inventory assets during the year. Compute WQP's taxable income assuming that:

A. The first sale resulted in a $79,100 capital loss, the second sale resulted in a $35,200 ordinary loss, and the third sale resulted in a $16,000 capital gain.

B. How would your answer change if WQP was an unincorporated sole-proprietorship? Please give the taxable income generated by the business.

Reference no: EM13140336

Questions Cloud

What are variable costing inventory cost per unit : What are the variable costing inventory cost per unit be for 2010,2011, and 2012, respectively?

Preparation of the fund financial statements : At the time of the notification what is the appropriate entry in the capital projects fund (assuming that the City has met all eligibility requirements and maintains its books and records in a manner to facilitate the preparation of the fund finan..

How many units would company have to sell : A total of 80,000 units were produced and sold last month. How many units would company have to sell to achieve a desired profit of $1,200,000?

Define design with multiplexer : Define Design with Multiplexer, Design a circuit using one 16 TO 1 multiplexer with W, X,Y,Z on the control inputs

How would change if wqp was an unincorporated : How would your answer change if WQP was an unincorporated sole-proprietorship? Please give the taxable income generated by the business.

What will be the pressure in the cylinder : A gas cylinder containing 6.38 mol of neon has pressure of 491mmHg at 295k. If 3.22 mol helium is added at constant temp and pressure, what will be the pressure in the cylinder

Draw conclusions of calorie content of two types of hot dogs : You have the lab analyze the number of calories in each of the hot dog samples with the results below. What conclusions can you draw concerning the calorie content of the two types of hot dogs?

How much was company contribution margin : During the year the company manufactured 95,000 units and sold 80,000 units. If the average selling price per unit was $20, how much was company’s contribution margin?

Government-wide financial statements : what amount should be recognized as property tax revenues related to the 2007 levy on the government-wide financial statements?

User Account

All Pages