User Account

All Pages

What is the net income Lauren should show

Assignment Help Cost Accounting
Reference no: EM132903590

Question - Lauren started a business writing a popular syndicated tax advice column in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $46,000

Travel expense 3,700

Business suits, to visit magazine editors 1,200

Transportation, 749 miles (at 57.5 cents per mile) 431

Entertainment 800

Subscription to accounting and tax magazines 550

Gifts: 8 at $100 each; 3 at $20 each 860

Rent and utilities for apartment, in total (10 percent is used for a home office) 7,000

Required - What is the net income Lauren should show on her Schedule C? Show the calculation of her taxable income. In order to receive full credit, you must show all work.

Reference no: EM132903590

Questions Cloud

What is the achieved upper deviation rate : During the year, Ingo Corporation has made 1,000,000 purchases of which 3,000 were over $25000. What is the achieved upper deviation rate
Calculate operating cash flows : Calculate operating cash flows using a 35 percent tax rate. If you have negative taxes, treat that as an immediate tax credit (positive CF)
Determine what is the break-even point in dollars : If the unit selling price is $55 and the variable cost per unit is $22 and the total fixed costs are $59,621, determine what is the break-even point in dollars
About communications climate and culture : Write a journal entry in narrative style about the communications climate and culture in your organization from a managerial perspective.
What is the net income Lauren should show : What is the net income Lauren should show on her Schedule C? Show the calculation of her taxable income
How healthy is your business : Discussion thread, read How healthy is your business? 6 ways to take its ‘temperature' and Why 70% of companies paid zero in corporate taxes
What is Rollins component cost of debt : Rollins is a constant-growth firm which just paid a dividend of $2.00, sell for $27.00 per share, and has a growth rate of 8%. What is Rollins component cost
Perform a cost-benefit analysis : Perform a cost-benefit analysis to support Tony's decision considering both financial and non-financial issues
What Makes Good Business Strategy : Prior to beginning work on this discussion forum, read Five Steps to a Strategic Plan, The Single Strategy You Need to Fuel Business Growth Right Now

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

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