Solution-What is the net income lew should show on his

What is the net income lew should show on his schedule

Reference no: EM131318235

Lew started a business writing a popular syndicated Japanese gardening column the current year (2015) will report a profit for his first year. His results of operations are as follows ; (Use schedule C). Gross income $38000, travel expense $4000, Business Suits, to visit magazine editors $4000, Transportation, 838 miles (at 57.5 cents per mile) 482, Entertainment 800, subscription to bonsai and Japanese gardening magazines 500, Gifts 8 @ $100 each, 2 @ 20 each $840, Rent and utilities for apartment , in total $10,000 ( 15 percent is used for a home office) What is the net income Lew should show on his schedule C?

Reference no: EM131318235

Questions Cloud

Annual depreciation allowances : A piece of newly purchased industrial equipment costs $960,000 and is classified as seven-year property under MACRS. Calculate the annual depreciation allowances and the end-of-year book values for this.

Explain what crimes svoboda and robles each committed : Explain what crimes Svoboda and Robles each committed. Analyze the civil liability for Svoboda and Robles including who could file suit and on what grounds. Explain any defenses that Svoboda and Robles could raise and the likely success of the defens..

Financing activities will all increase your company leverage : Which group of financing activities will all increase your company’s leverage?

What was the cash receipts from sales in 2012 : The accounts receivable balances were $50,000 and $60,000 on December 31, 2011 and 2012, respectively. What was the cash receipts from sales in 2012?

What is the net income lew should show on his schedule : Transportation, 838 miles (at 57.5 cents per mile) 482, Entertainment 800, subscription to bonsai and Japanese gardening magazines 500, Gifts 8 @ $100 each, 2 @ 20 each $840, Rent and utilities for apartment , in total $10,000 ( 15 percent is used..

What is the current price of bond : Jallouk Corporation has two different bonds currently outstanding. Bond M has a face value of $10,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $2,200 every six months over the subsequent eight years, and ..

How some of those provisions that you would flow down : Use this form to complete the flow downs: Form to Complete Flowdowns. If applicable, identify and discuss how some of those provisions that you would flow down need to be modified.

Several stock valuation models : Several stock valuation models were described in the chapter, including zero-growth, constant growth, variable growth, free cash flow, book value, and P/E multiple models.

Calculate the thickness of the gaas thin film : How could the feed-gas composition be adjusted so that the molar ratio of Ga to As within the solid thin film is 1:1?

User Account

All Pages

What is the net income lew should show on his schedule

Reference no: EM131318235

Reference no: EM131318235

Questions Cloud

Reviews

Write a Review

Finance Basics Questions & Answers

Financial reporting and analysis

A report on financial accounting

Describe the types of financial ratios

Differences between sole proprietorship and corporation

Prepare a cash budget statement

What are the implied interest rates

State pricing theory and no-arbitrage pricing theory

Small business administration

Effect of financial leverage

Evaluate the basis for the payment to the lender

Importance of opps, ipps, mpfs and dmepos

Time value of money

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT