User Account

All Pages

What is the net income Margaret should show

Assignment Help Accounting Basics
Reference no: EM132705376

Problem - Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $45,000

Travel 1,000

Contribution to Presidential Election Campaign 100

Transportation 5,725 miles, using standard mileage method

Entertainment in total 4,200

Nine gifts at $50 each 450

Rent and utilities for apartment in total (25% is used for a home office) 10,500

Required - What is the net income Margaret should show on her Schedule C? Show the calculation of her taxable business income.

Reference no: EM132705376

Questions Cloud

Evaluate how company has done to the industry averages : Evaluate how company has done to the industry averages. Do you notice any trends that are positive or negative? Does anything look good or bad that is notable?
Calculate Lawrence ending inventory : Lawrence owns a small candy store that sells one type of candy. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation
Prepare journal entries to record the asset acquisition : Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $99,000 on Jan 1, X6
What is jackjoe total expense of payroll taxes futa : Complete YanYu's paycheck. What is JackJoe's (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year?
What is the net income Margaret should show : Transportation 5,725 miles, using standard mileage method. What is the net income Margaret should show on her Schedule C
AMIM700 International Marketing Assignment : AMIM700 International Marketing Assignment Help and Solution, Ara Institute of Canterbury Ltd - Assessment Writing Service - Critically evaluate global market
Prepare journal entries to record the asset acquisition : Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $99,000 on Jan 1, X6
Prepare the inventory analysis for january : Prepare the inventory analysis for January and write the adjusting journal entry for inventory. How much is gross profit for January?
What is the impact on taxable income for Stewie and Brian : Neither Stewie nor Brian itemize, but both have other forms of taxable income. What is the impact on taxable income for Stewie and Brian from these activities

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize all entries required to update depreciation

Journalize all entries required to update depreciation and record the sales of the two assets in 2019. Winningham Company sold the machines

  Chi-square goodness of fit test

Four different brands of a pain medication used for chronic back ailments were tested to see if the number of side effects for each brand were the same. The table below lists the results of the reported number of side effects for each brand of pa..

  What are the possible consequences

Ethical Case requirements: Minimum of 3 pages (no maximum number of pages) - page count does not include the cover page and reference page.

  History of international accounting standard

Prepare a report on the History of International Accounting Standard

  Prepare a schedule similar to that illustrated in the text

At the start of its fiscal year on October 1. Prepare a schedule, similar to that illustrated in the text, of changes in unassigned fund balance.

  Analyzing the impact of transactions on the current ratio

Analyzing the Impact of Transactions on the Current Ratio BSO, Inc., has a current ratio of 2.0 ( = $1,000,000 ÷ $500,000).

  Sullivan declared and paid cash dividends for 2010

During 2010, Sullivan loaned $300,000 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,000, plus interest at 10%, on December 31, 2010.

  A company has sales of 2826402 a gross profit ratio of 23 a

a company has sales of 2826402 a gross profit ratio of 23 a days sales in inventory ratio of 13.9 and total current

  What are the ethical issues involved

(Revenue Recognition-Membership Fees) Midwest Health Club (MHC) offers one-year memberships. Membership fees are due in full at the beginning.

  Song earns 152000 taxable income as an interior designer

song earns 152000 taxable income as an interior designer and is taxed at an average rate of 25 percent i.e. 38000 of

  Swarten corporation issued share

The stock has a stated value of $2 per share.

  How much will you have in the account at the end

Why is the final amount in each mutual fund different and How much will you have in the account at the end of 20 years?

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