Cal Cycle Sales has an inventory of $100,000 in bikes and accessories for sale. His sales for the year totaled $200,000. During the year, he paid $20,000 in building rent and utilities, $25,000 to his assistant who does repairs, and $125,000 for the bikes he sold. What was Cal's ROA?
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- This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 3,000 1,600 1,400 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable incomeThis year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a salary of $72,300 and he received $700 in hourly pay for the part-time over the weekends. Evans summerized his expenses aa follows. . Cost of moving his possessions to the city (125miles) $1,200. .interest paid on accumulated student loans $2,800. .Cost of purchasing a delivery uniform $1,400. .contribution to state university deliveryman program $1'300. Using TaxAct, complete page 1of Evans form 1040 for 2019 and calculate his adjusted gross income and taxable income.Joshua Pty Ltd runs a furniture retailing business. During the tax year 19-20, Joshua provided customers with various loan arrangements to finance the purchase of furniture. Total expenses relating to the loan arrangements (specific loan calculation software and computers) totaled $33,000 (inc. GST) Joshua’s total expenses during the year (All expenses to run the business included the $33,000) were $2.2 million (inc. GST). Joshua Pty Ltd is registered for GST purposes. Required: Discuss Joshua’s Ability to claim the $3,000 Input Tax Credit?
- Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically, he trades in his old car for a new one costing about $15,000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. After that, his records show an average repair expense (over standard maintenance) of $2500 in the third year (at the end of the year), increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values and interest is 9 percent, how often should Gerry get a new car? Click the icon to view the table of compound interest factors for discrete compounding periods when i = 9%. Gerry should get a new car every years, which has the (Round to the nearest whole number as needed.) EAC of $Brittany, who is an employee, drove her automobile a total of 20,000 business miles in 2022. She drove 10,000 miles in the first half of the year and 10,000 miles in the second half of the year. This represents about 75% of the auto's use. She has receipts as follows: parking(business only) $500 tolls (business only) 200 Repairs $1000 Brittany's AGI for the year of $50,000, and her employer does not provide any reimbursement. She uses the standard mileage rate method. After application of any relevant floors or other limitations, Brittany can deduct A) $0. B) $12,000. C) $11,825. D) $13,000.Sam bought a ring for $2,000 from Zales. He must pay at 6% sales tax and 9% excise tax. Since the Jeweler is shipping the ring, Sam must also pay a $20 shipping charge. What is the total purchase of Sam's ring?
- Schrute Farm Sales buys portable generators for $460 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $4,000 a month rent for his store, and also pays $2,200 a month to his staff in addition to the commissions Mr. Schrute sold 400 generators in June. If Mr. Schrute prepares a traditional income statement for the month of June, what would be his gross profit? $112,000 B. $480,000 $184,000 D. $296,000Sonny purchased a new television that sells for $1650 including tax and delivery. He paid $350 down and the remaining cost in five equal monthly payments. What were his monthly payments?bob bought some lands costing $16,240. Today, that same land is valued at $46,517. how long has Bob owned this land if the price of land has been increasing at 6 percent per year?
- Sebastian sells cars for a living. Each month, he earns $1,400.00$1,400.00 of base pay, plus 11.3%11.3% of commission from his sales. One month, Sebastian made $44,400.00$44,400.00 in sales. How much income did he earn in total in that month?Jeff Jones bought a ring for $4,000 from Zales. He must pay a 7% sales tax and 10% excise tax. Since the jeweler is shipping the ring, Jeff must also pay a $30 shipping charge. What is the total purchase price of Jeff’s ring? Total purchase priceAt the beginning of the year, a high school football coach decided to leave his job and give up his annual coaching salary of $65,000 and open his own sporting goods store. A partial income statement for follows: To get the sporting goods store opened, the former coach used $80,000 of his personal savings. The coach opened his store in a building that he owns. Prior to opening his store, the building was rented for $31,000 per year. The coach could have earned 5 percent return by investing in stocks of other new businesses with risk levels similar to the risk level associated with his new sporting goods store. 1)The former high school coach incurs $_____ of total explicit costs for using market-supplied resources. 2)The opportunity cost of the owner’s equity capital is $_____ annually. 3)Total implicit cost of owner-supplied resources is $ 4)Total economic cost is $_____. 5)Accounting profit is $_____ 6)By how much did coach’s wealth change by opening the sporting…