Answered: Donna owns and operates a dress shop

Business

Accounting

Donna owns and operates a dress shop

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales were £2, 500 and his running expenses were £460. He also bought a second-hand computer for use in his business for £200. His taxable trading income for the year will be: Question 14Select one: a. £2,500 b. £2, 040 c. £1,840 d. £1,500
Barney is self-employed and drove his vehicle 15,000 miles in 2019. 10,000 miles were for business. He has the following expenses Gas & oil $1,800. Car insurance $600. Depreciation $2,700. Taxes $300. How much can he deduct using actual expenses? Group of answer choices A.$5,750 B.$3,618 C.$4,806 D.$5,400
Please answer all parts Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) b. Michelle paid $810 to reserve a parking place for her food truck for the fall football season outside the local football Stadium. Michelle also paid $155 for tickets to a game for her children. Deductible amount__ c. Michelle provided a candidate with free advertising painted on her truck during the candidate’s campaign for city council. Michelle paid $740 to have the ad prepared and an additional $440 to have the ad removed from the truck after the candidate lost the election Deductible amount__ d. Michelle realized a $1,260 loss when she sold one of her food trucks to her father, a related party Deductible amount__
Barbara Jones, single, owns and operates the following businesses in 2023. None of these are specified service businesses: Business Marigold Decorations Barbara's Cookies Barbara's Snow Supplies No QBI $98,000 $64,000 ($45,200) Combined QBI deduction W-2 wages $12,600 $0 $4,900 Her modified taxable income is $401,000. Can she ignore the loss from Barbara's Snow Supplies in calculating her QBI deduction? (If she can ignore loss, enter amount as O. Do not leave any answer filed Property $0 $0 $0 116,800
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Sales Asset Price Cost Building $234,200 $204,200 Equipment 84,200 152,200 Accumulated Depreciation $56,200 27,200 Lily's taxable income before these transactions is $164,700. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $50,000. Already deducted from that number are depreciation of$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.CCA would be $4,000.Calculate Ferran's taxable income based on what you know about them?
Required information (The following information applies to the questions displayed below) What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. c. Ajax published a story about Pete, and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $20,000. Amount included in Gross Income
1. Jim paid his brother to provide computer services for Jim's business. Jim paid him $14,000. Other firms provide the same services for $5,000. How much of this expenditure is deductible? 2. XYZ landscaping sold a truck during 2021 for $15,000 recognizing a gain of $2,000. What is the adjusted basis of the truck? 3. Bill earned $50,000 from self employment during 2021. How much must he pay in self employment tax? 4. Ed commutes to work every day during 2021. He spent $3,000 in transportation. How much can he deduct for 2021?
Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina for £152,000 in November 2020. How much Stamp Duty is payable on these transactions and by whom? £10,540 by Sarah O £21,000 by Sarah and £3,040 by Bettina O £10,500 by Sarah and E40 by Bettina O £24,040 by Sarah
Calculate Gross Income For D Douglass based on the following facts:(Provide an explanation for why you did or did not include an item in gross income)Salary $200,000Sole proprietorship income $50,000Interest from State of Georgia bonds $40,000Capital gain $20,000Darla inherited $400,000 from her great aunt Dora.Darla won $4,000 at Church BingoDarla's brother Darren paid back $60,000 on July 1, 2018, he had borrowed the money from Darla in2011.Darla received a $50,000 legal settlement from a broken leg that she incurred in a car accident.Dividends $20,000Unemployment compensation $10,000Child Support $30,000Alimony divorce decree was signed in 2012, $60,000Darla found a diamond bracelet on the beach. The bracelet has a fair market value of $30,000Darla received a gift of $70,000 from her mother.Partnership income $30,000Rental Income $15,000Darla was the beneficiary of a life insurance policy of her grandfather. She received $100,000 upon hisdeath in 2020.Interest from US Treasury Bonds…
ss. Subject :- Accounting