What is maria's net income after these transaction? Please solve the general accounting question Maria started a business with the following transactions:• Invested $15,000 into the business.• Purchased inventory worth $3,000 on account.• Sold goods for $8,000; these goods cost $4,500.• Paid rent of $1,500.What is Maria's net income after these transactions?

Step 1: Define Net IncomeNet income is the profit of a business after subtracting all costs and…

Answered: Maria started a business with the…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

See similar textbooks

Similar questions

Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year? She would have paid interest charges of $2,000. She would have paid interest charges of $20. The credit card company would have paid Louisa $20. She would have paid interest charges of $200.
Talbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?
What is her return on investment for this General Accounting Question?
Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000
Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the equivalent of 3% simple interest, and the other charged 4.5% interest. If the total interest after 1 year was $810, determine the amount borrowed from each bank.
Construct a personal income statement for the Humperdinck family usingthe following information: salaries, $42,000; mortgage payment, $7,980;food, $2,400; interest income, $150; transportation, $1,200; dividend income, $190; automobile payment, $3,060; clothes and personal, $2,000;student loan payment, $1,700; property taxes, $1,100; utilities, $3,000;insurance, $2,100; income taxes, $9,700; and recreation and vacation,$2,000. What is the family’s disposable income?
Sally owns a rental house. Her house income is 1000 a month. The expenses for the year are as follows: mortgage interest 3600, property tax is 1545, property manager is 1200, insurance 400, cleaning and maintenance 600 repairs 55 and depreciation 2000. What is Sally's net income loss from the rental property?
Consider the overall effects on Fischer of selling antiques on credit for £53,000 and incurring expenses totalling £40,000. What is Fischer's profit or loss?
Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. a) What amount of these costs can Melissa deduct as business expenses? b) Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,000 for transportation, $800 for lodging, and $450 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expenses? c) Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? d) Suppose…
Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she had made all the payments, how much interest did she pay?
Angela's disposable income is$2,831.Angela inspects her checkbook and her credit card bills and determines that she has the following monthly expenses: Rent $666 Internet 84 Electricity 129 Water 15 Cellular 49 Groceries 487 Car expenses 326 Health insurance 208 Clothing and personal items 203 Recreation 360 What is Angela's net cash flow? _____
What is her return on investment for this financial accounting question?

SEE MORE QUESTIONS

Recommended textbooks for you

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS

Maria started a business with the following transactions: • Invested $15,000 into the business. • Purchased inventory worth $3,000 on account. • Sold goods for $8,000; these goods cost $4,500. • Paid rent of $1,500. What is Maria's net income after these transactions?