Smith's Consulting started the year 2024 with owner's equity of $75,000. By December 31, 2024, the owner's equity had increased to $125,000. During the year, Smith withdrew $15,000 for personal use and made no additional capital investments. Calculate the net income for 2024.
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- Tiptop Farms, a sole proprietorship, had a gross income of $600,000 in 2022. Tiptop Farms expenses were equal to $320,000. Tiptop had interest expenses of $80,000 and depreciation expenses of $75,000 during the year. Tiptop's owner withdrew $25,000 from the business during the year to help pay college expenses for the owners' children. The tax schedule for 2022 is: Income Tax Rate $0 - 40,000 15% $40,001 - 100,000 28% $100,000 150,000 31% $150,001+ 35% 1. What was Tiptop's taxable income during 2022? 2. What is Tiptop's tax liability for 2022? 3. What are Tiptop's average and marginal tax rates for the year (carry to two decimal places; e.g., 12.34%)? 4. If Tiptop is considering a new investment, what tax rate should they consider?tekabhaiPrepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2025.
- During 2022, Gregory received income in the following amounts: $26,000 wages. $2,500 unemployment benefits. $200 qualified dividends from investments. $5,000 taxable distribution from his IRA. How much is Gregory's 2022 business income for net operating loss (NOL) purposes? * * * € $26,000 $28,500 $28,700 $31,000Tammy had the following aggregate results from her 2019 investing activity: STCG $300,000 LTCG $450,000 STCL -$260,000 LTCL -$390,000 After the capital gain and loss netting procedure listed below 1.Classify as short-term or long-term based on holding period: •Short-termheld less than 12 months •Long-term held longer than 12 months 2. Net short-term and long-term gains and losses to obtain a net short-term and a net long-term position for the year. Collectibles gains and losses, gains on qualified small businessstock, and unrecaptured Section 1250 gains are treated as long-term gains and losses inthe netting procedure. Short-term capital gain $ XX Short-term capital loss (XX) Net short-term gain (loss) Short-term capital gain or loss Long-term capital gain $ XX Long-term capital loss (XX) Net long-term gain (loss) Long-term capital gain or loss 3.If long-term…. During 2022, Romart Company constructed a new building at a cost of P30,000,000. The expenditures for the building, which was finished late in 2022, were incurred evenly during the year. The entity had the following loans outstanding on December 31, 2022: > 10% note to finance specifically construction of the building dated January 1, 2022, P10,000,000 and unpaid on December 31, 2022. Investments were made on the proceeds from the loan and income of P100,000 was realized in 2022. > 12% 20-year bonds payable issued at face value on April 30, 2021, P30,000,000 > 8% five-year note payable, dated March 1, 2021, P10,000,000 What amount of interest is capitalized as cost of the new building? A. 1,550,000 B. 1,450,000 C. 1,400,000 D. 1,500,000
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- The current tax year is 2023. The following 1231 transactions occurred: 2016 – Sold property for $17,000. Tax basis of $23,000. 2019 – Sold property for $34,000. Tax basis of $50,000. 2023 – Sold property for $100,000. Tax basis of $70,000. How much of the 1231 gain is considered capital in the current year?Financial accountingOn December 31, 2024, Windsor Inc. borrowed $3,480,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $417,600; June 1, $696,000; July 1, $1,740,000; December 1, $1,740,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $174,000. Interest revenue of $56,840 earned in 2025. Your answer is correct. Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ $4,640,000 1,856,000 212280