SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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Compute the gross profit.
Gabriel is the sole owner and operator of Giant Sky Services. As of the end of its accounting period, December 31, Year 3, Giant Sky Services has assets of $1,200,000 and liabilities of $350,000. During Year 4, Gabriel invested an additional $60,000 and withdrew $45,000 from the business. What is the amount of net income during Year 4, assuming that as of December 31, Year 4, assets were $1,100,000 and liabilities were $340,000?
What would be the depreciation expense?
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