Business, 21.04.2020 04:51 Beast3dgar

Sarah owns and operates a retail sporting goods business as a sole proprietor. Her store is located on the ground floor of a two-story building that she owns. Based on the following information regarding 2017, compute her net self-employment income (for SE tax purposes) to be put onto Schedule C for that year.
Gross profit from sporting goods business = $100,000
Rental income from upper level (45%) of building = 20,000
Building depreciation expense = 10,000
Utilities for ground floor (Tenant pays own utilities.) = 4,500
Depreciation on vehicles used in business = 3,000
Gain on sale of van used 100% in business = 2,000
Contributions to her Keogh retirement plan = 5,500
Sarah's health insurance premiums = 4,000
Mortgage interest on building = 10,000
Other expenses of running her sporting goods business = 11,500
A. $70,000
B. $64,500
C. $66,000
D. $73,500

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 12:10

Laws corporation is considering the purchase of a machine costing $16,000. estimated cash savings from using the new machine are $4,120 per year. the machine will have no salvage value at the end of its useful life of six years and the required rate of return for laws corporation is 12%. the machine's internal rate of return is closest to (ignore income taxes) (a) 12% (b) 14% (c) 16% (d) 18%

Answers: 1

Answer

Business, 22.06.2019 19:20

The following information is from the 2019 records of albert book shop: accounts receivable, december 31, 2019 $ 42 comma 000 (debit) allowance for bad debts, december 31, 2019 prior to adjustment 2 comma 000 (debit) net credit sales for 2019 179 comma 000 accounts written off as uncollectible during 2017 15 comma 000 cash sales during 2019 28 comma 500 bad debts expense is estimated by the method. management estimates that $ 5 comma 300 of accounts receivable will be uncollectible. calculate the amount of bad debts expense for 2019.

Answers: 2

Answer

Business, 22.06.2019 19:30

Quick calculate the roi dollar amount and percentage for these example investments. a. you invest $50 in a government bond that says you can redeem it a year later for $55. use the instructions in lesson 3 to calculate the roi dollar amount and percentage. (3.0 points) tip: subtract the initial investment from the total return to get the roi dollar amount. then divide the roi dollar amount by the initial investment, and multiply that number by 100 to get the percentage. b. you invest $200 in stocks and sell them one year later for $230. use the instructions in lesson 3 to calculate the roi dollar amount and percentage. (3.0 points) tip: subtract the initial investment from the total return to get the roi dollar amount. then divide the roi dollar amount by the initial investment, and multiply that number by 100 to get the percentage.

Answers: 2

Answer

Business, 22.06.2019 20:30

Almeda products, inc., uses a job-order costing system. the company's inventory balances on april 1, the start of its fiscal year, were as follows:

Answers: 2

Answer

You know the right answer?

Sarah owns and operates a retail sporting goods business as a sole proprietor. Her store is located...

Questions