Indicate the amount of the reserve, Taxation

During February, 2010, Jacob's Jewels sells a broach for $428,000. The cost to the business of this necklace as $212,000, resulting in a gross profit of $216,000. The $428,000 sales price is to be paid in four equal annual installments on December 31 in each of the years 2011 through 2014 .Jacob's Jewels has a December 31 year end. Indicate the amount of the reserve that can be deducted, and the net business income, for each of the years 2010 through 2014.

Posted Date: 3/16/2013 6:43:14 AM | Location : United States







Related Discussions:- Indicate the amount of the reserve, Assignment Help, Ask Question on Indicate the amount of the reserve, Get Answer, Expert's Help, Indicate the amount of the reserve Discussions

Write discussion on Indicate the amount of the reserve
Your posts are moderated
Related Questions
1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr

Clem paid self-employment tax of $14,200 and Wanda had $3,000 of Social Security taxes withheld from her pay. Determine deductible amount for AGI

there is significant difference between the average service tax collection per assessee in Pune zone and the average service tax collection per assessee in the country

Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided,

how much will it be for a 1040 project?

Lambda Ventures, an unincorporated business, has a class 10 UCC balance on January 1, 2010 of $453,000.During 2010, it acquires additional Class 10 assets at a cost of $63,200.Also

Explain in words and show in figures how a lump-sum government transfer can entice some workers to stop working ( and no one to start working) while a policy like EITC can entice s

An unsecured short-term loan, generally issued to finance short-term liabilities, which gives the debt holdersĀ (bondholders) some level of tax choice on the earnings fromĀ their deb


there is customer invoice booked with cst 2% (tru AFP) and now the customer says he wont provide c from.. so now we hv to charge extra 3% cst.. how to book this