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
Joe Smyth further advises you on the following transaction - work out the resultant capital gains tax consequences.  Then calculate Joe's net capital gain for the 2010/11 income

Many years ago, in an effort to keep its costs down, Prince Enterprises hired a bookkeeper rather than a fully qualified accountant to prepare its accounting records and corporate

Hello, I am  zainab ali, i want help in Tax assignment.. In 2012 Joe, age 15, earned $2900 from acting and had $12,200 of interest income and $14,000 of taxable qualifie

Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac

Price for 2000 words

Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial office building located


Income Tax Basis - (1) For tax purposes, concept of basis determines proper amount of gain to report when an ASSET is sold. Basis is usually the cost paid for an asset plus amounts

Hi Dear, Could you please do the online exam for ( Tax Individuals US). The exam will be ( short answers and MC ). The exam will open about one and half to two hours. The exam w

The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following info