User Account

All Pages

Formula to reduce the tax liability

Assignment Help Accounting Basics
Reference no: EM13137143

A non profit company sells a pair of shoe that has a cost of $2.00 for the price of $102.00. The gross profit is 100%. The tax libility is 37%. What is the formula to reduce the tax liability to 0%

Reference no: EM13137143

Questions Cloud

A turbine salesman makes the following claim for one : A turbine salesman makes the following claim for one of his products: Steam enters a steady-flow adiabatic turbine at 4 MPa, 600 °C with negligible velocity and exhausts at 200 kPa with a velocity of 180 m/s
What is the molarity of kcl(aq) in this solution : A solution is prepared by dissolving 55.1 g of KCl in approximately 75 mL of water and then adding water to a final volume of 125 mL. What is the molarity of KCl(aq) in this solution?
Discuss how various aspects of the planet may look from now : Discuss how various aspects of the planet may look 50 years from now?
Significant threats to us homeland security : What are the most significant threats to U.S. Homeland Security? What makes them significant? To what degree is the U.S. prepared to address these threats?
Formula to reduce the tax liability : A non profit company sells a pair of shoe that has a cost of $2.00 for the price of $102.00. The gross profit is 100%. The tax libility is 37%. What is the formula to reduce the tax liability to 0%
What are the combined total department costs : What are the combined total department costs for the producing departments after allocating the service department costs?
Determine the magnitude and direction : The direction of the forces are 0,-30 and +120 degrees from the positive X axis. Determine the magnitude and direction of the resultant force.
How person-s mood-personality influence interpretting event : How this event is interpreted? How might a person's mood, personality, or situation influence how he or she interprets this event?
Determine danny and mary taxable income : Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Involuntary conversions

Which of the following statements is false regarding involuntary conversions?

  Prepare in journal form

Prepare in journal form, without explanations, the end of month adjusting entries for Flop's Copy Shop for the month of September. Prepare a partial adjusted trial balance for the accounts provided.

  Accounting principles in performing an audit

Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.

  Fiscal year and total liabilities

If owner's equity increased $20,000- during the fiscal year and total liabilities increased $12,000- during the same period, what happened to the assets?

  How should clyde treat payment on his tax return

This is a tax research problem - Clyde had work for many years as the chief executive of Red Industries, and had also been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated.

  Discuss allowance method and direct write-off method

Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.

  Concepts of consolidated financial statements

Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be elimi..

  Checques returned in the bank statement

When you examine canceled checks returned in the bank statement by a client's bank, how could you tell whether the amount on the check had been skillfully raised

  Position with a major accounting firm

Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $23,000 payable on the first day of work or a signing bonus of $26,000 payable after one year of employment.

  Shares of common stock outstanding

Farah Snack Co. has earnings after taxes of $150,000. Interest expense for the year was $20,000; preferred dividends paid were $20,000; and common dividends paid were $30,000. Taxes were $22,500. The firm has 100,000 shares of common stock outstan..

  Company bulletin board system

A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?

  Compute the profit for the consignor for the unit sold

(Consignment Computations) On May 3, 2012, Eisler Company consined 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amount to $840 and was paid by Eisler Company.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd