Problem associated to sole proprietorship

Assignment Help Accounting Basics
Reference no: EM13127438

Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).

Reference no: EM13127438

Questions Cloud

Calculate the concentrations of all species at equilibrium : Calculate the concentrations of all species at equilibrium for the following case.
What makes a contribution income statement unique : What makes a contribution income statement unique? Discuss how a contribution income statement could be used to improve planning in a company.
Capturing repayment of the entire note and interest : Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and interest.
What entries would be made to record income tax expenses : Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011.
Problem associated to sole proprietorship : Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
What is the partial pressure of each gas : Nitrogen dioxide (NO2) cannot be obtained in a pure form in the gas phase because it exists as a mixture of NO2 and N2O4. At 25°C and 0.98 atm, the density of this gas mixture is 2.7 g/L.
What is the importance of the cash budget : What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
Transformation of complex numbers : Consider the transformation w = (i - z) / (i + z) . Show that the upper half plane Im z > 0 maps to the disk |w|
Interest free loan from us government : Which item LEAST resembles an interest free loan from the U.S. government?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Basics related to internal auditors

Early in January 2011, the internal auditors for Arkansas Inc. discovered these errors and omissions in their review of the 2010 financial records. Arkansas Inc. has not yet closed its books for 2010.

  Adjusted basis for the real estate received

She receives real estate with a fair market value of $72,000 and Todd assumes the mortgage. What is her recognized gain and adjusted basis for the real estate received?

  Investments at fair market value

Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.

  Comprehensive income for pension plan

What should barrel corporation report in accumulated other comprehensive income for this pension plan?

  Best course of action from tax perspective

Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.

  Mathematics-number puzzles

Thirty flasks, 10 full, 10 half empty and 10 entirely empty, are to be divided among 3 sons so that flasks and content should be shared equally.

  The difference between a business and a hobby

You take a deep breath because Jackson and Kara are about to walk through the door. While Jackson and Kara were very pleased with the refund they received after they filed last year's taxes, you have the feeling they're going to be looking for mor..

  Predetermined overhead rate for the specific year

At the end of the year, actual direct labor-hours for the year were 17,400 hours, manufacturing overhead for the year was overapplied by $13,850, and the actualmanufacturing overhead was $294,130. The predetermined overhead rate for the year must ..

  Why is independence so essential for auditors

Explain the reason for the strict requirement about stock ownership in the rules of conduct.

  Journal entries and accounting concepts

It is now July 31st. You are continuing to advise Dr. Leo Krusack on basic accounting procedures. His practice had the following transactions during July.

  Example of business transaction

For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:

  Problem of tickets and expense tickets

Prepare a 250- to 300-word memo about time tickets and expense tickets. Include an explanation about what each is used for, how the two are different, and what information may be found on each.

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!

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