What is the amount of marshas taxable income

Assignment Help Accounting Basics
Reference no: EM131912792

Problem

Marsha Brady, a lawyer, who has a filing status of single, operates a small pottery business in her spare time. During 2016, she reported the following income and expenses from this activity which is classified as a hobby: Revenue from sale of pottery $9000; Depreciation on potter's wheel ($3700); Property taxes on her pottery shed ($1500); Supplies used such as clay, etc. ($6300). In addition, sha had salary of $40,000 and itemized deductions, not including any listed above, of $5300.

What is the amount of Marsha's taxable income in 2016?

Reference no: EM131912792

Questions Cloud

What were the items being imported : What were the items being imported and on what mode of transportation? For items like these, is there another possible way to ship?
Determine budgeted cash payments for july and august : Determine budgeted cash collections for July and August. Determine budgeted cash payments for July and August.
Build a balance scorecard for the finance team at zynga : Build a Balance Scorecard for the Finance team at Zynga. Be sure to include what you will measure the teams success on
What is the molarity of the sodium chloride solution : 1. How many grams of sodium chloride are in the 1 L bag? 2. What is the molarity of the sodium chloride solution, expressed in mmol/L?
What is the amount of marshas taxable income : Marsha Brady, a lawyer, who has a filing status of single, operates a small pottery business. What is the amount of Marsha's taxable income in 2016?
How much of an advantage does it provide you : Should you lease or buy, and how much of an advantage does it provide you?How about if you should be charged 4% EAR ?
How many grams of dextrose are in the syringe : 1. What does (w/v) mean? 2. How many grams of dextrose are in the syringe?
Compute the lower of cost or market for ending inventory : Martinez Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each product.
Analyze roles and responsibilities for compliance : You have completed an internship in the finance division of a fast-growing information technology corporation. Your boss, the financial manager.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Operating leverage and business risk

Which operating structure has greater operating leverage and business risk? Explain. If HKOPEN projects sales of 20,000 units, which operating structure is recommended? Discuss.

  Net present value-independent projects

Net present value-Independent projects. Using a 14% cost of capital, calculate the net present value for each of the independent projects shown in the following table, and indicate whether each is acceptable.

  Because the controller believed that new equipment would be

during the year the company sold certain equipment for 285k recognizing a gain of 69k. because the controller believed

  Columbia enterprises is studying the replacement of some

equipment replacement decisioncolumbia enterprises is studying the replacement of some equipment that originally cost

  Prepare all necessary journal entries for both situations

Problem - Journal Entries for Fair Value and Equity Methods - Instructions - Prepare all necessary journal entries in 2007 for both situations

  In 2008 wishbone corporation had an operating profit of

in 2008 wishbone corporation had an operating profit of 750000 and a residual income of 300000. if wishbones cost of

  Managerial planning budget creation

From the following information, using the pro formas provided, create the budget for the year ended 31st December 2013.

  Accounting for capital leases versus purchased assets

Accounting for capital leases versus purchased assets Ambrose Co. has the option of purchasing a new delivery truck for $42,300 in cash or leasing the truck for $9,150 per year, payable at the end of each year for six years.

  Gain or loss on retirement of bonds

On December 31, 2003, after $250 of the premium has been amortized, Stadler bought back all of the bonds at 103. What is the amount of gain or loss on the retirement of the bonds?

  Manufactures airplanes for use in stunt shows

Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has dif..

  Prepare the bank reconciliation at october

On October 31, 2017, Lisik Company had a cash balance per books of $8,946. Prepare the bank reconciliation at October 31

  Evaluate the profit margin on sales ratio the return

digital relay has both preferred and common stock outstanding. the comshypany reported the following information for

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