User Account

All Pages

What is the taxable income

Assignment Help Accounting Basics
Reference no: EM132524049

Question - Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios?

Required -

a. Nikki buys a diamond ring from Shine Company for $13,200 (normal sales price, $18,030; Shine Company's gross profit percentage is 40 percent). What is the taxable income?

b. Nikki receives a 32 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $905; discounted price $615.40). What is the taxable income?

Reference no: EM132524049

Questions Cloud

Record issuance of the note and the adjustment entry : Instruction - Show September 30, 2019 journal entry to record issuance of the note and the adjustment entry for the year end
Find the range of production : Find the range of production when can recommend each of the machines,A manufacturing plant can use three different machines A, B and C
Discuss some of the possible reasons for variability : Price earnings ratios for individual companies vary over time and among firms. Discuss some of the possible reasons for this variability.
Calculate the break-even sales level in shillings : Suppose the company desires to make a profit of shs.195,000, what should be the output in units? Calculate the break-even sales level in shillings
What is the taxable income : Nikki buys diamond ring from Shine Company for $13,200 (normal sales price, $18,030; Shine Company's gross profit percentage is 40%). What is taxable income
Benefits of active portfolio management : Faith asks for information concerning the benefits of active portfolio management. She is particularly interested in the question of whether active managers
What will be the balances in the balance sheet accounts : What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)
What is the company book value per share at end of year : What is the company's book value per share at the end of Year 2? What is the company's dividend payout ratio for Year 2? What is the company's earnings
Minimizing the total distance : What other types of service connections can be done with minimizing the total distance?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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