Owner contributed 50,000 in cash to business
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Owner contributed 50,000 in cash to business
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- Mr. and Mrs. Grant recognized the following capital gains and losses this year: Short-term capital gain $12,000 Short-term capital loss $(6,000) Long-term capital gain $35,000 Long-term capital loss $(50,000) Their AGI before considering these capital gains and losses was $150,000. Compute their AGI. a. $150,000 b. $147,000 c. $145,000 d. $141,000Carding received the following during the year: 200,000 car as donation; 50,000 income of donated property before donation; 30,000 income from donated property after donation; 100,000 inherited properties. How much is excluded from gross income? P380,000 P350,000 P50,000 P30,000On 4/1/20, Sookie sold land that she held for investmentpurposes. Sookie received $200,000 in cash and a $ 1,000,000note receivable that will pay principal as follows:12/31/20$200,00012/31/21$200,00012/31/22$200,00012/31/23$200,00012/31/24$200.000Sookie’s adjusted basis in the land sold is $270,000.Absent any elections, how much gain will Sookie recognize in2020?a. $155,000b. $146,000c. $200,000d. $310,000e. $292,000
- 56. Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. a) What is Renee's adjusted taxable income for purposes of calculating the limita- tion on business interest expense? b) What is the maximum amount of business interest expense that Renee can deduct this year, and how is the disallowed interest expense (if any) treated? c) Suppose that Renee's revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation? usingen However LO 1-2 101-2I leave the cash balance deposited in the First National Bank (up to a total of $53,700) to Jack Abrams. I leave $18,100 cash to Suzanne Benton. I leave 1,220 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed." a. Assume that the estate has the following assets: $38,000 cash in the First National Bank, $16,900 cash in the New Hampshire Savings and Loan, 930 shares of Coca-Cola stock, 1,390 shares of Xerox stock, a house, and other property valued at $15,000. What distributions will be made from this estate? b. Assume that the estate has the following assets: $58,000 cash in the First National Bank, $6,900 cash in the New Hampshire Savings and Loan, 1,390 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $25,00O. What distributions will be made from this estate? (Make estate distributions in the order mentioned in the question.) a. Cash Cash shares Coca-Cola…the initial investment of the owner in his business is cash of p100,000.00. at the end of each year, the total assets of the business amounted to p125,000.00 this consists of p75,000.00 cash.
- 50 Myers Real Estate Company exchanged an acre of land in exchange for five hundred shares of stock in the Midland Corporation. The land is worth $22,000 and the stock is worth $40 per share. How will this transaction be reported on the statement of cash flows? a- As a source of cash in the investing section, a use of cash in the financing section, and an adjustment to net income in the operating section for the loss b- As a source of cash in the investing section and a use of cash in the financing section c- As a non-cash investing and financing transaction d- As a use of cash in the investing section and a source of cash in the financing sectionMr T invested 20000 in cash into his business, this transaction would?Lance is entering an invoice for a new item of equipment in the accounts. The invoice shows the following costs: Water treatment equipment $39,800 Delivery $1,100 Maintenance charge $3,980 Sales tax $7,854 Invoice total $52,734 Lance is registered for sales tax. What is the total value of capital expenditure on the invoice?
- Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Saladin lists the ff possible items of gross income: Compensation Income – 200K Winnings from gambling – 100K Increase in value of investments – 50K Appreciation in the value of the land owned – 300K Debt of Saladin cancelled by creditors in consideration for services he rendered to them – 150K Debt of Saladin cancelled by his creditor out of affection – 250K Loan received from a bank – 400K How much is the total gross income of Saladin?Lebak bought a car worth 800,000 and registered it in the name of its supervisory employee. It was agreed that the same will be used partially for the business of Lebak. Compute the monetary value. 400,000 800,000 80,000
