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3 years ago

How is the installment sale of an entire business reported on the tax return?

1 answer:

3 0

<span>Use Form 6252 to report the income from the installment sale. The sale may also need to be reported on one or both of the following Forms: Schedule D (Form 1040) or Form 4797.</span>

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HELP 10 POINTS!!!!!!!!!!!! ONE QUESTION!!!!!!!

8090 [49]

Answer:

Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin

3 0

3 years ago

Pendleton Company, a merchandising company, is developing its master budget for 2015. The income statement for 2014 is as follow

Amanda [17]

Answer:

<u>Budgeted functional income statement for 2015</u>

Gross sales ($2,000,000 × 1.04 × 1.06) $2,204,800

Less: Estimated uncollectible accounts ($2,204,800 × 2 %) ($44,096)

Net sales $2,160,704

Cost of goods sold (1,100,000 × 1.03) ($1,133,000)

Gross profit $1,027,704

Operating expenses (475,000 × 1.10) ($522,500)

Depreciation ($25,000)

Net income $480,204

Explanation:

Make the adjustments stated on the 2014 Income Statement.

For Operating Expenses, it is wise to first remove the depreciation expense and apply the increment of 10% to reflect Operating Costs for 2015.

Treat Depreciation Expense separately and at the same amount as for 2014, since depreciation is calculated on straight line method.

3 0

3 years ago

During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wag

hjlf

Answer:

GROSS MARGIN = 33.33%

Explanation:

PRODUCTION COST COMPONENTS

Direct materials 14,000
Direct work 19,000
Lease and utilities 17,000

TOTAL PRODUCTION COST = 50,000

TOTAL UNITS PRODUCED = 5,000

UNIT COST= (Total Production Cost / Total Units Produced) = 50,000 / 5,000 = 10

FINAL GOODS INVENTORY = (Total Units Produced – Total Units Sales) = 5,000 – 3,000 = 2,000

FINAL GOODS INVENTORY AMOUNT = (Final goods Inventory * Unit Cost) = 2,000 * 10 = 20,000

SALES REVENUE= (Sold Units * Sale Price) = (3,000 * 15) = 45,000

COST OF SOLD GOODS (a) = (Sold Units * Unit Cost) = 3,000 * 10 = 30,000

COST OF SOLD GOODS (b) = (Beginning Balance + Production cost – Final Balance) = 0 + 50,000 – 20,000 = 30,000

GROSS MARGIN = ((Sales Revenue – Cost of sold Goods) / Sales Revenues) * 100 = ((45,000 – 30,000) / 45,000) * 100 = 33.33%

COST OF SOLD GOODS (a) Calculated according to the inventory unit cost

COST OF SOLD GOODS (b) Calculated as the difference in inventory

7 0

3 years ago

Transaction Processing Systems (TPS) can make decisions using predetermined rules and processes. This is an example of a(n) ____

avanturin [10]

TPS can make decisions based on pre-defined rules and processes. This is an example of an operational control's structured decision.

<h3>What is Transaction Processing Systems?</h3>

Transaction processing system is also denoted as TPS. It is a method of computing that breaks down work into discrete, indivisible activities known as transactions.

A transaction processing system is a software or may be hardware combination that facilitates transaction processing.

Therefore, the TPS is an example of a structured decision of an operational control.

Learn more about the Transaction Processing Systems, refer to:

brainly.com/question/11621307

#SPJ1

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2 years ago

How would you check the accuracy of the opening balance of the most recent statement?

Trava [24]

Answer:

I think the answer is B verify last month

6 0

3 years ago