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8090 [49]
3 years ago
8

Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for he

r business. This year, Renee’s proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. a. What is Renee’s adjusted taxable income for purposes of calculating the limitation on business interest expense?
Business
1 answer:
Nuetrik [128]3 years ago
5 0

Answer:

$30.1

Explanation:

Adjusted basis refers to the net value of an asset after considering depreciation and capital investments. It is the net value of an asset.

Adjusted taxable income is the income after adjusting for depreciation and interest.

For a sole proprietorship, the income of the business is the same as owners' income.  

For Renee, adjusted taxable income will be,

Total revenue= $85M

Net expenses equal to total revenue minus depreciation minus interest paid

=$78.1, - $10.1 - $12.7

=$54.9

Adjusted taxable income= Total revenue - net expenses

= $85 - $54.9

=$30.1

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2 years ago
ÂOaktree, Inc. is a merchandiser of inlaid wooden boxes. The company sold 7,500 units during the year. The company has provided
MA_775_DIABLO [31]

Answer:

correct answer is A. $320,000

Explanation:

given data

sold  = 7,500 units

Sales Revenue =  $566,000

Purchases=  305,000

Selling and Administrative Expense =  68,000

Freight In =  13,000

Beginning Merchandise Inventory =  45,000

Ending Merchandise Inventory =  42,000

solution

we know that gross profit is equal to Sales minus Cost of goods sold   .......1

so first we get here gross profit that is

gross profit = ( sales revenue + ending inventory ) - ( beginning inventory + purchase + freight in )   .........1

gross profit = ( $566,000 + $42000 ) - ( $45000 + 305000 + $13000 )

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so cost of good sold will be from equation 1

cost of good sold = $566,000 - $245000 = 321000 so approx

so correct answer is A. $320,000

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Explanation:

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lana66690 [7]

Answer:

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There are three primary parts to a business plan:

The first is the business concept, where you discuss the ibusiness you are in to, your business structure, your particular product or service, and how you plan to make your business a success.

The second is the marketplace section, in which you describe and analyze potential customers (target market): who and where they are, what makes them buy and so on. Your unique niche and selling point Here, you also describe the competition and how you'll position yourself to beat it.

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horsena [70]

Answer:

human side to computer side

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