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polet [3.4K]
3 years ago
8

The following information for "2019" pertains to Bartley Corporation: Capital contributions by shareholders $50,000 Realized los

s on sale of treasury stock (10,500) Income from rental property in a sinking fund (in the hands of a trustee) 5,500 Rent paid directly to a bond holder on a lease of corporate property 8,000 What is the amount of gross income to Bartley Corporation for 2019?
Business
1 answer:
Nadusha1986 [10]3 years ago
7 0

Answer:

$13,500

Explanation:

Bartley's gross income should include only two items:

  1. income from rent paid directly to a bond holder
  2. income from rental property in a sinking fund

2019 gross income = $8,000 + $5,500 = $13,500

The net gains or losses associated to the selling or rebuying of stocks are considered capital gains or losses, and they are taxed differently than gross income.

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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeM
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Answer and Explanation:

The preparation of the schedule of cash collections from sales for October, November, and December is presented below:

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Sales           $58,000      $65,000           $72,000  

Cash sales   $14,500             $16,250                  $18,000

                     ($58,000 × 0.25)   ($65000 × 0.25)         ($72,000 ×.25 )

Credit sale   $43,500              $48,750                    $54,000  

                     ($58,000 - $14,500)                  

September account receivable       $35,000      

current month payment      

October credit sale:       $13,050       $30,450  

                   ($43,500 × 30%)       (43500 ×70%)  

November credit sale                 $14,625                    $34,125

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December credit sale:                                  $16,200  

                                                                                                 ($54,000 × 30% )

Total cash collected         $62,550  $61,325                    $68,325

($14,500 + $35,000 + $13,050)   ($16,250 + $30,450 + $14,625)        ($18,000 + $34,125 + $16,200)

5 0
3 years ago
Jonathan just graduated college and can expect monthly loan payments of $405. His new job provides him
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36000/12=3000

so 3000 a month he makes.

3000-405=2,595

405x12= 4860
7 0
3 years ago
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Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a pr
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Answer:

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b. Sales salaries: Period - Selling

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- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.  

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- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

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e. Salary of production supervisor: Period - Admin

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g. Salary of CEO: Period - Admin

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