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nignag [31]
2 years ago
12

Maria runs a small business out of her home. She has expenses of $2,000 per year and uses the cash basis method of accounting. H

er only employee is her cousin who works for her part-time. What form should she use to report her business income?
Business
1 answer:
mariarad [96]2 years ago
3 0

Answer:

Maria should use Schedule C to report her business income.

Explanation:

Anyone who is running a business (as a single owner not in partnership) has to fill the Schedule C form while filling annual tax returns.

Schedule C:

It is profit or loss form of a business and tells the income as well as deductible expenses of a business for a tax year.

Note:

If someone is operating more than one business then he or she has to file a separate Schedule C  for each of business.  

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During 2018, Raines Umbrella Corp. had sales of $715,000. Cost of goods sold, administrative and selling expenses, and depreciat
Dima020 [189]

Answer:Net Income/ loss= -$37,100

Raine's operating cash flow= $174,000

Explanation:

Net income/loss for Raines Umbrella Corp In 2018

Sales                                                        $715,000

less:  Cost of goods sold                        -$446,000

Administrative and Selling expenses        -$95,000

 Depreciation                                              -$140,500

 EBIT                                                             $33,500

less: Interest                                                  $ 70,600

Net loss                                                          -$37,100

B) Raine's operating cash flow:

= EBIT + Depreciation - Taxes( Since a net loss was recorded by Raines, yhere would be no taxes  

= $33,500 + $140,500 - $0

= $174,000

7 0
2 years ago
Iris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida, and wants to expand to other
ivanzaharov [21]

Answer:

Expense $23,000 for 2014

Explanation:

The computation is shown below:

Given that

Amount spent on investigating the TV rental stores is $14,000 in south Carolina

And, the amount spent  on investigating the TV rental stores is $14,000 in Georgia is $9,000

So, the expenses that should be spent in the year 2014 is

= $14,000 + $9,000

= $23,000

The same is to be considered

6 0
3 years ago
Beatrice invests $1,410 in an account that pays 3 percent simple interest. How much more could she have earned over a 4-year per
mixas84 [53]

Answer:

$7.77

Explanation:

The answer would be the difference between compound and simple interest

Simple interest = principal x time x interest

$1,410 x 0.03 x 4 = $169.20

Compound interest = future value - present value

future value = Principal ( 1 + interest)^n

$1,410 ( 1.03)^4 = $1586.96

$1586.96 -$1,410 = $176.97

Difference = $176.97 - $169.20 = $7.77

4 0
2 years ago
Suppose the yield on short-term government securities (perceived to be risk-free) is about 4%. Suppose also that the expected re
iogann1982 [59]

Answer: 10%

Explanation:

The Capital Asset Pricing Model or CAPM for short can be used to calculate expected return in the following manner,

Expected return = Rf+B(Rm-Rf)

Rf = Risk free rate

B = Beta

Rm= Market return.

Plugging the figures in we have

Expected return = Rf+B(Rm-Rf)

= 0.04 + 1(0.1 - 0.04)

= 0.1

= 10%

5 0
3 years ago
Holly files an employment discrimination suit against Industrial Corporation under Title VII of the Civil Rights Act on a dispar
Zinaida [17]

Answer:

D) seniority system

Explanation:

A disparate treatment (or impact) by an employer refers to a claim that an employer is treating an employee differently than others not publicly or directly, but that discrimination produces a negative effect.

Title VII of the Civil Rights Act protects employees from discrimination based on gender, race, color, national origin and religion.

3 0
3 years ago
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