1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sveta_85 [38]
3 years ago
12

Tonya operates a nail salon as a sole proprietorship. Tonya also owns and rents an apartment building. This year Tonya had the f

ollowing income and expenses. Determine Tonya's AGI (rounded to the nearest dollar). You may assume that Tonya will owe $6,255 in self-employment tax on her salon income, with $3,128 representing the employer portion of the self-employment tax. You may also assume that her divorce from Ted was finalized in 2016.
Interest income $ 28,138
Interest expense on qualified loan to fund dependent son's college tuition 2,000
Salon sales and revenue 215,900
Salaries paid to beauticians 113,125
Nail salon supplies 58,500
Alimony paid to her ex-husband, Ted 15,000
Rental revenue from apartment building 78,050
Depreciation on apartment building 32,250
Real estate taxes paid on apartment building 27,750 Real estate taxes paid on personal residence 15,603 Contributions to charity 10,593
Business
1 answer:
Gala2k [10]3 years ago
3 0

Answer:

Tonya's AGI $70,335

Explanation:

Tonya's AGI:

Revenue from salon $215,900

Salaries paid to beauticians ($113,125)

Nail salon supplies ($58,500)

Salon's operating income $44,275

                   +

Interest income $28,138

                   +

Rental revenue from apartment building $78,050

Depreciation on apartment building ($32,250)

Real estate taxes paid on apartment building ($27,750)

Rental income $18,050

                    -

Alimony paid to her husband $15,000

                    -

Self-employment tax on salon income $3,128

                    -

Interest expense on education loan $2,000

                   =

Tonya's AGI $70,335

Real estate taxes paid on Tonya's house and charitable contributions are itemized deductions (below the line deductions).

You might be interested in
Invested Capital Corporation provides other firms with funds to expand operations. If Invested Capital strictly complies with ex
soldi70 [24.7K]

Answer:

c. be partially met

Explanation:

Business ethics obligations is what a firm ought to do, course of action is defined and draws a line between right and wrong.

A business has an ethical obligation to make profit for its owners and also to give back to society by supporting other busines growth.

Invested Capital Corporation is fulfilling its obligations to society by providing other firms with funds to expand their operations. Their business ethics obligation is partially met because they are not also focusing on their own productivity.

5 0
3 years ago
As a real estate speculator, you are planning and able to buy a house that costs $200,000, borrowing the full amount with no mon
Ivanshal [37]

Answer: $4,000

Explanation:

The house is worth $200,000 in the present when you bought it.

When you sell it in a year, it would have appreciated by 2% over the capital that you invested as per the expected increase in Real Estate rates.

Your capital gain therefore is that 2%;

= 2% * 200,000

= $4,000

7 0
3 years ago
. What happens if you don't pay your insurance premium for your car?
Andru [333]
Your insurance will be cancelled
5 0
3 years ago
Which of the following is not descriptive of external environmental scanning? used as a tool for corporations to avoid strategic
julsineya [31]

Answer:

used to identify major stockholders

Explanation:

Environmental scanning is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information  in an organisation's external and internal environment. The informations acquired through environmental scanning is then used by the executive management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.

The internal environmental scanning offers an organization strength and weakness while the external environmental scanning provides information about opportunities and threats.

Generally, the external environmental scanning gives an overview of the opportunities in the market as well as potential threats to an organization.

Hence, the following are descriptive of an external environmental scanning;

1. Used as a tool for corporations to avoid strategic surprise.

2. Used to monitor, evaluate, and disseminate information relevant to the organizational development of strategy.

3. Used to determine a firm's competitive advantage.

4. Used as a tool to ensure a corporation's long-term health.

7 0
3 years ago
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system.
Zanzabum

Answer:

Campus Stop, Inc.

Partial Income Statement

Sales revenue                              $323,300

Sales returns                                    ($1,730)

Sales discounts and allowances <u>  ($2,270)</u>

Net sales                                       $319,300

Cost of goods sold                      <u>($172,870)</u>

Gross profit                                   $146,430

Gross profit margin = $146,430 / $319,300 = 45.86%

8 0
3 years ago
Other questions:
  • Stock A has a beta of 1.2 and a standard deviation of 20%. Stock B has a beta of 0.8 and a standard deviation of 25%. Portfolio
    8·1 answer
  • Suppose the reserve requirement in the united states is 20% - Suppose the federal reserve wants to increase the money supply by
    7·1 answer
  • The consumers union has proved effective in forcing businesses to change unethical behavior
    5·1 answer
  • Motonous Corporation has completed its fiscal year and reported the following information. The company had current assets of $15
    12·1 answer
  • For a given product, the optimal order quantity is 600 units, average annual demand is 12,000 units, the average lead time is 1
    15·1 answer
  • Sandblasting equipment acquired at a cost of $42,000 has an estimated residual value of $6,000 and an estimated useful life of 1
    13·1 answer
  • Which of the following statements is(are) true? (A) A favorable variance is not necessarily good, and an unfavorable variance is
    10·1 answer
  • If the us wants to help the economy should it print more money? Why or not.
    15·1 answer
  • Stephanie Robbins is attempting to perform an inventory analysis on one of her most popular products. Annual demand for this pro
    10·1 answer
  • The production function gets flatter, while the total cost curve gets steeper due to the fact that Group of answer choices at lo
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!