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vagabundo [1.1K]
2 years ago
13

What is the income threshold for self-employed workers to file a tax return.

Business
1 answer:
Stolb23 [73]2 years ago
6 0

Answer:

$400 or more

Explanation:

You might be interested in
Maplewood Company incurred the following costs for 70,000 units: Variable costs $420,000 Fixed costs 392,000 Maplewood has recei
Anika [276]

Answer:

$8.1

Explanation:

Variable cost to be incurred for the offer = ($420,000/70,000) * 3,000

Variable cost to be incurred for the offer = $6 * 3,000

Variable cost to be incurred for the offer = $18,000

Additional Fixed cost = $6,300

Total Cost incurred for the offer = Variable cost to be incurred for the offer + Additional Fixed cost

Total Cost incurred for the offer = $18,000 + $6,300

Total Cost incurred for the offer = $24,300

Unit Sales Price (Break even) = Total Cost incurred for the offer / 3,000 units

Unit Sales Price (Break even) = $24,300 / 3,000 units

Unit Sales Price (Break even) = $8.1

8 0
3 years ago
The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operat
tigry1 [53]

Answer:

Dec 31,2020

Dr Loss on impairment $270,000

Cr Accumulated depreciation-Equipment $270,000

Explanation:

Preparation of the journal entry to record the impairment at December 31, 2020

First step is to calculate the Loss on impairment

Cost $900,000

Less: Accumulated depreciation ($400,000)

Carrying Amount $500,000

Less: Fair value ($230,000)

Loss on impairment $270,000

Now let Prepare the journal entry

Dec 31,2020

Dr Loss on impairment $270,000

Cr Accumulated depreciation-Equipment $270,000

(To record the impairment)

5 0
3 years ago
Jan. 1. Announced a 4-for-1 common stock split, reducing the par value of the common stock to $1.00 per share. Mar. 30. Converte
Crank

Answer:

a.                            stockholder's Equity

DEBIT                          amount                                 CREDIT           amount

                                                             1 Jan                                    600000

                                                               bank                                   160000

                                                              bond                                    103000

                                                              bank                                     110000  balance c/d               <u>973000</u>                                                        

                                       bank                                                                                                              

stockholder's           160000

stockholder's           110000           balance c/d                                270000

                                        preferred stock                        

                                                     1 Jan                                            500000

                                                      equipment                                  40000

balance c/d               540000

                                          investment

bank                             210000           bank                                    11500

paid in excess             1000

                                              EQUIPMENT                                                                        

preferred stock              40000           balance c/d                            40000

                                       Retained earnings              

                                                       1 Jan                                              325000

 balance c/d             475000        net income                                    150000

                                      bond

DEBIT                        amount                                    CREDIT             amount

common stock          103000

                                          paid in excess

balance  c/d          1000                   investment                             1000

b. Journal entries  

split shares no entry needed just a memo note

mar 30 Debit bonds 103000 credit stockholder's equity 103000

june 1 Debit equipment 40000 credit preferred stock 40000

Sep 1 Investment 210000 credit bank 210000

Nov 21 bank 110000 credit stockholder's equity 110000

Debit bank 11500 credit investment 10500,  credit paid in excess 1000

Debit  net income ( income summary) 150000 credit Retained earnings 150000

Explanation:

the missing parts of the question;

The stockholders’ equity of Summit Corporation at January 1 follows:

7 Percent preferred stock, $100 par value, 20,000 shares authorized;

5,000 shares issued and outstanding $500,000

Common stock, $15 par value, 100,000 shares authorized;

40,000 shares issued and outstanding 600,000

Paid-in capital in excess of par value—Preferred stock 24,000

Paid-in capital in excess of par value—Common stock 360,000

Retained earnings 325,000

Total Stockholders’ Equity $1,809,000

The following transactions, among others, occurred during the year:

Jan. 12 Announced a 4-for-1 common stock split, reducing the par value of the common stock to $3.75 per share. The authorization was increased to 400,000 shares.

Mar. 31 Converted $40,000 face value of convertible bonds payable (the book value of the bonds was $43,000) to common stock. Each $1,000 bond converted to 125 shares of common stock.

June 1 Acquired equipment with a fair market value of $70,000 in exchange for 500 shares of preferred stock.

Sept. 1 Acquired 10,000 shares of common stock for cash at $10 per share.

Oct. 12 Sold 1,500 treasury shares at $12 per share.

Nov. 21 Issued 5,000 shares of common stock at $11 cash per share.

Dec. 28 Sold 1,200 treasury shares at $9 per share.

31 Closed net income of $95,000 to the Retained Earnings account.

3 0
3 years ago
Observation #2
Maru [420]

Answer:

1. A business name is your business's legal name. It is the official name of the person or entity that owns a company. And, it's the name you use on your government forms and business paperwork.

2. Review common business structures

Sole proprietorship. A sole proprietorship is easy to form and gives you complete control of your business. ...

Partnership. Partnerships are the simplest structure for two or more people to own a business together. ...

Limited liability company (LLC) ...

Corporation. ...

Cooperative.

3. A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals.

6 0
3 years ago
A seller who’s selling her property on her own (FSBO) received a contract to purchase. She then returned the contract changing a
natima [27]

Answer:

The correct answer is: Counter-proposal.

Explanation:

A counter-proposal or counteroffer is the result of modifying the initial offer of a contract. This change is usually made by the <em>offeree </em>or the person who receives the offer because some of the terms are not suitable for that person or do not meet his or her expectations. As long as the <em>offeror </em>and the <em>offeree </em>do not come to an agreement, the contract is not considered binding.

8 0
3 years ago
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