Question

Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $95,000 Cost...

Flip's Pizzeria Inc. has the following financial items for the current year:

Advertising Expenses $95,000

Cost of Goods Sold $765,000

Other Operating Expenses $355,000

Sales $2,630,000

Wages and Salaries $495,000

Capital Gain $20,000

Calculate Flip's taxable income for the current year.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Let me know if u have any concerns

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
General's Inc. has the following financial items for the current year: Advertising Expenses $60,000 Cost of...
General's Inc. has the following financial items for the current year: Advertising Expenses $60,000 Cost of Goods Sold $735,000 Other Operating Expenses $495,000 Sales $2,070,000 Wages and Salaries $345,000 Capital Loss $45,000 Calculate General's taxable income for the current year.
The company FPA has the following income, expense, and loss items for the current year. Sales...
The company FPA has the following income, expense, and loss items for the current year. Sales $850,000 Tax-exempt interest $40,000 Long-term capital gain $85,000 Short-term capital loss $35,000 Passive activity loss $20,000 Cost of goods sold $480,000 Depreciation $40,000 Section 179 expense $50,000 Other operating expenses $200,000 Net operating loss (from previous year) $24,000 Prepare a calculation of taxable income for the following scenarios and indicate the tax form(s) to report the business activity: Corporation Owned by Kim
The company FPA has the following income, expense, and loss items for the current year. Sales...
The company FPA has the following income, expense, and loss items for the current year. Sales $850,000 Tax-exempt interest $40,000 Long-term capital gain $85,000 Short-term capital loss $35,000 Passive activity loss $20,000 Cost of goods sold $480,000 Depreciation $40,000 Section 179 expense $50,000 Other operating expenses $200,000 Net operating loss (from previous year) $24,000 Prepare a calculation of taxable income for the following scenarios and indicate the tax form(s) to report the business activity: S Corporation owned equally by Henry,...
The following information is from Robin Hood Inc. Advertising Expenses $ (400,000) Capital Gains $ 150,000...
The following information is from Robin Hood Inc. Advertising Expenses $ (400,000) Capital Gains $ 150,000 Capital Losses (this year) $ (200,000) Capital Losses (prior year) $         -   Cost of Goods Sold $ (4,000,000) Dividend "A" income $    200,000 Dividend "B" income $      100,000 Dividend "C" income $         50,000 General and Admin Expenses $ (1,300,000) Interest Expense $ (500,000) Sales $9,000,000 Calculate Robin’s interest expense deduction assuming the following: Adjusted taxable income                    $ 35,000,000                 Business interest income                   ...
Robots, Inc. reports the following financial data for last year: Gross income from sales and services...
Robots, Inc. reports the following financial data for last year: Gross income from sales and services $200,000 Wages, cost recovery and other expenses 180,000 Dividend income from at least 20 percent owned U.S. corporations 40,000 Net operating loss carryover 20,000 Capital losses 10,000 Charitable contribution carryover 7,000 Current charitable contributions 11,000 What is Robots's charitable contribution deduction? How much of the charitable contribution carryover is used up? What is taxable income? What is the dividends-received deduction?
Robots, Inc. reports the following financial data for last year: Gross income from sales and services...
Robots, Inc. reports the following financial data for last year: Gross income from sales and services $200,000 Wages, cost recovery and other expenses 180,000 Dividend income from at least 20 percent owned U.S. corporations 40,000 Net operating loss carryover 20,000 Capital losses 10,000 Charitable contribution carryover 7,000 Current charitable contributions 11,000 CITE CODE SECTION AND SHOW WORK (a.) What is Robots's charitable contribution deduction? (b.) How much of the charitable contribution carryover is used up? (c.) What is taxable income?...
Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods...
Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Rogue's operating income is equal to
The below is from abc partnership sales 500 cost of goods sold 200 salaries and wages...
The below is from abc partnership sales 500 cost of goods sold 200 salaries and wages 100 other operating expenses 20 Long term capital gain 10 interest income 5 dividend income 3 john smith owns 40% of the partnership, calculate the amount of ordinary income and separately stated items allocated to him
Which of the following items would be reported in the "Other expenses and losses" section of...
Which of the following items would be reported in the "Other expenses and losses" section of a multi-step income statement? A) Freight out. B) Salaries and wages expense. C) Gain on disposal of plant assets. D) Casualty loss from vandalism. 2. All of the following are advantages of a perpetual inventory systems except: Ability to determine inventory quantities at any time and check whether the amount actually on hand agrees with the inventory records. Ability to produce interim financial statements...
The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1...
The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 35,000 $ 40,000 Inventory $ 55,000 $ 51,000 Prepaid expenses $ 12,000 $ 14,000 Accounts payable (for merchandise) $ 33,000 $ 32,000 Accrued expenses payable $ 15,000 $ 20,000 Net sales $ 260,000 Cost of goods sold $ 130,000 Operating expenses (including depreciation of $18,000) $ 80,000 Compute the amount of Seldin's cash payments for purchases of merchandise during the current...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT