FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carlos is self-employed. During the year, he had the following business income and expenses. What is his gross income for the tax year? Income $16,050

Carlos is self-employed. During the year, he had the following business income and expenses. What is his gross income for the tax year?

  • Income $16,050
  • Cost of goods sold $5,000
  • Advertising $1,000
  • Legal and professional fees $280
  • Office expense $125
  • Supplies $310
  • Business license $100
  • Utilities $420

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

9781266566899

Students also viewed these Accounting questions

Question

Do you think DeShawn's situation could have been prevented? If so, how?

Answered: 1 week ago

Question

★★★★★
Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%. Jan. 1 Received payment on account from Ray Boyd, $880. 3 Received payment on account from...

Answered: 1 week ago

Question

★★★★★
Question 1 Which of the following statements is true as to GAAP regarding accounting for income taxes, and its use of the asset and liability app Considerable flexibility is permitted in the balance...

Answered: 1 week ago

Question

★★★★★
question part 1 Page 1 of 7 {1' E (-y ST.-AGA... Insert Draw Design Layout References 0\ Search in Document Mailings Home Insert Draw Carlito Design 12 ST.-AGA... Qv References Layout 2 Paste 1. 2....

Answered: 1 week ago

Question

★★★★★
What is the first element in the architecture of a loyalty program? Select one: a. SMART analysis. b. SWOT analysis. c. Initial business case. d. Strategic planning

Answered: 1 week ago

Question

★★★★★
Find the unit tangent vector to the curve at the specified value of the parameter. (Give your answers correct to 3 decimal places.) r(t) i+6j, t=2 = Enter a number. Submit Answer -/6 Points] DETAILS...

Answered: 1 week ago

Question

★★★★★
For the gear and shaft assembly shown in the following figure, Fc = 750 N. Determine the reaction forces the bearings at locations "B" and "D" apply to the shaft. z do D Gear 1 50-mm dia. bazius 45...

Answered: 1 week ago

Question

★★★★★
Use the stock table below to answer parts a through g. Assume that the data for Company XYZ stock came from an online quote you looked at during lunch. Last Change %Change 14.39 +0.27 1.91 Open High...

Answered: 1 week ago

Question

★★★★★
An owner decided to franchise it to become a chain of seven furniture shops in Australia with a total of 85 employees and $49,600 revenue each day. Some franchises have been around for 3 years while...

Answered: 1 week ago

Previous Question Next Question