Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Julia has invested her profits from the last several years with BF Dutton Inc and has provided the Forms 1099INT and 1099DIV for 2022 for

Julia has invested her profits from the last several years with BF Dutton Inc and has provided the Forms 1099INT and 1099DIV for 2022 for her investment income. She has no other income for 2022 and did not receive any Forms 1099B.

image text in transcribed

image text in transcribed

Her taxable income for 2022 is 216,736. Her beginning inventory 15,500. Purchases are 487,700. Ending inventory is 18,200. COGS is 485,000.Her Net income is 283,096. Vehicle Expense is 900. Depreciation expenses are 8,872. What is Julia's tax liability? A) 75,063 B) 93,740 C) 75,820 D) 92,739

entLMS/LMS3.aspx?rNum=1&aicc_sid=56571394hrblock&packageld=CourseID-org&qs=%5 Standard Small Business C CORRECTED (if ch PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN or foreign postal code, and telephone no. BF DUTTON, INC 147 REWARDS BLVD YOUR CITY, YS XXXXX 1 Interest Inc 4,322.0 2 Earty withd PAYER'S TIN RECIPIENT'S TIN 55.00

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

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions

Question

=+What does this exercise tell you about the meaning of abnormal?

Answered: 1 week ago