Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 07, 2024

Tom operates an auto parts store. His records indicate that he had sales of $87,000. Customers returned $2,000 worth of parts because of various defects.

Tom operates an auto parts store. His records indicate that he had sales of $87,000. Customers returned $2,000 worth of parts because of various defects. His cost of goods sold was $25,000. What is Tom's Schedule C gross income?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Audit Guide Audit Sampling

Authors: AICPA

2nd Edition

195068833X, 978-1950688333

More Books

Students also viewed these Accounting questions

Question

★★★★★

Spectral lines of the following wavelengths are emitted by singly ionized helium: 164 nm, 230.6 nm, and 541 nm. Identify the transitions that result in these spectral lines.

Answered: 1 week ago

Question

★★★★★

Surgery Center is an outpatient surgical clinic that was profitable for many years, but Medicare has cut its reimbursements by as much as 40%. As a result, the clinic wants to better understand its...

Answered: 1 week ago

Question

★★★★★

68. In Exercise 15, is any Ai independent of any other Ai? Answer using the multiplication property for independent events.

Answered: 1 week ago

Question

★★★★★

The so-called local carrier is also almost unique to the motor-carrier industry. Why?

Answered: 1 week ago

Question

★★★★★

Use the following information to answer this question. Northeaster, Inc. 2017 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest...

Answered: 1 week ago

Question

★★★★★

Madison Corporation sells three products (M. N and O) in the following mix: 3:12. Unit price and cost data are: Unit sales price Unit variable costs M $15 8 N $10 7 O $16 14 Total fixed costs are...

Answered: 1 week ago

Question

★★★★★

Answer the essay: Each of you must write down a certain business. Think of the materials needed in the business. A. Where are you going to get the materials? B. Are the materials needed from the...

Answered: 1 week ago

Question

★★★★★

Explain why developing clear research objectives is so crucial to business research. Use the editor to format your answer

Answered: 1 week ago

Question

★★★★★

A die is rolled and value is recorded. The table shows the results of 20 rolls. 3 3 1 4 6 4 st 4 2 1 3 2 2 2 4 3 2 6 3 4 6 (a) Complete the probability distribution table. X P(X) 1 2 3 4 5

Answered: 1 week ago

Question

★★★★★

. Consider the power transmission-line tower shown in the accompanying figure. The members have a cross-sectional area of 10 in and a modulus of elasticity of E = 29 106 lb/in. Using ANSYS, determine...

Answered: 1 week ago

Question

★★★★★

When Inga finds out that she is to be terminated at 3:00pm, she runs back to her cash drawer at 2:30pm and takes $700 that she suspects that she'll need to live on because the hotel does not give...

Answered: 1 week ago

Question

★★★★★

1. Write down two or three of your greatest strengths.

Answered: 1 week ago

Question

★★★★★

What roles have these individuals played in your life?

Answered: 1 week ago

Question

★★★★★

2. Write two or three of your greatest weaknesses.

Answered: 1 week ago

Previous Question Next Question