At the beginning of 2014, Peter's Perfectly Prickly Piercing Parlour had $5,000 worth of bellybutton and eyebrow
Question:
At the beginning of 2014, Peter's Perfectly Prickly Piercing Parlour had $5,000 worth of bellybutton and eyebrow rings on hand, 2 computers (each worth $1,000), 1 cash register worth $100, electrical equipment worth $500, and one piercing needle worth $500. At the end of 2014, they had $5,000 worth of bellybutton and eyebrow rings, a new high speed computer worth $3,000 (they had to throw out the old ones), the same cash register, which was now worthless, electrical equipment worth $600, and they had upgraded the needle at a cost of $700 which was valued at $1,000.
Peter's capital at the beginning of 2014 is
Options:
1) $8,100.
2) $7,000.
3) $3,100.
4) $7,600.
5) $5,000.
Federal Taxation 2015 Comprehensive
ISBN: 9780133807783
28th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson