Grace operates a pet shop and at the same time offers interior design services to her...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Grace operates a pet shop and at the same time offers interior design services to her clients. The following data were provided by Grace for 2021 taxable year: Pet Shop: Gross Sales- 1,800,000 Cost of Sales- 600,000 Operating Expenses- 200,000 Interior design services: Gross receipts- 1,150,000 Cost of direct services- 120,000 Operating Expenses- 80,000 How much is her income tax liability for the year? Grace operates a pet shop and at the same time offers interior design services to her clients. The following data were provided by Grace for 2021 taxable year: Pet Shop: Gross Sales- 1,800,000 Cost of Sales- 600,000 Operating Expenses- 200,000 Interior design services: Gross receipts- 1,150,000 Cost of direct services- 120,000 Operating Expenses- 80,000 How much is her income tax liability for the year?
Expert Answer:
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
Students also viewed these accounting questions
-
The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2014: Sales of merchandise for cash ............$ 233,000 Sales of merchandise on credit...
-
The following data were provided by the detailed payroll records of Mountain Corporation for the month of March 2011: Wages .................$35,000 Income Taxes Withheld .......... 7,350 Union dues...
-
Cost or expenses must be recorded at the same time as the revenue to which they correspond is specified by which principle? (a) Matching Principle (b) Going Concern Principle (c) Consistency...
-
The degree of operating leverage for Dousmann Corp. and PCB Co. are 1.4 and 5.6, respectively. Both have net incomes of $50,000. Determine their respective contribution margin s.
-
The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or can be accessed at corporate.marksandspencer....
-
Week Day 1 2 3 4 SUN 10 12 8 13 MON 24 25 21 29 TUE 31 30 35 34 WED 26 32 28 33 THU 59 50 51 49 FRI 61 60 69 65 SAT 54 52 51 58 Fina's Lunchtime Bistro has tracked the number of meals served at...
-
The 2015 annual report of the Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions: a. How does P&G value its...
-
Produce a wait-for-graph for the following transaction scenario and determine whether deadlock exists. Data items locked by transaction Data items transaction is waiting for Iransaction X1, X X7, X...
-
The Ames Company reports $300,000 in current assets and $100,000 in current liabilities. At the very end of the year, the company pays a $20,000 account payable. What was the current ratio before the...
-
Provide a response to the questions within the case study. Responses to your classmates should include alternatives to their interpretations. Consider this as an email exchange with project teammates...
-
Summary of The New Yorker article (The Throwaways By Sarah Stillman August 27, 2012 ). https://stillmanjournalism.wordpress.com/2013/05/06/the-throwaways/ What were the risks of using untrained...
-
As a manager or a coach, would you use MBO? Why or why not?
-
Develop a SWOT for the North American Society for Sport Management (NASSM).
-
Are both goals and objectives necessary for managing a health club? Why or why not?
-
What is the importance of employee growth-need strength to the job characteristics model?
-
Which of the following control activities would be most likely to as- sist in reducing the control risk related to the occurrence of inventory transactions? a. Inventory manager does not have ability...
-
0-1-1-9 Solve the equation. Check your solutions.
-
What is the role of business risk analysis in the audit planning process?
-
On December 31, Year 7, Maple Company issued preferred shares with a fair value of $600,000 to acquire 12,000 (60%) of the common shares of Leafs Limited. The Leafs shares were trading in the market...
-
EnDur Corp (EDC) is a Canadian company that exports computer software. On February l, Year 2, EDC contracted to sell software to a customer in Denmark at a selling price of 600,000 Danish krona (DK)...
-
On January 1, Year 1, Spike Ltd. purchased land from outsiders for $100,000. On December 31, Year 1, Pike Co. acquired all of the common shares of Spike. The fair value of Spikes land on this date...
-
Find the range of values of \(x\) such that (i) \(|x+5| \geq 1\). (ii) \(|x+5|>|x-2|\). (iii) \(|x+5|
-
Consider NLS regression for the model \(y=\exp (\alpha+\beta x)+\varepsilon\), where \(\alpha, \beta\), and \(x\) are scalars and \(\varepsilon \sim \mathcal{N}[0,1]\). Note that for simplicity...
-
Suppose a sample yields estimates \(\widehat{\theta}_{1}=5, \widehat{\theta}_{2}=3\) with asymptotic variance estimates 4 and 2 and the correlation coefficient between \(\widehat{\theta}_{1}\) and...
Study smarter with the SolutionInn App