Using the following information related to Sampson Widgets, a sole proprietorship operated by Mr. Sampson. Calculate...
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Using the following information related to Sampson Widgets, a sole proprietorship operated by Mr. Sampson. Calculate net business income for tax purposes for the current year for Sampson Widgets. Sales = $350,000 Life insurance premiums $5,000 Interest on deficient income taxes = $250 Golf club dues = $1,200 Meals with clients = $5,500 Season theatre tickets = $2,500 * Please note, the above life insurance premiums are related to a life insurance policy taken on the CEO of Sampson. The life insurance policy is not required as collateral on a loan from a financial institution. a. $341,000 b. $339,800 c. $346,000 d. $339,550 Using the following information related to Sampson Widgets, a sole proprietorship operated by Mr. Sampson. Calculate net business income for tax purposes for the current year for Sampson Widgets. Sales = $350,000 Life insurance premiums $5,000 Interest on deficient income taxes = $250 Golf club dues = $1,200 Meals with clients = $5,500 Season theatre tickets = $2,500 * Please note, the above life insurance premiums are related to a life insurance policy taken on the CEO of Sampson. The life insurance policy is not required as collateral on a loan from a financial institution. a. $341,000 b. $339,800 c. $346,000 d. $339,550
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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