Business, 09.12.2019 20:31, skylarladson2549
While james craig and his former classmate paul dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. their company, good to eat (gte), specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. james and paul formed the business at the beginning of 2018, and each contributed $50,000 in exchange for a 50 percent ownership interest. gte also borrowed $200,000 from a local bank. both james and paul had to personally guarantee the loan. both owners provide significant services for the business. the following information pertains to gteās 2018 activities: gte uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. gte received $450,000 of sales revenue and reported $210,000 of cost of goods sold (it did not have any ending inventory).gte paid $30,000 compensation to james, $30,000 compensation to paul, and $40,000 of compensation to other employees (assume these amounts include applicable payroll taxes if any).gte paid $15,000 of rent for a building and equipment, $20,000 for advertising, $14,000 in interest expense, $4,000 for utilities, and $2,000 for supplies. gte contributed $5,000 to charity. gte received a $1,000 qualified dividend from a great stock investment (it owned 2 percent of the corporation distributing the dividend), and it recognized $1,500 in short-term capital gain when it sold some of the stock. on december 1, 2018, gte distributed $20,000 to james and $20,000 to paul. gte has qualified property of $300,000 (unadjusted no answer blank. enter zero if applicable. enter n/a if not applicable.)c-1. assume james and paul formed gte as a c corporation.1. complete gteās form 1120, page 12. compute the tax basis of paulās stock in gte at the end of 2018.3. what amount of tax does gte pay on the $1,000 qualified dividend it received?
Answers: 2
Business, 21.06.2019 21:00, kelseyduhhh
Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life
Answers: 1
Business, 22.06.2019 08:30, labrandonanderson00
What is the equity method balance in the investment in lindman account at the end of 2018?
Answers: 2
Business, 22.06.2019 13:00, eggoysters
Dakota products has a production budget as follows: may, 16,000 units; june, 19,000 units; and july, 24,000 units. each unit requires 3 pounds of raw material and 2 direct labor hours. dakota desires to keep an inventory of 10% of the next monthās requirements on hand. on may, 1 there were 4,800 pounds of raw material in inventory. direct labor hours required in may would be:
Answers: 1
While james craig and his former classmate paul dolittle both studied accounting at school, they end...
Mathematics, 13.12.2019 03:31
Mathematics, 13.12.2019 03:31