Michael operates his health food store as a sole proprietorship out of a building he owns. Based on the following information regarding Year 6, compute his net self-employment income (for SE tax purposes) for Year 6.
Gross receipts $100,000
Cost of Goods Sold 49,000
Utilities 6,000
Real estate taxes 1,000
Gain on sale of business truck 2,000
Depreciation expense 5,000
Section 179 expense 1,000
Mortgage interest on building 7,000
Contributions to Keogh retirement plan 2,000
Net operating loss (NOL) from Year 5 10,000
a. $24,000
b. $16,000
c. $31,000
d. $14,000
Answers: 1
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Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?
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