The following information pertains to Karon’s Candy Shop:
Sales revenue 100 units at $15 per unit
Beginning inventory 40 units at $9 per unit
Purchases 80 units at $10 per unit
What is the gross profit using LIFO? (Remember, gross profit is equal to sales revenue less the cost of goods sold.)
a. $500
b. $520
c. $540
d. $1,500
Hello there, I currently have some mututal funds that I would like to redeem inspite the fact that the money I have in the funds are far less than the money that I have put in. I estimated the loss would be around $5K - $6K. I just thought to take it out to put it in better use.
My question is, can I claim the loss on my tax return? I currently don’t own a house but am in the process of building one, which should be completed before the year end.
Any answers would be appreciated. Thanks!
I’m so lost in accounting…I think this is a simple question, but I have no idea…
My homework question:
Use the following facts for questions 13 and 14:
The following information is taken from the books of the ABC Company:
Beginning Inventory1,000
Ending Inventory 800
Sales5,000
Purchases 300
13. What is the Gross Profit percentage for ABC?
a. 74%
b. 80%
c. 86%
d. 90%
Have lost my job and will be receiving my profit sharing in November (sizable amount) and will need monies to survive not reinvest what kind of taxes can I expect to be taken out?
Need to buy a car with the monies since I lost the car I had when I lost my job are there any tax breaks or “hardship type of breaks”?
I have two properties owned by S-corps in which I am the sole shareholder. If 1 was to say loose $1,000 for the year and the other made $1,000 for the year when I file my personal will they offset eachother? In other words does a loss pass through as a loss or as a zero profit and therefore non-taxable?