Answer:
$36,000
Explanation:
The computation of the adjusted gross income for the present year is as follows:
= Ordinary income + short term capital gain - short term capital loss + long term capital gain
= $35,000 + $3,000 - $6,000 + $4,000
= $36,000
Hence, the adjusted gross income for the present year is $36,000
The same is relevant
Hello today January 1 happy new year
Answer:
Happy New Year
Explanation:
New Ventures Enterprises Inc. Is considering a proposal to invest 600,000 in new Cell Telephone Product. Production equipment which will be depreciated on a straight-line basis with a 6-year life, and no salvage value. The projected
Answer:
Note: The full question is attached as picture below
New Ventures Enterprises Inc.
Income Statement
Sales $565,000
Cost of goods sold
Variable manufacturing cost $100,000
Direct labor cost $150,000
Fixed manufacturing cost $52,500
Total cost of goods sold $302,500
Gross Profit $262,500
Operating Expenses
Selling and administrative $74,000
Operating profit $188,500
Income tax expenses at 15% $28,275
Net Income $160,225
Prepare the correcting entry.
The purchase of 1200 of office equipment with a three year useful life was debited to office supplies