Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 22 Feb 2018 My Price 6.00

LO6 Bonnie

117. LO6 Bonnie opens a computer sales and repair service during the current year. Her records for the year show:

 

 

 

Sales Made

Cash Received

Liability Incurred

 

Cash Paid

Repair revenue

$30,000

$22,000

 

 

Computer sales

26,000

18,000

 

 

Computer purchases

 

 

$55,000

$27,500

Employee wages

 

 

12,000

10,000

Supplies, utilities, etc.

 

 

9,000

6,000

Bonnie has computers on hand on December 31 that cost $40,000 and have a retail selling price of $65,000.

Bonnie needs help figuring her taxable income. Is more than one income figure possible? If so, explain why, and compute taxable income under the various methods.

Answers

(5)
Status NEW Posted 22 Feb 2018 10:02 PM My Price 6.00

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