(SOLVED) Bonnie opens a computer sales and repair

service during the

Bonnie opens a computer sales and repair service during the current year. Her records for the
year show: 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? […]

During the last five months of the year, Dwana opens a new Internet telecommunications
business called Dwan-Com. Dwan-Com bills $50,000 of revenues, but receives only $40,000
cash. Dwan-Com incurs $3,000 of supply expenses, and $41,000 of labor costs. Dwan-Com
pays for $2,200 of the supplies and $38,000 of the labor […]

Ramona owns 20% of the stock of Miller, Inc. Miller reports the following items for the current
year:Sales $3,400,000Gain on sale of stock held for 2 years 250,000Cost of goods sold
1,800,000Operating expenses 900,000Dividends paid to stockholders 180,000 What are the
effects on Ramona’s taxable income if Miller, Inc., is […]

Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and
Michelle, share profits and losses 30:30:40. Ozzello has the following results for the current
year:Management fees $230,000 Long-term gain on sale of investments 22,000 Short-term loss
on sale of investments 4,000 Salaries paid to employees 67,000 Office […]

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During the current year, Inge sells stock purchased three years ago at a loss of $9,000. She
also owns a 10% interest in Chatham, Inc., which is organized as an S corporation.Chatham
reports ordinary income of $80,000 and a short-term capital gain of $30,000 during the current
year. What are […]

Jawan has the following capital gains and losses in the current year: Short-term capital gain $
500 Short-term capital loss 3,000 Long-term capital gain 6,000 Long-term capital loss 12,000
Collectibles gain 2,000 What is the effect of the capital gains and losses on Jawan’s taxable
income?

Herbert and Geraldine have a taxable income of $28,000 before considering the gain they
realize on the sale of 500 shares of Olebolla Corporation common stock for $26 per share.
Herbert had acquired the shares for $3 per share while he worked for Olebolla through the
company’s employee incentive program. […]

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