Determine how much income is to be taxed for a sole


Office supplies unlimited is a small office supply outlet. The result of its operations is for the most recent year are summarizedas follows:

gross profit on sales: $95,000
cash operating expenses: 43,000
depreciation expense: 16,500
compensations to owner(s): 20,000
distribution of profit to owner(s): 5,000

determine how much income is to be taxed for:

-a sole proprietorship owned by H?

-partnership owned by L and P with agreement to share all itemsequally. P is guaranteed a salary of $20,000

- a corporation owned equally by N and K. K is employed bythe business and receives salary of $20,000.

Request for Solution File

Ask an Expert for Answer!!
Taxation: Determine how much income is to be taxed for a sole
Reference No:- TGS0637109

Expected delivery within 24 Hours