Charles is a single person, age 35, with no dependents. In 2018, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has $7,000 of itemized deductions. Charles's taxable income is
A. $5,000.
B. $17,000.
C. $10,000.
D. None of the above.
Answer: A
You might also like to view...
________ is the way people maintain an orderly social life
A) Ecology B) Lifestyle C) Social structure D) Ideology
Unlike the goals of a more evolved and inclusive ethics program, the goals of a traditional compliance-oriented program include:
A. maintaining brand and reputation. B. helping unify a firm's global operations. C. recruiting and retaining desirable employees. D. minimizing the risks of litigation and indictment.
When a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
A) debit Merchandise Inventory; credit Cash B) debit Cash; credit Merchandise Inventory C) debit Cash; credit Sales Returns and Allowances D) debit Sales Returns and Allowances; credit Cash
To ensure that inventories of both raw materials and finished goods are sufficient to meet customer demand without undue delay, firms utilize sophisticated ________.
A. exclusive dealings B. exclusive territorities C. just-in-time (JIT) inventory control systems D. materials requirement planning (MRP) systems E. multiverse inventories