The Dot Corporation has changed its year-end from a calendar year-end to an Augu

Question

The Dot Corporation has changed its year-end from a calendar year-end to an August 31 fiscal year end. The income for its short period from January 1 to August 31 is $48,000. The tax for this short period is: (Points : 1) $4,800 $7,200 $8,667 $12,000

       $10,900
       $11,200
       $11,400
       $14,400
       None of the choices provided

From the records of Tom, a cash basis sole proprietor, the following information was available: (i) Gross receipts $29,600, (ii) Dividend income (on personal investments) $200, (iii) Cost of sales $15,400, (iv) Other operating expenses $3,000, and (v) State business taxes paid $300. What amount should Tom report as net earnings from self-employment? (Points : 1)

Explanation / Answer

1. information is missing inthis question

2. $10900

Gross receipts 29600

less: cost of sales 15400

operating expenses 3000

taxes 300

net earnings 10900.

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