United States - September 2006

Our company (a music store) engaged in the following transactions and activities during 2005 (its first year of operations):
1/1/2005 Issued common stock for $100,000 cash. Borrowed $400,000 cash from CountyBank. The money is to be repaid on 1/1/2008, along with interest.
1/2/2005 Purchased $100,000 of inventory on account, and paid $80,000 cash for equipment with a four-year life (and no salvage value).
4/1/2005 Paid $15,000 cash on the outstanding account created on 3/1/2005.
5/1/2005 Sold $30,000 of inventory for $200,000 on account. Paid a $17,000 dividend.
8/1/2005 Purchased land for $18,000 cash.
10/1/2005 Collected $125,000 from customers from the 5/1/2005 sale.
12/31/2005 At year-end, recorded one-year’s depreciation, accrued $40,000 interest on the bank loan, and reclassified some liability amount as current.


*What is the total (net) amount of cash flow from operating activities on your 12/31/2005 annual financial statements?

2006-09-21 08:01:01 · 3 answers · asked by Anonymous

2006-09-21 07:35:10 · 7 answers · asked by walkerlee06 1

1. If the original account was $4000, and the creditor added $7000 in late fees and interest in four years, although you requested the account be closed 4 years ago, and made your last payment at that time, are the additional fees legal? Isn't there some type of legal cap, or can over $100 or more be added each month for years?

2. If a company agrees to accept 50% on a debt, where the forgiven 50% only consists of late fees and interest, can they later ask for the entire amount, and take the debtor to court for a judgement?

Also, is the debtor responsible for taxes on the forgiven amount, if it only consists of late fees and interest, and not from the original credit amount itself?

2006-09-21 06:31:03 · 4 answers · asked by Anonymous

This is a requirement for naturalization: "send evidence that you continued to live, work, and/or keep ties to the United States, such as:
1. An IRS tax return “transcript” or an IRS-certified tax return listing tax information for the last 5 years"

Is it possible to get this & how?

2006-09-21 06:01:20 · 5 answers · asked by afrodyzyak 5

What net percentage (or actual tax amount), is imposed on the following example ?

A couple filing jointly, claiming standard deductions and
standard exemptions, with $ 30,000 income ?

Thanks in advance for your informed answer.

2006-09-21 05:30:52 · 4 answers · asked by Anonymous

have not paid taxes in seven years

2006-09-21 03:05:55 · 12 answers · asked by sicwidit 2

2006-09-21 01:42:24 · 3 answers · asked by BanksBorne 1

2006-09-21 01:38:27 · 5 answers · asked by tinytots 1

Is there a way to file for tax & returns for past years and ho far back can you go?

2006-09-20 16:36:03 · 8 answers · asked by afrodyzyak 5

Do I get a break because I'm transferring for work? I've heard about a partial exclusion. At any rate, I don't stand to make more than $30,000...would I have to pay taxes on that??

2006-09-20 15:24:14 · 4 answers · asked by MM 1

I know it's after federal taxes but is it a monthly, weekly, or yearly thing? I know it is 7.65%. If you don't mind lets say I make 400.00 dollars weekly, 1600.00 monthly, and 19200.00 yearly. What am I left with after federal and social security taken away.

2006-09-20 14:23:56 · 2 answers · asked by datflawdagurl 2

2006-09-20 14:08:58 · 12 answers · asked by pat m 2

I know that the house passed a full repeal of the estate tax, and that the senate was 3 votes short. They watered it down to a repeal up to a limit but then the rest was taxed at the capital gains rate or something like that, along with a miniumum wage hike, and it still failed by 3 votes. Will the senate take it up again or is it likely to be fully repealed in 2010 and then come back in full force the next year?

2006-09-20 13:59:36 · 2 answers · asked by Tommy 2

2006-09-20 13:56:43 · 9 answers · asked by Rod K 1

I work as a contract worker. I recenly stated driving and meeting with clients that my boss used to meet with. Should he have to pay me mileage or can I claim the Mileage on my tax return?

2006-09-20 12:43:46 · 9 answers · asked by kat99cp 1

In applying for a Catholic annulment, the archdioces of Washington requests an offering to defray the administrative expenses related to evaluating one's petition. The requested offering isn't small ($750) but it's not unreasonable given the work involved. It is not necessary to give the suggested amount to go through the annulment process and it won't delay it or anything. Since they label it an "offering", would this be a legitimate charitable tax deduction?

2006-09-20 11:12:11 · 5 answers · asked by hawkthree 6

we got married in 1998 but seperated in1998,

2006-09-20 11:03:58 · 6 answers · asked by onesweetmokihana 1

The mobile home is in a trailer park on a lot. Are we liable for the property taxes even with the trailer not in our name yet?

2006-09-20 10:19:53 · 4 answers · asked by Candie R 1

2006-09-20 09:56:22 · 4 answers · asked by Wes W 1

Hi,
I have donated close to $3000 worth of clothing to goodwill here in Hawaii. But i didn't know i could claim it on my taxes. :( I didn't donated for the money but i didn't know i could claim it.

Dose anyone know if i can still claim it? How much money did i miss out on if i donated about $3000 last yr

2006-09-20 09:51:44 · 9 answers · asked by Anonymous

I have only lived in my present residence for 1.5 years. I am moving to another state to take a new job by my own choice. I heard there is a moving exception in this situation. True?

2006-09-20 09:24:58 · 4 answers · asked by Anonymous

State of California claims that we owe $800 (Now $1983.58 with added int. and penalties) from 1997. Our enitity was not registerd with the CA Secretary of State during the 1997 tax year. Does the $800 annual tax apply only to registered entities, or to all entities?

State filed a lien against our Real Estate. State never answered our two 2005 replies to their Amnesty program.

WW2 Vet way below the poverty level. Will write/fax the State and see what settlement they will accept.
I only have a few hundred dollars and was going to use to buy suplements.

An individual in the State was waiting for my further
explanation but my restricted heart arteries and a minor stroke prevented me from answering.

Thanks for any help you can offer,

theoldfarmer

2006-09-20 09:00:59 · 2 answers · asked by theoldfarmer 1

2006-09-20 07:35:12 · 4 answers · asked by lady_6971 1

Do you have to pay income tax on inheritance under 50,000?

2006-09-20 07:20:38 · 14 answers · asked by missy mae 1

i ask this question bc i worked at a department store and a cashier came to my manager telling her that this lady was exluded from taxes. they both went to the cash register. but i never asked anyone about it.

so i want to know how to do it

2006-09-20 07:16:36 · 5 answers · asked by frekinRoyalty 1

Tax Liens and Tax Deed Sales

2006-09-20 06:27:19 · 2 answers · asked by rich 2

The co-op was purchased in NY for 47K 10 years ago. My mom put my name on the co-op along with hers. 7 years ago, she passed away and the co-op passed to me and I had her name taken off. Now the co-op is valued at 200k. Was I supposed to pay taxes from receiving the co-op when she passed away? She didn't have any estate. And now if I sell the co-op to buy a first home, do I have to pay taxes on the gain from 47K to 200k? Or do I have to pay taxes on the gain from value at death to 200k?

2006-09-20 05:18:08 · 4 answers · asked by Rob 1

and you're paid only in cash?

2006-09-20 04:56:55 · 13 answers · asked by wormfarmer 4

2006-09-20 04:56:05 · 8 answers · asked by Tony F 1

Our CPA disappeared and we need forms 940,941,W-3, W-2 Tax statements and1120s.

Is there any way to expedite this?

2006-09-20 04:11:22 · 5 answers · asked by Wes W 1