Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income...
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Accounting
Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? (Leave no answer blank. Enter zero if applicable.)
A) Nikki buys a diamond ring from Shine Company for $10,000 (normal sales price, $14,000; Shine Companys gross profit percentage is 40 percent).
taxable income:
B) Nikki receives a 25 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $500; discounted price $375).
taxable income:
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