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Technically yes, but if sales are minimal, the IRS isn't going to notice. If you're making hundreds or even thousands of dollars in sales, then you definitely need to pay taxes.
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∙ 9y ago
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How do you calculate net income without an income statement?
The standard formula for calculating income is Sales Less Cost of Goods Sold Equals Gross Income Less Selling, General, and Administrative Expenses Equals Earnings Before Interest and Taxes (EBIT) Less: Interest Expense Less: Tax Expense Equals Net Income This is a very simplified version of the calculation. I didn't factor in capital gains or losses or extraordinary items.
When the perpetual inventory system is used the inventory sold is shown on the income statement as?
cost of merchandise sold.
Which method describes the inventory process in which the first items to be stocked are the first items to be sold?
FIFO
Which method describes the inventory process in which the last items to be stocked are the first items sold?
LIFO
Is selling a house taxable income?
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
What items cannot be sold on eBay?
people cannot be sold on ebay
Are the items being sold on eBay confidential?
No, the items being sold on eBay are not confidential. All items listed on eBay are available for viewing and purchasing by anyone that visits the website..30
Can you get a list of previously sold items on eBay?
If you mean items you sold, go to My eBbay.
How many items were sold on eBay in 2007?
There were 41,678,765,8900 sold in 2007 hope you enjoy!!
How many items sold on eBay in November 2008 in the UK?
4
Can items under 1 dollar be sold in an Ebay store?
yes
How do you see things that have been bought on eBay?
You can't usually search for stuff that's already been sold on ebay. But if you know a seller who has sold multiple items you can look through their feedback which lists all the items sold and had feedback on, which will let you see what they've sold.
Does eBay replace items that are sold out?
no it depends if ebay are selling the item but if ebay are selling it ye if someone else is selling it no xx
What are the items are gross?
I guess you mena gross income; then Gross income includes the monetary receipts and gains realized from all possible income sources less the cost of goods sold, such as purchasing, manufacturing or packaging the items sold or the services rendered.
What items cannot be sold on eBay for profit?
There are many things that cannot be sold on ebay for profit. A few examples of those things are; alcohol, event tickets, human remains and body parts and any items encouraging illegal activity.
How many items have been sold on eBay?
As of Feb 2008, it was 3.4 billion. That would be about 716,544 items a day since it was founded (8.3 items sold per second). If that trend continued, it would be somewhere around 4.24 billion items sold as of Feb 2011.
How can the eBay search tool be used to see how much an item sold for?
You can use the eBay search tool to see how much an item sold for when you click on the object. You will see there how many items are sold (or are available) from the same seller.
