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Complete the following problems in Word or Excel:
Problem 1:
Duncan lives in a small town in Missouri. Because of a rare blood disease, Duncan is required to take special medical treatments once a month. The closed place these treatments are available to Duncan is in St. Louis, 150 miles away. The IRS medical miles rate is $0.23/mile. The treatments are provided on an outpatient basis but require him to stay overnight in St. Louis. During the year, Duncan makes 12 trips to St. Louis by auto to receive the treatments. The motel he always stays in charges $85 per night. For the year, Duncan also spends a total of $300 for meals on these trips, $170 is spent while en route to St. Louis. What is the amount of Duncan's qualified medical expenses?
Problem 2:
Loretta incurs the following deductible expenses: $2,500 in state income taxes, $3,000 in local property taxes, $900 in medical expenses, and $3,000 in charitable contributions. She is single, no dependents, and as $40,000 AGI for the year. What is the amount of Loretta's taxable income?
Prepare and record the adjusting journal entries for the unbilled fees for services performed at July 31 were $1,300
On January 2010, P & P Products began construction on a storage facility for Alpha Company. he President of P& P Products has consulted with the controller regarding estimated cost and the resulting profit. Prepare a schedule showing how much profit ..
What contribution margin per pound of raw material is awned by eada product? What h the total traceable fixed overhead cost incurred by Ace Company? What is the total common food *sense roared by Me Company?
Prior to install a JIT system, Plasticize Company used machine hours to assign maintenance costs to it three products of 3-inch, 5inch and 7-inch plastic tubing. The maintenance costs totaled 120,000 per year. After installing JIT, three manufacturin..
An analysis of the fiscal soundness and long-term viability of the public health initiative - develop a financial accounting analysis of the public health initiative.
What was the corporation's net sales, cost of goods sold, and gross profit? What was the corporate tax rate? ** This should be an item in the notes to the financial statement. Required disclosure usually explains the Federal Statutory rate and a reco..
Prepare a double entry accounting system: finding out the two accounts affected, what kind of accounts are they, do account balances increase or decrease, and do we debit or credit the accounts
What are the factors which would encourage you to pull off this deal? Discourage you-What measurement problems does the company's revenue recognition policy create
Transactions for the Hartman Company for the month of November are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations.
Accounting for pensions receives more attention in the United States than in other countries. Discuss reasons that would explain why pension accounting has less emphasis in many foreign countries than the U.S.
During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.
Who are the stakeholders in this situation? What are the ethical issues involved in this situation? What would you do if you were Steve Morgan?
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