Compute conrad itemized deductions

Assignment Help Accounting Basics
Reference no: EM13133512

Conrad, who is single, had agi of $361,850 during the year. He incurred the following expenses and losses during the year:

Medical expenses before 7.5% of agi limitation = $29,500
state and local income taxes - $8,200
Real estate taxes - $9,400
Home mortgage interest - $10,400
Charitable contributions - $6,800
Casualty loss before 10% limitation (after $500 floor) $43,000
Unreimbursed employee expenses subject to 2% of AGI limitation - 9,100
Gambling losses (conrad had $8,400 of gambling income) $10,800

Compute Conrad's itemized deductions.

Reference no: EM13133512

Questions Cloud

Find probability that part can be assembled in seven minutes : The time required to assemble a part of a machine follows an exponential probability distribution with a mean of 14 minutes. What is the probability that the part can be assembled in 7 minutes or less?
Compute the predetermined manufacturing overhead rate : Actual hours worked were 195,000 and actual overhead was $978,000. Compute the predetermined manufacturing overhead rate. Compute the applied manufacturing overhead.
State what type of opinion should be issued on the company : For each of the independent situations presented above, state what type of opinion should be issued on the company's financial statements. Briefly explain your rationale. Finally, state which paragraphs, if any, of the standard report would be mod..
Find probability that committee will contain no member : At the school there are eight tenured faculty members in accounting. What is the probability that the committee will contain: None of them?
Compute conrad itemized deductions : Conrad, who is single, had agi of $361,850 during the year. He incurred the following expenses and losses during the year:
Determine the amount of cost of goods sold : On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5,000.
How do you think s & s airs ratio would compare : Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you think S & S Airs ratio would compare to the industry average.
Determining vertex-arboricity : Let G be k-critical graph with respect to vertex-arboricity (k>=3). Prove that for each vertex v of G, the graph G-v is not (k-1)-critical with respect to vertex-arboricity.
How much is total overhead costs at this level of activity : Dryden Manufacturing Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Special-order merchandise on credit

Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.

  Market value of an investment in debt securities

When the market value of an investment in debt securities exceeds its carrying amount, how should the asset be reported at the end of the year for each of the following?

  Consolidated balance sheet at the date of takeover

Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..

  Compare the effects of renouncing citizenship

Decide if either of these actions is warranted in your particular case and state why you think that way.

  Example of one accrual-based ratio

Give an example of one accrual-based ratio and one cashbased ratio to measure these characteristics of a company:(a) liquidity, (b) solvency, and (c) profitability.

  Condemnation award

Alex owns an office building which the state condemns on January 15, 2010. Alex receives the condemnation award on April 1, 2010. In order to qualify for nonrecognition of gain on this involuntary conversion,

  How many years until he can establish the foundation

Derrick Lee just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 6%, compounded annually. (Hint: Use tables in text.)

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the proper amount to be reported on imperial foods

Imperial Foods checkbook balance on December 31, Year 1 was $122,400. In addition, Imperial held the following items in its safe on December 31.

  Segregation of duties with adaptations

Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.

  Absorbtion versus variable costing

Lockhart had no units in beginning inventory. During 2009, 6,000 units were produced and 5,000 units were sold. Which of the following statements is true when comparing net income using absorption versus variable costing?

  What is the amount and character of the recognized gain

Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd