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Simon lost $5,300 gambling this year on a trip to Las Vegas. In addition, he paid $2,970 to his broker for managing his $297,000 portfolio and $890 to his accountant for preparing his tax return. In addition, Simon incurred $3,140 in transportation costs commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct, assuming he itemizes his deductions, in each of the following situations: (Leave no answer blank. Enter zero if applicable.)
a. Simon's AGI is $38,400
Deductible Amount =
1.The 2013 income statement for Anderson TV and Appliance reported sales revenue of $420,000 and net income of $65,000. Average total assets for 2013 was $800,000.
December 31 consolidated financial statements are being prepared for All sports Company and its new subsidiary acquired on July 1 of the current year. Should All sports adjust its consolidated balances for the pre-acquisition subsidiary revenues and ..
Given the following transactions engaged in by Stanford Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Penkas Company.
Prepare a statement of cash flows indirect method The financial statements of Pouchie Co. included the information for the year ended December 31 - statement of cash flows, using the indirect method
Use the methods learned in class so far to analyze the data. Prepare a report for the PGA Tour commissioner that summarizes your analysis, including key statistical results, conclusions, and recommendations.
A company has net sales of $1,842,000, sales commissions of $195,000, net income of $367,400, and the gross profit ratio of 65%. What is the amount of cost of goods sold?
Explain how gains or losses on impaired assets should be reported in income in IFRS.
The company is financed entirely with debt and common equity. Find the company's debt ratio
Santana Rey created Business Solutions on October 1, 2015. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer.
question the december 31 2012 condensed balance sheets of pym corp. and its 90 percent-owned subsidiary sy corp. are
Cornick, Inc. sells office products to businesses in the eastern region of the United States. Each month, the IT division at Cornick prints monthly statements and sends them to the accounts receivable (AR) department, where a clerk e-mails them to th..
question 1. which of the subsequent is true about given events?a. they are events happening between the date of the
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