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1. Medical Expense Deduction - Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments are available to Dan is in Phoenix, 200 miles away. The treatments are on an outpatient basis but required him to stay overnight in Phoenix. During the year, Dan makes 12 trips to Phoenix by automobile to receive the treatments. The motel he always stays in charges 85$ per night. For the year, Dan also spends a total of $250 for meals on these trips. $100 of this $250 is spent while en route to Phoenix. What is the amount of Dans qualified medical expenses for 2011? 2. During 2011, Doug incurs the following deductible expenses: $2,300 in state income taxes, #3,000 in local property taxes, $800 in medical expenses, and 2000 in charitable contributions. He is single, has no dependents, and has a $35,000 AGI for the year. What is the amount of Dougs taxable income? Find the section of the Internal Revenue Code that deals with itemized deductions. Write a one-page report on any one of those deductions for which you qualify and how it can save you money.
internal control procedures are required to safeguard company assets and to ensure ethical operation of the business. 1
smith cpa was engaged to audit golf corporations financial statements for the years ended august 2006. smith planned
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1.the allocation of indirect costs in an activity-based costing system may require other costs to be allocated to
Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.
Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting records of Acme Car Wash?
Dothan Inc.'s stock has a 25% chance of producing a 17% return, a 50% chance of producing a 12% return, and a 25% chance of producing a -18% return. What is the firm's expected rate of return?
On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
the following tentative auditors report was drafted by a staff accountant and submitted to a partner in the accounting
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