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Aaron had AGI of $40,000 for 2011. He was injured in a skiing accident and paid $2,600 for hospital expenses and $1,400 for doctor bills. Aaron also incurred medical expenses of $1,200 for his child, who lives with his former wife and is claimed as a dependent by her. In 2010, Aaron was reimbursed $1,300 by his insurance company for the medical expenses attributable to the skiing accident. a. Compute Aaron’s deduction for medical expenses in 2011. b. Assume that Aaron would have itemized his deductions even if he had no medical expenses in 2011. How much, if any, of the $1,300 reimbursement must be included in gross income in 2012? c. Assume that Aaron’s other itemized deductions in 2011 were $6,300 and that he filed as a head of household. How much of the $1,300 reimbursement must he include in gross income in 2012?
Make a flexible budget for the Beverage Division using production levels of 45,000 units, 50,000 units, and 55,000 units. If required, round per unit amounts to two decimal places
Compute the book-value weights for each source of capital and Compute the market-value weights for each source of capital.
Adjusted for investee net income and dividends as agreed by the equity method. After implementing the change to equity method, if financial statements were prepared
Accounting for bond related transaction through journal entries and Purpose the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.
What are the problems associated with dependence on human information processing and paper documentation? Explain your response. Illustrate the advantages and disadvantages of using real-time versus batch accounting information architecture?
Prepare a segmented income statement in the contribution format for the company. Omit percentages; illustrate only dollar amounts.
Adjusting to $600,000 will add how much to expense for the present year?
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Illustrate what conclusions can you draw concerning the relative liquidity and efficiency of this corporation? How does Target’s results compare to other companies in the same industry?
On January 1, 2009, the estimate of useful life was changed to a total of 12 years, and the estimate of residual value was changed to $20,000. Create the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.
Variable costs are allocated based on the budgeted rate per copy times the department's actual usage. Which of the following is not an advantage of this allocation scheme over allocating actual costs based on actual usage?
Illustrate what is the company's projected benefit obligation at the end of 2011? If no estimates are changed in the meantime, what will be the company's projected benefit obligation at the end of 2014 (three years later)?
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