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Compute Aiden’s 2016 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three years. Salary $80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid due to the death of Aunt Margie (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received on death of Aunt Margie 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2010 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, charitable contributions) 9,700 Number of dependents (children, ages 17 and 18; mother-in-law, age 60) 3 Age 43 The personal exemption amount for 2016 is $4,050. Click here to access the standard deduction table to use, if required. a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Taxable Salary Taxable Interest on bonds issued by City of Boston Not taxable Life insurance proceeds Not taxable Interest on a CD issued by Wells Fargo Bank Taxable Inheritance received upon the death of his aunt Not taxable Proceeds from repayment of a loan Not taxable b. What is Aiden's filing status? Surviving spouse c. Should Aiden itemize his deductions or take the standard deduction? He should itemize his deductions. d. Aiden's taxable income in 2016 is $
compute the volume of sales by knowing that Pittman company decided to continue selling through agents and paying them the 20% commission rate.
Oklahoma Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,500 units. Each unit took several pounds of direct materials and 1½ standard hours of direct labor at a standard hourly rate of $13.00.
Fill journal entries appropriate to be recorded these transactions - In November sold $4,000 of gift cards. $700 of these was redeemed.
Variable costing allows a manager to classify controllable costs as:
Which one of the following is considered a financing activity? The payment of a cash dividend. Paying wages to employees. The payment of interest on a note payable to the bank. Selling products to customers.
Identify items of cash (and cash equivalents), understand the importance of cash management, and discuss revenue recognition when the right of return exists.
Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.) (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Assets for Western State University for the year ended June 30, 2012.
Determine the best regression equation possible given the data in Table 1 and the fact that overhead is to be the dependent variable.
How frequently should financial reports be presented? When should an entity assess whether there is indication of impairment? How shall the increase in the value of an asset as a result of a revaluation be treated?
DISCUSS the probable justification for each of the following aspects of the tax law...I NEED at least one sentence explaining your answer. A tax credit is allowed for amounts spent to furnish care for minor children while the parent works. Deductions..
Which of the following statements best describes the possible impact a social audit can have on company costs? Which of the following is least important in becoming an employer of choice?
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