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Tax Rates, Latesha, a single taxpayer, had the following income and deductions for the year 2012. INCOME Salary $60,000 Business Income $25,000 Intrest income$10,000 Tax-exempt bond interes $ 5,000 _TOTAL INCOME $100,000 DEDUCTIONS: Business Expenses $ 9,500 Itemized deductions $20,000 Personal exemption $ 3,650 --TOTAL DEDUCTIONS $33,150 1. Compute Latesha's taxable income and federal tax liability for 2012. 2. Compute Latesha's marginal, average, and effective tax rate. 3. for tax planning purpose which of the three rates in part 2 is the most important?
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other infor..
Construct the stockholders' equity section incorporating all the above information.
Since opening its dorrs in Hawaii two years ago, Oriental trading has enjoyed tremedous success. Oriental Trading purchases textiles from Asia and resells them to local retail shops.
Office supplies of $900 were purchased on account to be used infuture months. One part of the accounting entry to record this event in the accounting system would be to:
Which is generally considered to be the primary purpose of an internal auditor's evaluation of the adequacy of internal controls.
Explain how the perpetual and periodic inventory systems differ, especially in determining Cost of Goods Sold and Ending Inventory?
Close revenue accounts.
Some accountants have advocated that a company's human assets be measured and included directly in the financial statements. For example, cost of hiring and training an employee would be recorded as an asset that is amortized over the employee's e..
Discuss what information the management accountant can provide:
Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)
suppose the current value of a popular stock index is 653.50 and the dividend yield on the index is 2.8 percent. also
purchased 100000 of u.s. treasury 6 bonds paying 102 plus accrued interest of 1000. the security is to be held
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