What is the amount of her deductible charitable contribution

Assignment Help Accounting Basics
Reference no: EM13135155

for the current year sheila jones had adjusted gross income of $100,000 during the year she contributed $6,000 to her church and a additional $3,000 to qualified charities she also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church the church intends to display the religious artwork in the church foyer if sheila chooses to itemize her deductions what is the amount of her deductible charitable contribution?

a-9,000
b-20,000
c-39,000
d-49,000

Reference no: EM13135155

Questions Cloud

Paper analyzing two ethical dilemmas facing a profession : write a 2 page paper analyzing two ethical dilemmas facing a profession. You can choose a profession you are currently in or a profession in which you wish to practice.
Basics of payback period of the project : The scrap value of the project's assets at the end of the project would be $28,000. The payback period of the project is closest to:
How much inventory was requisitioned for use on jobs : At the beginning of 2012, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2012?
Lower productivity than manufacturing jobs : Why do you suppose that service jobs have lower productivity than manufacturing jobs? How can a company gain a competitive advantage by having higher productivity than its compettitors have?
What is the amount of her deductible charitable contribution : for the current year sheila jones had adjusted gross income of $100,000 during the year she contributed $6,000 to her church and a additional $3,000 to qualified charities.
Develop a set of four to five criteria : then lists all the product offerings from that vendor. Hopefully, the consultants have a lot of experience with business web sites and they can help us with many of these issues. Develop a set of four to five criteria for evaluating their web sit..
What is the ph of the solution : Find the activity coefficient of H+ in a solution containing 0.010M HCl plus 0.040M KClO4. What is the pH of the solution?
Circumference and area of circles : A stone is thrown into a lake, and t seconds after the splash the diameter of the circle of ripples is t meters. Express the circumference C of this circle as a function of t.
Payback period of the project : The annual net operating income from the project would be $135,000, which includes depreciation of $37,000. The scrap value of the project's assets at the end of the project would be $25,000. The payback period of the project is closest to:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entry for autumn company

Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;

  What does it mean to audit around the computer

How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?

  After tax incremental cash flow

A project is estimated to generate $5,000 in incremental gross profit, which includes $200 in depreciation. Incremental SG&A expense is $400. At a 35% tax rate, what is the after-tax incremental cash flow? Should the project be accepted or rejecte..

  Information about earning per share

For 2010, Skresso Co. reported $3.64 of earnings per share of common stock. During 20011 the firm had a 4% common stock dividend.

  Ending retained earnings balance

The following selected amounts are available for Sanders Company. What is its ending retained earnings balance?

  Prepare the necessary entries to close the general fund

The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its "normal" balance.

  Time value of money concepts

Write a 200- to 300-word description of the four time value of money concepts: present value, present value of an annuity, future value, and future value of annuity.

  Accounting for bad debts

What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?

  Freddie preparer penalty

Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?

  Prepare solutions to the construction contracts

Please prepare solutions to the following questions concerning topics covered in the first half of the course

  What is the journal entry that should be made

A firm lends $10,000 for 5-years with no stated interest rate. The market rate of interest at the time would have been 5%. What is the journal entry that should be made a. at the time the money is loaned and b. at the end of the first year of the ..

  Distribution to the preferred stockholders

Preferred dividends have been paid every year except for the preceding two years and the current year. If $145,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the preferred stockholders?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd