User Account

All Pages

Your brother is short on cash and cannot pay his rent this

Assignment Help Accounting Basics
Reference no: EM13480372

1.Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?

2.Which of the following items would be excluded from income?

(a) $100 bill found under the sugar caddy at the restaurant

(b) Inheritance of a car from your grandmother valued at $5,000.

(c) Loan from your father-in-law to start your business,

(d) Child Support received totaling $16,500.

3.Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return?

4.Explain what a Cafeteria Plan is

5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment?

Reference no: EM13480372

Questions Cloud

Rediger inc a manufacturing company has provided the : 1.hamilton company uses job-order costing. manufacturing overhead is applied using a predetermined rate of 150 of
Compare the gaap and economic balance sheets use the same : compare the gaap and economic balance sheets.use the same company you studied in unit 1 to accomplish these tasksusing
At the beginning of the year the estimated direct : 1.crichman corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the
After the bank reconciliation is complete which : after the bank reconciliation is complete which adjustments are recorded in the accounting records? what do you think
Your brother is short on cash and cannot pay his rent this : 1.your brother is short on cash and cannot pay his rent this month. you pay his rent for him. is this taxable income
The percentage of uncollectible sales is 15 percent of net : during 2014 deluca company had net sales of 5700000. most of the sales were on credit. at the end of 2014 the balance
Case study gucci group-freedom within the framework 1 : case study gucci group-freedom within the framework1. provide a brief summary of the case.2. why did gucci create a
Prepare journal entries to record the flow of costs for the : deezees makes evening dresses. the following information was gathered from the company records for 2013 the first year
Statements of retained earning in its most recent : statements of retained earning in its most recent financial statements newhouse inc. reported 50 million of net income

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute forecast for the week using exponential smoothing

Forecast the demand for the week of October12 using a 3-week moving average. Compute the forecast for the week of October12 using exponential smoothing with a forecast for August 31 of 360

  Describing generally accepted auditing standards

Describe the elements of the Generally Accepted Auditing Standards (GAAS).

  Total manufacturing cost per unit

The following department data are available: Total materials costs $180,000 Equivalent units of materials 60,000 Total conversion costs $105,000 Equivalent units of conversion costs 30,000 What is the total manufacturing cost per unit?

  Journal entries write off accounts receivable

Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.

  Contribution margin per unit-carver company

Carver Company produces a product which sells for $40. Variable manufacturing costs are $18 per unit. Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed selling and administrative costs are $4 per unit.

  Calculate the contribution margin ratio

The expected scrap value of the non-current assets at the end of year 4 Is R375000. The cost of capital Is 12% - on the basis of its Net Present Value (NPV), whether the Investment should be favourably considered.

  Employer payroll tax expense

The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.8%. By May 15, some employees had earned over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment t..

  Violation of the professions ethical standards

A violation of the profession's ethical standards would most likely have occurred when a CPA:

  Basics of initial value method in accounting

One company acquires another company in a combination accounted for as an acquisition. The acquiring company decides to apply the initial value method in accounting for the combination. What is one reason the acquiring company might have made this..

  Activity variance for plane operating costs

The actual cost for plane operating costs in September was $214,430. The activity variance for plane operating costs in September would be closest to:

  The company has 25 million shares of outstanding stock and

the last free cash flow for a company was 51 million and it is expected it to grow at a constant rate of 4 percent

  Capital asset acquisition

In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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