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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 (hint: it has nothing to do with what you eat between classes :-) ). 5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment?
The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Bond Interest Expense is for:
debt securities sold to investors that must be repaid at a particular date some years in the future are calledaccounts
List three types of consulting services that audit firms have provided to their audit clients in recent years. For each item, indicate the specific threats, if any, that the provision of the given service can pose for an audit firm's independence.
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas on November 17, 2013. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic in..
If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
Journalize the entries to record the liquidation outlined below,using Assets as the account title for the non cash assets and Liabilities as the account title for all creditors' claims.
Eduardo Inc. was organized on July 1, 2009. A summary ofcash flows for July follows. Prepare a statement of cash flow for the month ended July 31,2009.
1. why is the balance sheet considered a point in time statement? 2. what is a fiscal year? why might an organization
Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the work in process account will be debited and factory..
If the company allocates the cost of the setup mechanics based on the number of setups, the setup costs to be allocated to an order of 300,000 Nurturing Face Cream jar covers for Aristedes Cosmetics Company would be:
One basic method that an accountant can use to analyze the financial situation of a business is ratio analysis.
Ludwig, Inc., which owes Giffin Co. $1,600,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,220,000 and a recorded cost of $900,000.
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