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What was Katherine's Taxable Income for 2013? Assume Katherine is single and has TWO dependent children, Eric and Dennis. Assume further that Katherine's 2013 AGI is $45,000 and that Katherine had i
Prepare the journal entries that the state would make in fiscal 2013 to record the awards in an appropriate governmental fund. Briefly justify the amount of expenditure that you recognized.
Elaine contributed some inventory from her sole proprietorship to a public charity for its use. On the date of the contribution, Elaine's basis in the inventory was $10,000 and the fair market value
Which doctrine will most likely prevent Jennifer from reducing her tax liability by voluntarily assigning her income to another taxpayer?
During 2013, 5-year MACRS property was placed in service by Samir, a calendar-year taxpayer. Assume that Samir does NOT make a Section 179 election or take any bonus depreciation. The property will
Allowance method: analysis of receivables. At a January 20X2 meeting, the presi¬dent of Sonic Sound directed the sales staff "to move some product this year."
Dave wants to take the largest possible tax deduction in 2013 relating to the equipment. Compute the largest tax deduction possible in 2013 for the equipment (consider the Section 179 election, Bonu
Direct write-off method. Harrisburg Company, which began business in early 20X7, reported $40,000 of accounts receivable on the December 31, 20X7
What amount relating to the policy (if any) must be included in Jacqueline's Gross Income for the year (assume Jacqueline was covered for all twelve months)?
Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January:
If Katherine is insolvent with assets of $30,000 and liabilities of $40,000 and one of Katherine's creditors then cancels a debt of $15,000, what amount must Katherine recognize as income?
Assume John itemizes deductions in 2013. What is the casualty loss amount that John may deduct on his return?
Adjusting entries. You have been retained to examine the records of Mary's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you
Assume the same facts as in the previous question. However, for this question, assume that Jessie purchased the business equipment for $2,300,000 (instead of $1,000,000). What is the most that may b
The type of adjusting entry needed at year-end (Use the following codes: A, adjust¬ment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or
No other personal property is purchased by Jessie in 2013. What is the most that Jessie may deduct in 2013 under Section 179 of the Code (ignore any potential deductions resulting from bonus depreca
As a result of the lease with Jennifer, Yessenia will earn net rental income of $20,000 (for 2013). What amount of income should Yessenia's 2013 tax return include from these transactions?
Elaine and John are married taxpayers who file a joint return. In 2012, they had AGI of $600,000 and their preliminary itemized deductions totaled $40,000. In 2013, they will also have AGI of $600,0
Under current GAAP, at which amount would Whiley report the restructured liability at December 31, 2010? Explain. How much gain would Whiley recognize in its income statement for 2010? Explain. How
Eric, a single taxpayer, will have 2013 wages of $70,000. What is Eric's AGI if he has the following (and only the following) additional items in 2013?
What is Dennis's taxable income for 2013? Assume Dennis is 29 years old and is single and has no dependents. Assume further that Dennis's 2013 AGI is $50,000 and that he has no itemized deductions.
Merchandise with an invoice price of $5,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $200. What is the cost of the mercha
Dorman Co. sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Dorman Co. issued a credit memo for $1,750 for merchandise returned tha
Cumberland Co. sells $1,200 of inventory to Hancock Co. for cash. Cumberland paid $850 for the merchandise. Under a perpetual inventory system, what journal entry(ies) would be recorded?
On January 1, 2013, Pavlina signed a four year lease to rent office space from Michael. The lease commenced immediately on January 1, 2013. During 2013, Pavlina will pay Michael, $24,000 for the fir