Homework Answers
The answer is : Fine paid for a parking ticket
Explanation : Fine paid for a parking ticket is not an expense which is incurred for any business purpose, while all the other expenses given are incurred for the business.
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(CO 4) Which of the following is not a trade or business expense? Fine paid for...
Which of the following would be a deductible business expense under IRC sec 162? a. $...
Which of the following would be a deductible business expense under IRC sec 162? a. $ 30,000 in office rent paid on office for a self-employed business. b. $ 750,000 paid to a corporate president / shareholder. $ 400,000 is what a typical salary would be. c. $ 900 in political contributions to a politician. d. $ 100 in a fine for the office sprinkler system not up to local code. e. $ 500 in continuing education costs for a...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000...
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000 Interest Revenue 15000 Interest Expense 8000 Salary Expense 10000 The following balances are excerpted from the Company's balance sheet 12/31/2020 12/31/2019 Prepaid Insurance 1800 ? Prepaid Rent 2500 ? Interest Receivable ? 3800 Interest Payable ? 2800 9000 ? Salaries Payable Insurance premium paid? Rental payments? Interest Received? Interest Paid ? Salaries Paid? 22000 17000 14000 7200 11000
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages Self-employed business income Real...
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages Self-employed business income Real estate taxes paid (residence) Parking ticket paid for business Y self-employment tax Gambling income Scratch off lotto ticket winning Cash option taken from cafeteria plan Gambling losses Hobby income Supplies for self-employed business Office expense for self-employed business Sub-contractors for self-employed business. $10,000 $80,000 $ 25,000 $ 6,500 $ 200 $ 1,300 $ 5,000 $ 100 $1,000 $ 7,000 $ 2,500 $ 700 $...
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages $80,000 Self-employed business income...
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages $80,000 Self-employed business income $ 25,000 Real estate taxes paid (residence) $ 6,500 Parking ticket paid for business $ 200 12 self-employment tax $ 1,300 Gambling income $ 5,000 Scratch off lotto ticket winning $ 100 Cash option taken from cafeteria plan $ 1,000 Gambling losses $ 7,000 Hobby income $ 2,500 Supplies for self-employed business $ 700 Office expense for self-employed business $ 8,000 Sub-contractors for self-employed...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Identify each of the following items as elther a capital expenditure (C), an immediate expense (E),...
Identify each of the following items as elther a capital expenditure (C), an immediate expense (E), or other (N): Type of Expenditure Transaction 1. Constructed a new parking lot on leased property for $300,000 2. Paid property taxes of $75,000 for the first year a new administrative services building was occupied 3. Paid dividends of $40,000. 4. Paid interest on a six-monthnote payable that financed the construction of a new plant building, 5550,000. 5. Purchased equipment for a new manufacturing...
The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the...
The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records. From the information presented, prepare a properly formatted, multi-step Income Statement (be sure to show intermediate profit lines - Gross Profit, EBITDA, NOI, EBIT, EBT and NI - as necessary). Per share presentation of income data is not being requested. Balance sheet account information is as of the close of business for December 31, 2017 unless otherwise...
what is "more info" Paid by Insurance Paid by y 1. $500 deductable, 20% Co-insurance, 515...
what is "more info"
Paid by Insurance Paid by y 1. $500 deductable, 20% Co-insurance, 515 co pay Total Expense Broken Finger- ER $350 X-Rays $225 Lab Tests $150 Prescription Drugs 525 1. Total Medical Expense 2. Deductible 3. Net Expense after deductible 4. 20% Co-insurance 80% of Net Expense Doctor Visits - 3 @ $100 each $15 Copay each visit Remaining Expenses Out-of-pocket Maximum - $1,500 Total Owed by you Total Paid by Insurance Company 2. $700 deductable, 15%...
1) Which of the following is NEVER deductible on Schedule A? A) Home mortgage interest paid...
1) Which of the following is NEVER deductible on Schedule A? A) Home mortgage interest paid on a second home. B) Interest paid on money borrowed to buy stock for an investment portfolio. C) "Points" paid in advance at the time of securing a mortgage for a taxpayer's main residence. D) Credit card interest paid on personal purchases 2) A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim...
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000 Interest Revenue 15000 Interest Expense 8000 Salary Expense 10000 The following balances are excerpted from the Company's balance sheet 12/31/2020 12/31/2019 Prepaid Insurance 1800 ? Prepaid Rent 2500 ? Interest Receivable ? 3800 Interest Payable ? 2800 9000 ? Salaries Payable Insurance premium paid? Rental payments? Interest Received? Interest Paid ? Salaries Paid? 22000 17000 14000 7200 11000
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages Self-employed business income Real estate taxes paid (residence) Parking ticket paid for business Y self-employment tax Gambling income Scratch off lotto ticket winning Cash option taken from cafeteria plan Gambling losses Hobby income Supplies for self-employed business Office expense for self-employed business Sub-contractors for self-employed business. $10,000 $80,000 $ 25,000 $ 6,500 $ 200 $ 1,300 $ 5,000 $ 100 $1,000 $ 7,000 $ 2,500 $ 700 $...
4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages $80,000 Self-employed business income $ 25,000 Real estate taxes paid (residence) $ 6,500 Parking ticket paid for business $ 200 12 self-employment tax $ 1,300 Gambling income $ 5,000 Scratch off lotto ticket winning $ 100 Cash option taken from cafeteria plan $ 1,000 Gambling losses $ 7,000 Hobby income $ 2,500 Supplies for self-employed business $ 700 Office expense for self-employed business $ 8,000 Sub-contractors for self-employed...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Identify each of the following items as elther a capital expenditure (C), an immediate expense (E), or other (N): Type of Expenditure Transaction 1. Constructed a new parking lot on leased property for $300,000 2. Paid property taxes of $75,000 for the first year a new administrative services building was occupied 3. Paid dividends of $40,000. 4. Paid interest on a six-monthnote payable that financed the construction of a new plant building, 5550,000. 5. Purchased equipment for a new manufacturing...
what is "more info"
Paid by Insurance Paid by y 1. $500 deductable, 20% Co-insurance, 515 co pay Total Expense Broken Finger- ER $350 X-Rays $225 Lab Tests $150 Prescription Drugs 525 1. Total Medical Expense 2. Deductible 3. Net Expense after deductible 4. 20% Co-insurance 80% of Net Expense Doctor Visits - 3 @ $100 each $15 Copay each visit Remaining Expenses Out-of-pocket Maximum - $1,500 Total Owed by you Total Paid by Insurance Company 2. $700 deductable, 15%...
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