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MULTIPLE CHOICE 15. A "C" taxpayer, XY ion had the following results for 2019 Sales Cost...
A "C" taxpayer , XYZ corporation had the following results for 2019 sales 10000 COGS 6000...
A "C" taxpayer , XYZ corporation had the following results for 2019 sales 10000 COGS 6000 municipal bond interest 1000 other deductible expenses 2000 net capital losses 5000 15) Taxable income is a. 2000 b. (3000) c. 4000 d. (2000) 16) 2018 BOOK income for XYZ Corporation is a. 2000 b. (3000) c. 4000 d. (2000) e. 0
A taxpayer is a wholesaler who uses a forklift in his business. On 1 October 2019...
A taxpayer is a wholesaler who uses a forklift in his business. On 1 October 2019 he purchased a new forklift with an effective life of five years. To acquire the forklift, he traded in his old forklift that had a market value on the date of disposal of $2,000. The cost of the old forklift was $6,000 when purchased a number of years ago and it had an adjustable value of $1,000 on the date it was sold. What...
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing...
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing items of income and expense: Income: Salary $150,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 6,000 Interest on a principal residence 7,000 Real property taxes on the principal residence 4,300 Charitable contributions 4,000 Loss from the sale of Delta Corporation stock 2,000 (held for two years) Expenses incurred...
Reed Corporation, an accrual basis taxpayer, reports the following results for the current year: Income: $...
Reed Corporation, an accrual basis taxpayer, reports the
following results for the current year:
Income: $ 290,000 16,000 5,000 9,000 140,000 4,000 Gross profit from manufacturing operations Dividends received from 25%-owned domestic corporation Interest income: Corporate bonds Municipal bonds Proceeds from life insurance policy on key employee Section 1231 gain on sale of land Expenses: Administrative expenses Bad debts Depreciation: 100,000 7,000 70,000 82,000 34,000 46,000 13,000 4,000 2,000 34,100 300 Financial accounting Taxable income Alternative depreciation system (for E...
Please refer to the multiple choice question pasted on page 2. So please prepare an income...
Please refer to the multiple choice question pasted on page 2.
So please prepare an income statement based on the facts provided.
I provide a template, but you can use your own.
Tip: once you have prepared your income statement, check it to
make sure that the totals compute.
Sales Revenue
Cost of Goods Sold
0
Assume zero
Gross Profit
Operating Expenses
Depreciation Expense
Assume $2,000
Operating Income:
Other revenue (loss)
Net capital Loss
Interest Revenue...
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest...
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest Income from First Bank Interest Income from New York City Bonds Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010) Loss on sale of stock (held for 2 years) Child support paid Gift from aunt Deductible Itemized Deductions $50,000 $ 1,200 1,000 10,000 12,000 ( 8,000) 6,000 20,000 10,000 Tony's taxable income is: a. $17,350 b. $19,000 c....
Gordon Grumps is married and files separately. During 2019, he had the following capital gains and...
Gordon Grumps is married and files separately. During 2019, he had the following capital gains and losses: STCL ($1,000) STCG 1,900 STCL carryover from 2018 (200) LTCG 600 LTCL (10,000) Gordon’s taxable income is $6,000. What is Gordon’s capital loss deduction for 2019 and his carryover?
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad...
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000 Nonbusiness short-term capital loss 3,000 Salary 50,000 Interest income 3,000 Personal casualty gain on an asset held for four months 10,000 Personal casualty loss on an asset held for two years 1,000 Assume all casualty losses are after the application of the $100-per-event floor. Determine Nell's AGI for 2019. (Hint: What happens to...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31,...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
A corporation has pretax financial accounting (book) income of $146,000 in year 3. Additional information (for...
A corporation has pretax financial accounting (book) income of $146,000 in year 3. Additional information (for year 3) is as follows: 1. Municipal bond interest income is $35,000. 2. Life insurance premium expense, where the corporation is the beneficiary per books is $4,000. 3. Accelerated depreciation is used for tax purposes, while straight-line is used for books. Tax depreciation is $10,000; book depreciation is $5,000. 4. Estimated warranty expense of $500 is accrued for book purposes. Additional details that may...
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing items of income and expense: Income: Salary $150,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 6,000 Interest on a principal residence 7,000 Real property taxes on the principal residence 4,300 Charitable contributions 4,000 Loss from the sale of Delta Corporation stock 2,000 (held for two years) Expenses incurred...
Reed Corporation, an accrual basis taxpayer, reports the
following results for the current year:
Income: $ 290,000 16,000 5,000 9,000 140,000 4,000 Gross profit from manufacturing operations Dividends received from 25%-owned domestic corporation Interest income: Corporate bonds Municipal bonds Proceeds from life insurance policy on key employee Section 1231 gain on sale of land Expenses: Administrative expenses Bad debts Depreciation: 100,000 7,000 70,000 82,000 34,000 46,000 13,000 4,000 2,000 34,100 300 Financial accounting Taxable income Alternative depreciation system (for E...
Please refer to the multiple choice question pasted on page 2.
So please prepare an income statement based on the facts provided.
I provide a template, but you can use your own.
Tip: once you have prepared your income statement, check it to
make sure that the totals compute.
Sales Revenue
Cost of Goods Sold
0
Assume zero
Gross Profit
Operating Expenses
Depreciation Expense
Assume $2,000
Operating Income:
Other revenue (loss)
Net capital Loss
Interest Revenue...
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest Income from First Bank Interest Income from New York City Bonds Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010) Loss on sale of stock (held for 2 years) Child support paid Gift from aunt Deductible Itemized Deductions $50,000 $ 1,200 1,000 10,000 12,000 ( 8,000) 6,000 20,000 10,000 Tony's taxable income is: a. $17,350 b. $19,000 c....
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
A corporation has pretax financial accounting (book) income of $146,000 in year 3. Additional information (for year 3) is as follows: 1. Municipal bond interest income is $35,000. 2. Life insurance premium expense, where the corporation is the beneficiary per books is $4,000. 3. Accelerated depreciation is used for tax purposes, while straight-line is used for books. Tax depreciation is $10,000; book depreciation is $5,000. 4. Estimated warranty expense of $500 is accrued for book purposes. Additional details that may...
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