Homework Answers
Solution
The office building that was given for rent was used for his business purpose earlier .Hence, According to tax Laws , this type of buidling does not comes under Income from House property so it comes under profit and gains for business and Profession.
Gross Income for Stan for the year 2017 and 2018 calculation is
provided in the Image below.
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I am using the 2019 Federal Taxation
2. 1:3-41 Prepaid Rent. Stan rented an office building...
Silas rented an office building to Cam for $4,500 per month. On December 29, 2018, Silas...
Silas rented an office building to Cam for $4,500 per month. On December 29, 2018, Silas received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Cam closed his business and filed for bankruptcy. Silas had collected rent for February, March, and April on the first of each month. Silas had received May rent on May 10, but collected no payments afterwards. Silas withheld $400 from...
Sam rented an office building to Christian for $5,000 per month. On December 29, 2018, Sam...
Sam rented an office building to Christian for $5,000 per month. On December 29, 2018, Sam received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Christian closed his business and filed for bankruptcy. Sam had collected rent for February, March, and April on the first of each month. Sam had received May rent on May 10, but collected no payments afterwards. Sam withheld $1,200 from...
Note: If the image appears too small you can right click and open in a new...
Note: If the image appears too
small you can right click and open in a new window to better see
the image=
Seamus rented an office building to Chip for $2,000 per month. On December 29, 2018, Seamus received a deposit of $3,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Chip closed his business and filed for bankruptcy. Seamus had collected rent for February, March, and April on...
I am using the 2019 Federal Taxation 3. 1:3-42 Rental Income. Ed owns Oak Knoll Apartments....
I am using the 2019 Federal Taxation
3. 1:3-42 Rental Income. Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed $1,000 to cancel the two-year lease he had signed. Ed subsequently rented the unit to Wayne. Wayne paid the first and last months' rents of $800 each and a security deposit of $500. Ed also owns a building that is used as a health club. The club has signed a fifteen-year...
I am using the 2019 Federal Taxation 7. 1:3-55 Matt and Sandy reside in a community...
I am using the 2019 Federal Taxation
7. 1:3-55 Matt and Sandy reside in a community property state. Matt left home in April 2018 because of disputes with his wife, Sandy. Subsequently, Matt earned $15,000. Before leaving home in April, Matt earned $3,000. Sandy was unaware of Matt's whereabouts or his earnings after he left home. The $3,000 earned by Matt before he left home was spent on food, housing, and other items shared by Matt and Sandy. Matt and...
I am using the 2019 Federal Taxation 5. 1:3-44 Interest Income. Holly inherited $10,000 of City...
I am using the 2019 Federal Taxation
5. 1:3-44 Interest Income. Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of $500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings bonds that she had purchased several years ago. The accumulated interest totaled $800. Holly received $300 of interest on bonds issued by the City of Quebec, Canada. What amount, if any, of gross income must...
Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies...
Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Income Taxes Payable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unex...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Total assets Liabilities & Stockholders' equity Liabilities: Accounts payable Salaries payable Unearned rental fees Dividends payable Income taxes payable Interest payable Total liabilities Stockholders' equity: Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equit Comprehensive Problem 1 The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed...
i just want the trial balance 2 MIX Inc. is a service business incorporated on January,...
i just want the trial balance
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600 Notes Payable (long-term) $ 200 Accounts...
i want the income statement, statement of retained earnings, and balance sheet 2 MIX Inc. is...
i want the income statement, statement of retained earnings, and
balance sheet
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600...
Silas rented an office building to Cam for $4,500 per month. On December 29, 2018, Silas received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Cam closed his business and filed for bankruptcy. Silas had collected rent for February, March, and April on the first of each month. Silas had received May rent on May 10, but collected no payments afterwards. Silas withheld $400 from...
Sam rented an office building to Christian for $5,000 per month. On December 29, 2018, Sam received a deposit of $7,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Christian closed his business and filed for bankruptcy. Sam had collected rent for February, March, and April on the first of each month. Sam had received May rent on May 10, but collected no payments afterwards. Sam withheld $1,200 from...
Note: If the image appears too
small you can right click and open in a new window to better see
the image=
Seamus rented an office building to Chip for $2,000 per month. On December 29, 2018, Seamus received a deposit of $3,000 in addition to the first and last months' rent. Occupancy began on January 2, 2019. On July 15, 2019, Chip closed his business and filed for bankruptcy. Seamus had collected rent for February, March, and April on...
I am using the 2019 Federal Taxation
3. 1:3-42 Rental Income. Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed $1,000 to cancel the two-year lease he had signed. Ed subsequently rented the unit to Wayne. Wayne paid the first and last months' rents of $800 each and a security deposit of $500. Ed also owns a building that is used as a health club. The club has signed a fifteen-year...
I am using the 2019 Federal Taxation
7. 1:3-55 Matt and Sandy reside in a community property state. Matt left home in April 2018 because of disputes with his wife, Sandy. Subsequently, Matt earned $15,000. Before leaving home in April, Matt earned $3,000. Sandy was unaware of Matt's whereabouts or his earnings after he left home. The $3,000 earned by Matt before he left home was spent on food, housing, and other items shared by Matt and Sandy. Matt and...
I am using the 2019 Federal Taxation
5. 1:3-44 Interest Income. Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of $500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings bonds that she had purchased several years ago. The accumulated interest totaled $800. Holly received $300 of interest on bonds issued by the City of Quebec, Canada. What amount, if any, of gross income must...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Total assets Liabilities & Stockholders' equity Liabilities: Accounts payable Salaries payable Unearned rental fees Dividends payable Income taxes payable Interest payable Total liabilities Stockholders' equity: Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equit Comprehensive Problem 1 The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed...
i just want the trial balance
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600 Notes Payable (long-term) $ 200 Accounts...
i want the income statement, statement of retained earnings, and
balance sheet
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600...
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