Question

ASAP thx

dmnise enet 13) Ms. Marple's books and reconds for 2018 reflect the following information: 13) Salary earned this year Interest on savings account (credited to her account in 2018, withdrawn in 2019) Interest on county bonds earned and collected in 2018 $65,000 1,000 2.000 What is the amount Ms. Marple should include inber gross income in 2018? A) $67,000 B) $65,000 D) $66.000 C) $68,000 14) Speak Corporation, a calendar-year, cash-basis taxpayer, sells packages of foreign language lessons to individuals planning to work overseas. In December 2018, it sold and received payment for $600,000 of 24-month lesson packages to be provided evenly through 2019 and 2020. Speak Corporation will recognize the $600,000 of income A) half in 2019 and half in 2020 C) all in 2018. 14) B) all in 2020. D) all in 2019 15) One of the requirements that must be met in onder to defer recognition of income for advance payments for goods is A) the amount received is more than the taxpayer's cost of the goods. B) the goods are produced in the United States C) the goods are on the taxpayer's premises on the last day of the tax year. D) the taxpayer's method of accounting for the sale for tax purposes is the same as the method used for financial reporting purposes. 15) 16) Which of the following advance payments cannot qualify for income tax deferral? A) advance collection of rent with associated services B) advance collection for merchandise C) advance collection for services D) advance collection of rent without associated services 16) 17) Speak Corporation, a calendar-year, accrual-basis taxpayer, sell packages of foreign langauge lessons to individuals planning to work overseas. In December 2018, it sold and received payment for $600,000 of 24-month lesson packages to be provided evenly through 2019 and 2020. Speak Corporation will recognize the $600,000 of income A) all in 2020. C) all in 2019. 17) B) half in 2019 and half in 2020. D) all in 2018. 18) 18) Which of the following items will result in an increase in gross income? A) Preparing a mechanic's tax return in exchange for the medhanic replacing the muffler on your car. B) Receipt of a $10,000 check from the bank. The check is for a student loan. 9Receiving a $10,000 award from a university for high grades and high SAT scores. The award is used to pay tuition. D) None of the above will be included in gross income.

Answer 1

16= answer is d. Advance collection of rent without associated services.

14=answer is c. All in 2018

15=answer is d.