Calculate the amount of interest cecil

Assignment Help Accounting Basics
Reference no: EM13974000

Cecil cashed in a Series EE savings bond with a redemption value of $22,000 and an original cost of $15,400.

For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.)

a. Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $70,000.

b. Assume the same facts in part (a), except Cecil plans to spend $6,600 of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $67,300.

Reference no: EM13974000

Questions Cloud

What is the optimal capital structure : What is firm's cost to equity and weighted average cost of capital at this time? What is the optimal capital structure when financial distress costs are included?
Calculating the common stockholders : Torino Company has 2,600 shares of $20 par value, 5.5% cumulative and nonparticipating preferred stock and 26,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $2,500 in its first year of operation. The..
Determining the gross income : Both the $700 and $950 checks cleared the next year. How much does Sarah have to include in her gross income for 2015?
What are the characteristics of a chronic disease : What are the many things that can go wrong and create chronic diseases? Who is at risk? What nutritional changes can we make to prevent and/or manage CVD problems?
Calculate the amount of interest cecil : For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.)
Write one pargraph summary about iraq economy article : Find an article about Iraq economy. Write one pargraph summary about the article (120 words) with the link of the article.
Used computer system sales inc : 1.      Used Computer System Sales, Inc. (UCSSI), which began its operations in July of 2007, specialized in the purchase, sale, distribution, upgrade, and repair of new, as well as refurbished, equipment for the Sun Microsystems/Oracle America marke..
Problem regarding the adjusting entry-edson corp : The face value of the note was $153,000. Edson used a "Discount on Note Payable" account to initially record the note and the discount will be amortized equally over the 3-month period. What is the adjusting entry made at December 31, 2011?
Using the data below the month of july : Using the data below the month of July, determine the July Gross Profit using FIFO inventory methods.June 30:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd