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1. For calendar year 2014, Stuart and Pamela Gibson file a joint return reflecting AGI of $350,000. Their itemized deductions are as follows: Casualty loss after $100 floor (not covered by insurance) $48,600 Home mortgage interest 19,000 Credit card interest 800 Property taxes on home 16,300 Charitable contributions 28,700 State income tax 18,000 Tax return preparation fees 1,200 Calculate the amount of itemized deductions the Gibsons may claim for the year. 2. Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows: Activity Income (Loss) A$ 30,000 B(30,000) C(15,000) D(5,000) In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. How will the sale of Activity D affect Sarah's taxable income in the current year?
Finally, Giovanni estimates that he needs to withdraw $55,000 from the business (as dividends) to cover his own personal living expenses this year. Will Giovanni have enough cash to get through the year? What is his budgeted cash balance on Decemb..
After reviewing Mr. Donaldson's accounting information, you are about to write a business memo to Mr. Donaldson. In the memo, you should compare cash-based operating cash flows with accrual-based net income and explain why it is of Mr. Donaldso..
Prepare stores ledger account using the simple average method and weighted average method.
moore corportation follows a policy of a 10 depreciation charge per year on all machinery and a 5 depreciation charge
determine the number of periods and the rate per period for each of the followingrate compounded years no. of periods
Fairfield company spends an additional $30,000 on advertising sales volume should increase by 2,500 units. What effect will this have on the operating income? and by how much?
They also have a policy of maintaining a raw material inventory at the end of each month equal to 20% of the pounds needed for the following month's production. There were 3,920 pounds of raw material on hand at Dec. 31, 2010, For the first quarter o..
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
During June, 90,000 units were produced. The standard quantity of material allowed per unit was 2 pounds at a standard cost of $5 per pound. If there was an unfavorable quantity variance of $5,000 for June, the actual quantity of materials used mu..
The distribution consists of $75,000 cash and property with an adjusted basis to the partnership of $20,000 and a fair market value of $25,000. Immediately before the distribution, Wendy's adjusted basis for her partnership interest is $90,000. We..
What is the difference between LIFO,FIFO and Weight Average by using Periodic method and Perpetual?
both are paid time and a half for any hours worked over eight hours each workday and work on saturdays and are paid
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