Can george claim andy as a dependent

Assignment Help Accounting Basics
Reference no: EM13131060

George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy as a dependent? Fully explain and provide assumptions.

Reference no: EM13131060

Questions Cloud

Earnings account to paid-in capital accounts : What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
Prepare the entry to assign factory labor to production : The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are $8,000.
Elucidate the amount of this inventory : Based on the preceding information, will Jarman report finished goods inventory on its balance sheet for Contract 1? If so, elucidate the amount of this inventory? If not, explain why not.
Probability that none of three selected persons is allergic : What is the probability that none of three randomly selected persons is allergic to this drug? Assume that all three persons are independent.
Can george claim andy as a dependent : George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..
Declaration and issuance of the stock dividend : A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..
Depict a flow sheet to show how you would separate : Separation of acidic, basic & neutral substances in solution, Draw a flow sheet to show how you would separate the components of a mixture containing and acid substance
What should salary be if number of years of experience given : Assume that the variable B is the number of years of experience. Suppose the person has 2 years of college and 7 years of experience. What should their salary be?
What are the legal repercussions accounting wise : What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accountin..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cash-basis and accrual-basis net income

Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.

  What makes a contribution income statement unique

What makes a contribution income statement unique? Using the company (National Linen) discuss how a contribution income statement could be used to improve planning in that particular company.

  Product-cost cross-subsidization problem

Product-cost cross-subsidization is more likely to occur when:

  What is consolidated net income

Without regard for this investment, Keefe earns $300,000 in net income during 2006. What is consolidated net income for 2006?

  Change in accounting method

At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?

  Calculate how much estate tax would have been saved

Harold and Maude are married and live in a common-law state. Neither have made any taxable gifts and Maude owns (holds title) all their property. She dies with a taxable estate of $15 million and leaves it all to Harold. He dies several years late..

  Face value of one bond

Capius Corporation issued 2000 bonds in $1000 individual denominations. Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face ..

  Explain why the circuit department has an incentive

Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.

  Depreciation-the use of real estate

Since tax-exempt organizations do not benefit from the deductions that result from depreciation, what options do tax-exempt organizations have in acquiring the use of real estate?

  Debit balance in the allowance for doubtful accounts

A debit balance in the Allowance for Doubtful Accounts

  Transition of cost centers to profit centers

'Wireless Inc., provides a variety of telecommunications services to residential and commercial customers from its massive campus-like headquarters in suburban Orlando. For a number of years the firm's maintenance group has been organized as a cos..

  Cash flows from financing activities

If 800 shares of $40 par common stock are sold for $43,000, the $43,000 would be reported in the cash flows from financing activities section of the statement of cash flows.

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