Reference no: EM131259498
During 2016, Gary earned $57,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a loan made to his brother.
Gary spent one week serving on a jury and received $50.
Gary received a refund of federal income taxes withheld during the prior year of $1,200 and a state income tax refund of $140. Gary had itemized deductions last year of $8,000 which included $1,000 of state income taxes.
Gary received qualified dividends from Ace Corporation of $1,000 and from Tray Cor- poration of $1,400. Gary’s itemized deductions equal $9,000, and withholding for federal income taxes is $8,000. Compute Gary’s tax due or refund due for 2016.
|
Journalize in single entry interest expense
: How much was Amazon’s long-term debt at December 31, 2009? Of this amount, how much was due within one year? How much was payable beyond one year in the future? Journalize in a single entry Amazon’s interest expense for 2009. Amazon paid cash of $32 ..
|
|
Balance sheet and statement of cash flows
: Bower Consulting Company started the period with cash of $25,000, common stock of $13,000, and retained earnings of $12,000. Bower engaged in the following transactions in 2016: An inventory of supplies showed $250 of supplies on hand as of December ..
|
|
Pay back the initial project investment
: Your company has the opportunity to invest $75,000 in a new project opportunity but due to cash flow concerns, your boss wants to know when you can pay back the original investment. Calculate how long it should take to pay back the initial project in..
|
|
What price per unit would have been charged to the customer
: Job 412 was one of the many jobs started and completed during the year. The job required $9,000 in direct materials and 40 hours of direct labor time at a total direct labor cost of $9,900. If the job contained four units and the company billed at 60..
|
|
Compute garys tax due or refund due
: During 2016, Gary earned $57,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a lo..
|
|
Suppose team is organized as pass-through firm
: Suppose a team is organized as a pass-through firm. Further, suppose that there are not physical depreciation or roster depreciation or long-term obligation. the tax rates on both are team and the owner's personal income are 33 percent. explain why t..
|
|
Personal financial planning business
: Ed Arnold started a personal financial planning business when he accepted $51,000 cash as advance payment for managing the financial assets of a large estate. Arnold agreed to manage the estate for a one-year period beginning May 1, 2014. Show the ef..
|
|
Show the absorption costing income statement
: Explain the differences between absorption and variable costing. Find an example in another source besides your book of the variable costing contribution format income statement and then show the absorption costing income statement. Explain the diffe..
|