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Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and expenses as you can see in the attached document.Compute Kelly's taxable income and her net tax due or refund expected for 2011
Income:Salary $60,000Cashdividends 3,000Interest income onCity ofNewYorkbonds 5,000Interest income on U.S. Treasury bills 4,000Net rental income 3,500Alimony received from ex-husband 2,500Child support received from ex-husband 3,500Sales of capital assets:Stock held for 3 months (basis is $12,000) sold for 18,000Investment land held 5 years (basis is $30,000) sold for 14,000Life insuranceproceedsreceivedonthedeathofher...100000Expenses:Home mortgage interest 6,000Property taxes on home 2,000Charitable contributions 7,000Qualifying child care expense 3,700Federal income tax witheld $7000
Elston Company is authorized to issue 1,000,000 shares of $1 par value common stock. During 2002, its 1st year of operation the corporation has the following stock transactions:
What effect do subsidiary treasury stock holdings have at the time the subsidiary is acquired? How should the treasury stock be treated on consolidated work papers?
Manufacturing overhead is applied to jobs on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing overhead cost for the year was $172,000.
Pizza Restaurant has the following revenue and Cost Functions: Find out break-even output. Find out quantity.
Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.
Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
The return an investor earns on a bond over a period of time is known as the holding period return, defined as interest income plus or minus the change in the bond's price, all , all divided by the beginning bond price.
The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
On 1 July 2010, Cherry Ltd acquired an item of plant for $31 864. On the same date, Cherry Ltd entered into a lease agreement with Hazel Ltd in relation to the assets. According to the lease agreement, Hazel Ltd agreed to pay $ 12 000 immediately,..
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