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1. Philip, 27, is a single self-employed plumbing contractor. During the year, he earns gross revenues of $49,000 and incurs $6,000 of business expenses. His itemized deductions for the year are $7,000. Determine Philip's taxable income and his total tax liability (Self-employment and regular tax.) On problems 2 & 3 Explain how much of each expenditure is deductible and any limitations that may be placed on the amount of the deduction. If you determine an amount is not deductible, explain why it isn't. 2. Woodrow is President and CEO of ISPEP, a closely held corporation with assets of $20,000,000. Woodrow, who owns 60% of the company, decides to hire his twin daughters who have just completed their freshman year at Aztec State to work in the promotions department of the company. His daughters will be paid $5,000 each for the summer. Other college students who are hired for the summer to perform similar tasks will be paid $4,000. 3. Harry owns Circus City Condiments, a wholesaler of circus food. In 2011 he loaned his friend Joanna $8,000 at 6% annual interest with the balance due in 5 years. Joanna used the loan to open a beauty salon. In December 2014, Joanna tells Harry that she has filed for bankruptcy and that he will be lucky to get $2,000 of his money back. The bankruptcy proceedings had not been completed at the end of the year.
How many kilos of Loire is Mien budgeting to purchase in October 2005?
Discuss the major types of fraud you might find in auditing the financial statements of a client.What conditions are generally present, how should the auditor assess the risk or fraud, what steps if any should the auditor take when he suspects fra..
What is the projected ending retained earning balance of march 31, 2012, assuming that 2010 was their worst year of business?
An increase in the activity level within the relevant range results in:
It is an objective of the statement of cash flows to: a. disclose changes during the period in all asset and all equity accounts. b. disclose the change in working capital during the period.
deer valley lodge a ski resort in the wasatch mountains of utah has plans to eventually add five new chairlifts.
the following items were selected from among the transactions completed by emerald bay stores co. during the current
a. Calculate the issue price of the bonds. b. Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
research sarbanes oxley and discuss the key provisions of the law that strengthen the auditing of the publicly traded
What is the balance in retained earnings appearing on the statement of stockholders" equity on December 31, 2002? A. $330,000 b. $380,000 c. $420,000 d. $440,000 138.
sauders company has two service departments cafeteria and human resources and two production departments machining and
gelato supremo is a popular neighborhood gelato shop. the company has provided the following data concerning its
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