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Hal attended school much of 2013, during which time he was supported by his parents. Hal married Ruth in December 2013. Hal graduated and commenced work in 2014. Ruth worked during 2013 and earned $18,000. Hal's only income was $1,100 of interest. Hal's parents are in the 28% tax bracket. Thus, claiming Hal as a dependent would save them $1,092 (0.28 X $3,900) of taxes.
a. Compute Hal and Ruth's gross tax if they file a joint return.
b. Compute Ruth's gross tax if she files a separate return in order to allow Hal's parents to claim him as a dependent.
c. Which alternative would be better for the family? In other words, will filing a joint return save Hal and Ruth more than $1,092?
On July 1, 2011, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the fair value of identifiable net assets on Delany's balance sheet.
Assume that there are four weeks per month. In rough terms, the hourly wages earned by workers in the garment factory described in the news article is:
Prepare the journal entry to record Fogelberg's transaction, under the following conditions. (Round answers to 0 decimal places, e.g. $38,487. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit ac..
If total liabilities decreased by $15,000 and owner's equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.
A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include:
Supposing that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.
Dorchester Corporation purchased one thousand shares of Winchester Corporation stock in 2006 for $800 per share and classified the investment as securities available for sale.
Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which of the following statements is incorrect?
M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, balance sheet, what amount of liability for compensated absences is M required to report?
1.On June 30, 2010, Parks Co. had outstanding 8%, $2,000,000 face amount, 15-year bonds maturing on June 30, 2025. Interest is payable on June 30 and December 31.
The common stock has voting rights. The preferred stock does not. a. Is the exchange nontaxable under Sec. 351? Explain the tax consequences of the exchange to Al, Bob, Carl, and West.
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