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Q1. A minister receives an annual salary of $16,000 in addition to the use of a church parsonage with an annual rental value of $6,000.the minister accepted this minimal salary because he felt that was all the church could afford to pay. He plans to report these amounts on his income tax return but he is uncertain how to treat the cash gifts he receives from members of his congregation. These gifts were made out of love and admiration for him. During the year the congregation developed a regular procedure for making gifts on special occasions. Approximately two weeks before each special occasion when the minster was not present, the associate pastor announced before the service that those who wished to contribute to the special occasion gifts could do so by placing in envelopes and giving them to the associate who would give them to the minister. Only cash was accepted to preserve anonymity. The church did not keep a record of the amounts given nor the contributors, but the minister estimates that these gifts amount $10,000 in the current year. How should he treat these gifts?
Q2. Sara receives $5,500 per year scholarship to attend the state university .Sarah spends $4,000 for tuition, $500 for required textbooks and $1,000 for room and board. Sara also has a part time job on campus earnings $3,000 which covered the balance of her room and board and supply expenses. How much does Sara include in her gross income?
Evaluate individually the increase or decrease in total income arising from the company's errors in evaluating or entering depreciation or in recording transactions affecting trucks, ignoring income tax considerations.
Determine the cost of goods sold and ending inventory on June 30, considering that Handy uses: Determine the depreciation expense Tastee would identify on this equipment for each of the five years, assuming:
Canliss Mining uses the replacement method to evaluate depreciation on its office equipment.
Total partnership net assets will logically be revalued to $1,080,000 on the basis of the price paid by Mary Ann. Total capital of the new partnership will be $840,000 considering no revaluation.
Evaluate the ABC cost of a resident day for each category of residents using assistance hours as the cost driver.
What is the net investment in the truck project?
Analytical procedures for the cash cycle
What collateral or security will the company provide to make sure that any loan i make will be repaid?
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
Determine the net benefit of outsourcing the electric motors from Mini Motor Company.
Basic flexible budgeting Sydney, Inc., has the subsequent budgeted production costs:
Describe the journal entry, including the cash flow implications for financial statement analysis and valuation
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