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In 2008 Margaret John Murphy are married tax payers who file a joint tax return with AGI of $25,000. During the year they incurred the following expenses:
Hospitalization insurance premiums
Premiums on a insurance policy that pays
$100 per day for each day Margaret is hospitalized
Medical care lodging (two people, one night)
Hospital bills
Doctor bills
Dentist bills
Prescription drugs and medicines
Psychiatric care
In addition, during March they drove 947 miles for medical transportation, and their insurance company reimbursed them $900 for the above expenses. On the following segment os Schedule A of form 1040, calculate the Murphy's medical expense deduction.
It is estimated that 4% of credit sales will be uncollectible. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $1,485 before adjustment?
Pardee Company plans to sell 12,000 units during the month of August. If the company has 2,500 units on hand at the start of the month, and plans to have 2,000 units on hand at the end of the month, how many units must be produced during the month..
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
Compute the present value of the receivable on Biotech's books for January 1, 2006 immediately after receiving the $1million down payment.
consider the following information prepared based on a monthly capacity of 50000 unitscategorycost per unitvariable
the fasb asc paragraph 810-10-45-16 states acirceurooeligthe noncontrolling interest shall be reported in the
A common question when making a capital budgeting decision is whether to lease or buy an asset. This is akin to the 'make or buy choice' that is often faced by management accountants.
the basis for classifying assets as current or noncurrent is conversion to cash withinthe accounting cycle or one year
1. what are some common legal entities used for operating a business? what types of business entities does the u.s. tax
You have been hired as the CFO of a new company and are determining the company's accounting needs.
In 2011, Miley incurred actual warranty costs relative to 2010 computer sales of $10,000 for parts and $18,000 for labor.
An aging analysis of the accounts receivable produces an estimate of $2000 of probable losses from uncollectible accounts. the adjusting entry needed to record the estimated losses from uncollectible accounts is made for?
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