Rental income on income tax return

Assignment Help Accounting Basics
Reference no: EM13147967

Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2010:

Received in January 2010 rent that was due in December 2009 ...... $5,000

Received in December 2010 rent not due until January 2011 ........ 4,000

Security deposit which is to be refunded when tenant vacates the apartment.................. 500

How much rental income must Billy Dent include on his 2010 income tax return?

Reference no: EM13147967

Questions Cloud

Compute company predetermined overhead application rate : Compute the company's predetermined overhead application rate. Compute Rockville's ending work-in-process inventory. Determine Rockville's sales revenue. Was manufacturing overhead under- or overapplied during 20x3? By how much?
Steak knives be a normal good : Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?
Defend or refute the following assertion : Defend or refute the following assertion: in the pentose phosphate pathway, glucose 6-phosphate dehydrogenase and transketolase should be controlled by the level of ATP in the cell.
How many joules of heat are needed : how many joules of heat are needed to completely vaporize 24.40 g of water at its boiling point?
Rental income on income tax return : How much rental income must Billy Dent include on his 2010 income tax return?
How much must be allocated now : A sum of sufficient magnitude is to be invested now so that starting in 10 years from now an amount of $2500 per year can be paid in each of 8 succeeding years. The unexpended money remains invested at 6% compounded annually. How much must be allo..
Compute the molarity of the hcl solution : Calculate the number of mmoles of primary standard grade Na2CO3. b. How many mmoles of HCl reacted with the Na2CO3? c. Calculate the molarity of the HCl solution.
What will be the future worth of a series of annual payment : What will be the future worth of a series of 15 annual $1500 payments if the nominal annual interest rate is 7% and the interest is compounded quarterly?
Write a sequence of biochemical reactions : Write a sequence of biochemical reactions, starting with pyruvate, that results in a balanced equation that has the net formation of an a-ketoglutarate, without the formation of any other TCA cycle intermediates (but can have ATP, NAD+, H2O, CO2, ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Quantity materials variances problem

Compute price, and quantity materials variances for Tile Company for March. Indicate amount ($) and favorable (F) or unfavorable (U) effects.

  Problem related to purchase of land

Jonas Lumber Company owns a 7,000-acre tract of timber purchased in 2003 at a cost of $1,300 per acre. At the time of purchase the land was estimated to have a value of $300 per acre without the timber.

  Record the change in selling price

A company $100 million of fixed interest rate bonds payable at $98 million. At year-end, the bonds were selling in the bond market at $97 million. What entry would Moore Company make at year-end to record the change in selling price?

  Profit distributions by a corporation

Which of the following is NOT a legal restriction related to profit distributions by a corporation?

  Hoyt''s tax return

Harris moves and Hoyt refunds $1,050 of  the deposit and keeps the remainder to cover $750 which is spent for repairs to the office space  and one week of unpaid rent that amounts to $600. How would this information be reflected on  Hoyt's tax ret..

  What exactly is treasury stock

What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?

  Concept of straight-line depreciation

Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation.

  Finding of beneficiary income

Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy.

  What is the budgeted gross profit

A company recorded sales of $160,000 during march. management expects sales to increase 5% in april, 3% in may, adn 5% in june. cost of goods sold is expected to be 70% of sales. What is the budgeted gross profit for june?

  Ups securities

Conduct research on the selected securities (Ford and UPS) Analyze the organizations' 10K and investment reports, general economic data, and Federal Reserve data.

  Large amount of cash inflows

A U.S. firm has received a large amount of cash inflows periodically in Swiss francs as a result of exporting goods to Switzerland. It has no other business outside the U.S. It could best reduce its exposure to exchange rate risk by:

  Performing an appropriate hypothesis test

If the standard deviation of back charges is $650, and alpha = 0.05, test the claim of the engineering firm. Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd