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QUESTION 1
Juan works as a landscaper for local businesses on weekends, and he often provides services in exchange for property. This year Juan provided lawn-mowing services in exchange for $1,275 of car repair services, $3,570 of groceries, and a certificate of deposit (CD) for $4,050. The CD matures next year with interest. Finally, Juan received a gift card that can only be applied for $850 of clothing at a local mall. Juan has only applied the gift card to purchase $100 of clothing. Compute Juan's gross income, assuming that he uses the cash basis of accounting.
QUESTION 2
Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2021, Ed and Jane realized the following items of income and expense:
They also qualified for a $3,600 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2021 standard deduction amount for MFJ taxpayers is $25,100. What is the couple's adjusted gross income?
Euclid acquires a 7-year class asset on May 9, 2020, for $143,600 (the only asset acquired during the year). Calculate Euclid cost recovery deduction
The Concepcion Enterprises, Inc. had the following shareholders' equity balances at December 31, 2024:
The balance sheets of ABD Inc. and C Corporation. Calculate current ratio and long-term debt-to-equity ratio of ABD before and after the acquisition.
The company requires a minimum pretax return of 18% on all investment projects. What is the net present value of the proposed project
teague plumbing has received a special one-time order for 1500 toilets units at 75 per unit. teague currently produces
Gardner Corporation purchased a truck at the beginning of 2014 for $90,000. What is the depreciation expense for 2014
zend inc. manufactures small pleasure boats on assembly line basis. the units are started in the department a. on july
What are the auditor's responsibility as it specifically relates to finding and uncovering fraud? What are the auditor responsibilities during an audit
Question 1: Branch Corp.'s total assets at the end of last year were $315,000 and its net income after taxes was $22,750. What was its return on total assets?
Alma traders bought a Vehicle for R120,000 on 1 March 2000. Calculate the annual depreciation for the financial years ended 31 December 2000, 2001, 2002, 2003
Declared 10% stock dividend on the outstanding common stock when stock is selling for $42 per share. Prepare journal entries to record transactions described
What is the cash balance on December 31, 2017? Total sales and cost of goods sold for 2017 were P2,394,000 and P1,749,000, respectively.
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