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Accounting
Whatnots is a retail seller of cards, novelty items, and business products. On December 31, 2019, the firm's general ledger contained the following accounts and balances.INSTRUCTIONS1. Prepare the
The Game Place is a retail store that sells computer games, owned by Matt Huffman. On December 31, 2019, the firm's general ledger contained the accounts and balances below. All account balances are
The unadjusted trial balance of Ben's Jewelers on December 31, 2019, the end of its fiscal year, appears below.INSTRUCTIONS1. Copy the unadjusted trial balance onto a worksheet and complete the
When Sara Yu's father died suddenly, Sara had just completed the semester in college, so she stepped in to run the family business, AAA Couriers, until it could be sold. Under her father's direction,
McCormick and Company, Incorporated reported the following in its 2014 Annual Report:Analyze: 1. Based on the information presented above, which categories might require adjusting entries at the end
The accounts listed below appear on the worksheet of Heritage Crafts. Indicate the section of the classified income statement in which each account will be reported. SECTIONS OF CLASSIFIED INCOME
Solomon Company reports the following in its most recent year of operations:• Sales, $1,000,000 (all on account)• Cost of goods sold, $490,000• Gross profit, $510,000• Accounts receivable,
The following accounts appear on the worksheet of Heritage Crafts at December 31, 2019. Indicate the section of the classified balance sheet in which each account will be reported. SECTIONS OF
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 2019.The
The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. Use this data and the net income determined in Exercise 13.3 to prepare a statement of owner's equity for
The worksheet of Bridget's Office Supplies contains the following asset and liability accounts. The balance of the Notes Payable account consists of notes that are due within a year. Prepare a
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Give the entries that should be made in the general journal to
Examine the following adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. Include
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Prepare a post closing trial balance for the
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances.Cash
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31,
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm's worksheet for the year ended December 31,
Obtain all data necessary from the worksheet prepared for Artisan Wines in Problem 12.6A at the end of Chapter 12. Then follow the instructions to complete this problem. INSTRUCTIONS 1. Prepare a
Obtain all data that is necessary from the worksheet prepared for Healthy Eating Foods Company in Problem 12.5A at the end of Chapter 12. Then follow the instructions to complete this
The data below concerns adjustments to be made at Coffee Bean Importers.INSTRUCTIONS1. Record the adjusting entries in the general journal as of December 31, 2019. Use 25 as the first journal page
ComputerGeeks.com is a retail store that sells computers, laptops, supplies, and other electronic devices. The adjusted trial balance data given below is from the firm's worksheet for the year ended
Hog Wild is a retail firm that sells motorcycles, parts, and accessories. The adjusted trial balance data given below is from the firm's worksheet for the year ended December 31, 2019.INSTRUCTIONS1.
Obtain all data necessary from the worksheet prepared for The Game Place in Problem 12.6B at the end of Chapter 12. Then follow the instructions to complete this problem. INSTRUCTIONS 1. Prepare a
Obtain all data that is necessary from the worksheet prepared for Whatnots in Problem 12.5B at the end of Chapter 12. Then follow the instructions to complete this problem.INSTRUCTIONS1. Record
The data below concerns adjustments to be made at Amador Creek Wine Company. INSTRUCTIONS 1. Record the adjusting entries in the general journal as of December 31, 2019. Use 25 as the first journal
Programs Plus is a retail firm that sells computer programs for home and business use. On December 31, 2019, its general ledger contained the accounts and balances shown below:ACCOUNTS
Teagan Fitzgerald is the owner of Newport Jewelry, a store specializing in gold, platinum, and special stones. During the past year, in response to increased demand, Teagan doubled her selling space
McCormick & Company, Incorporated, is a global leader in the manufacture, marketing, and distribution of spices, seasoning mixes, condiments, and other products to the food industry. McCormick &
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2016. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no
Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability. Please show your work.
Nicoula is a server at a La Jolla restaurant. Nicoula received $1,200 in unreported tips during 2016 and owes Social Security and Medicare taxes on these tips. Her total incomefor the year,
For each of the following situations (none of the taxpayers claim dependents), indicate whether the taxpayer(s) is (are) required to file a tax return for 2016. Explain your answer. a. Helen is a
Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2016:
For each of the following cases, indicate the filing status for the taxpayer(s) for 2016 using the following legend:A - Single D - Head of householdB - Married filing a joint returnC - Married filing
Melissa and Aaron are married taxpayers with taxable income of $105,000. a. When you calculate their tax liability are you required to use the tax tables or the tax rate schedules, or does it
Jessica and Carl were married on July 1, 2016. What are their options for filing status for their 2016 taxes?
Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $700 in interest income. Jason and Mary's
List each alternative filing status available to unmarried individual taxpayers and the circumstances under which the alternatives can be used
Indicate, in each of the following situations, the number of exemptions the taxpayers are entitled to claim on their 2016 income tax returns. Number of Exemptions a. Donna, a 20-year-old
What is the total dollar amount of personal and dependency exemptions which a married couple with one child and $80,000 of adjusted gross income would claim in 2016?
Leslie is a single taxpayer who is under age 65 and in good health. For 2016, she has a salary of $24,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return. a.
In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held
Diego, age 28, married Dolores, age 27, in 2016. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income
Ulysses and Penelope are married and file separate returns for 2016. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250,
Alicia (age 27) is a single, full-time college student. She earns $13,200 from a parttime job and has taxable interest income of $1,450. Her itemized deductions are $845. Calculate Alicia's taxable
Jason and Mary Wells, friends of yours, were married on December 30, 2016. They know you are studying taxes and have sent you an e-mail with a question concerning their filing status. Jason and Mary
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2016 tax year.__________ a. Welfare payments__________ b. Commissions__________ c.
How much of each of the following is taxable?a. Cheline, an actress, received a $10,000 gift bag from the Oscars during 2016. b. Jon received a gold watch worth $660 for 25 years of service to
For each of the following independent cases, indicate the amount of gross income that must be included on the taxpayer's 2016 income tax return. a. Malchia won a $4,000 humanitarian
Lola, age 62, began receiving a $1,000 monthly annuity in the current year upon the death of her husband. She received eight payments in the current year. Her husband contributed $58,500 to the
Sharon transfers to Russ a life insurance policy with a cash surrender value of $35,000 and a face value of $100,000 in exchange for real estate. Russ continues to pay the premiums on the policy
Greg died on July 1, 2016, and left Lea, his wife, a $50,000 life insurance policy which she elects to receive at $5,000 per year plus interest for 10 years. In the current year, Lea receives $5,900.
David is certified by his doctor as terminally ill with liver disease. His doctor certifies that he cannot reasonably be expected to live for more than a year. He sells his life insurance policy to
Helen receives a $200,000 lump sum life insurance payment when her friend Alice dies. How much of the payment is taxable to Helen?
In June of 2016, Kevin inherits stock worth $125,000. During the year, he collects $6,500 in dividends from the stock. How much of these amounts, if any, should Kevin include in his gross income for
Gwen is a tax accountant who works very hard for a large corporate client. The client is pleased and gives her a gift of $10,000 at year-end. How much of the gift is taxable to Gwen?
Robbie receives a scholarship of $20,000 to an elite private college. $12,000 of the scholarship is earmarked for tuition, and $8,000 covers his room and board. How much of the scholarship, if any,
Vandell is a taxpayer in the 28 percent tax bracket. He invests in Otay Mesa Water District Bonds that pay 4.5 percent interest. What taxable interest rate will provide the same after-tax return to
Lydia, a married individual, was unemployed for a few months during 2016. During the year, she received $3,250 in unemployment compensation payments. How much of her unemployment compensation
Linda and Richard are married and file a joint return for 2016. During the year, Linda, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline;
Ellen's tax client is employed at a large company that offers medical flexible spending accounts to its employees. Tom must decide at the beginning of the year whether he wants to put as much as
During the 2016 tax year, Brian, a single taxpayer, received $7,200 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he
How are qualified dividends taxed in 2016? Please give the rates of tax which apply to qualified dividends, and specify when each of these rates applies.
Sally and Charles Heck received the following dividends and interest during 2016:Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 for them for the 2016 tax year. Do not
Answer the following questions, assuming that the related divorce agreements were executed during 2016. a. Under a divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until
Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is
Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming
Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the
Go to the U.S. General Services Administration (GSA) website. For 2016, what is the per diem rate for each of the following towns: a. Flagstaff, AZ for April and November b. Palm Springs, CA for
Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in 2016:Dues to a country club ................................................ $4,500(The
Carey opens a law office in Chicago on January 1, 2016. On January 1, 2016, Carey purchases an annual subscription to a law journal for $170 and a 1-year legal reference service for $1,500. Carey
Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10,000 to her patient. After 2 years of attempting to collect the money, it is clear that she will not be able to
Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 14,800 miles during 2016, of which 75 percent was business mileage. The actual cost of
Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.a. Assuming Phil's wages were $27,000 and Linda's wages were
What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2016 (assuming they have sufficient earned income, but do not have an income
What is the maximum amount a 55-year-old taxpayer and 52-year-old spouse can put into a Traditional or Roth IRA for 2016, assuming they earn $70,000 in total and are not participants in pension plans?
Barry is a single, 40-year-old software engineer earning $190,000 a year and is not covered by a pension plan at work. How much can he put into a Roth IRA in 2016?
Bob is a single, 40-year-old doctor earning $190,000 a year and is not covered by a pension plan at work. How much can he put into a deductible Traditional IRA in 2016?
Dori is 58 years old and retired in 2016. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA?
During 2016, Jerry is a self-employed therapist, and his net earned income is $160,000 from his practice. Jerry's SEP Plan, a defined contribution plan, states that he will contribute the maximum
Tony is a 45-year-old psychiatrist who has net earned income of $300,000 in 2016. What is the maximum amount he can contribute to his SEP for the year?
During 2016, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12 percent. Jill's salary was $90,000 for the year. Jill elects to make the
Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for and received his balance from
Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1990. He also acquired a rental house in 2016, which he actively manages. During 2016, Walter's share of the
Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2016, his share of the loss from the limited partnership was
In June of 2016, Keith Silva accepts a new job with the same employer in San Diego. He formerly commuted 12 miles to a job in Canton, OH; San Diego is 2,150 miles from his old home. He incurs the
Assume Keith's employer reimburses him $4,200 for the move. Using the information from Problem 5, calculate Keith's moving expenses deduction using Form 3903.
Karen, 28 years old and a single taxpayer, has a salary of $30,000 and rental income of $33,000 for the 2016 calendar tax year. Karen is covered by a pension through her employer. a. What is the
Ken paid the following amounts for interest during 2016:Qualified interest on home mortgage .......................................................... $4,800Auto loan interest
Helen paid the following amounts of interest during the 2016 tax year:Mortgage interest on Dallas residence (loan balance $50,000) .............. $1,585Automobile loan interest (personal use only)
Jerry made the following contributions during 2016:His synagogue (by check) ...................................................... $1,050The Democratic Party (by check)
In June of 2016, Maureen's house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen's city a disaster area as a result
On January 3, 2016, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,000. Assuming Carey had no insurance coverage on the bracelet
In 2016, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGl of $26,500. During the year they incurred the following expenses:Medical insurance
Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses
During the 2016 tax year, Irma incurred the following expenses:Union dues ......................................................................... $247Tax return preparation fee
Jose paid the following amounts for his son to attend Big State University in 2016:Tuition ....................................................... $6,400Room and board
In 2016, Van receives $20,000 (of which $4,000 is earnings) from a qualified tuition program. He uses the funds to pay for his college tuition and other qualified higher education expenses. How much
Steve and Sue are married with three dependent children. Their 2016 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and
Lyndon's employer withheld $1,800 in state income taxes from Lyndon's wages. Lyndon obtained a refund of $200 this year for overpayment of state income taxes for last year. State income taxes were an
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