2 points Ask = Print Problem 3-35 (LO 3-2) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2023 in each of the following independent cases: Required: a. Ataxpayer completes $600 of accounting services in December 2023 for a client who pays for the accounting work in January 2024. b. Ataxpayer is in the business of renting computers on a short-term basis. On December 1, 2023, she rents a computer for a $220 rental fee and receives a $550 deposit. The customer returns the computer and is refunded the deposit on December 20, 2023. c. Same facts as (b) except that the computer is returned on January 5, 2024, d. On December 18, 2023, a landlord rents an apartment for $565 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $375 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The mechanic repairs the car in December 2023 and the accountant starts and completes the tax work in March 2024. Complete the question by entering your answers in the tabs below. Req Ato D Req E a. A taxpayer completes $600 of accounting services in December 2023 for a client who pa January 2024. b. A taxpayer is in the business of renting computers on a short-term basis. On December $220 rental fee and receives a $550 deposit. The customer returns the computer and is ref 20, 2023. c. Same facts as (b) except that the computer is returned on January 5, 2024. d. On December 18, 2023, a landlord rents an apartment for $565 per month and collects 1 front. It is customary that tenants apply the security deposit to their last month's rent upor Prev 10f 9 === Next > L ] 2 points Ask = Print Problem 3-35 (LO 3-2) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2023 in each of the following independent cases: Required: a. b. A taxpayer completes $600 of accounting services in December 2023 for a client who pays for the accounting work in January 2024. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2023, she rents a computer for a $220 rental fee and receives a $550 deposit. The customer returns the computer and is refunded the deposit on December 20, 2023. . Same facts as (b) except that the computer is returned on January 5, 2024, . On December 18, 2023, a landlord rents an apartment for $565 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. . An accountant agrees to perform $375 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The mechanic repairs the car in December 2023 and the accountant starts and completes the tax work in March 2024, Complete the question by entering your answers in the tabs below. Req A to D Req E An accountant agrees to perform $375 of tax services for an auto mechanic who has agree the accountant's wife. The mechanic repairs the car in December 2023 and the accountant in March 2024. Prev 10of 9 EEE Next > 2 points Ask = Print Problem 3-37 (LO 3-3) Nancy, who is 59 years old, is the beneficiary of a $295,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? Note: Do not round any intermediate division. Round your final answer to the nearest whole dollar amount. . She receives the $295,000 proceeds as a lump-sum payment. . She receives the proceeds at the rate of $5,425 a month for five years. c. She receives the proceeds in monthly payments of $1,490 over her remaining life expectancy (assume she will live 25 years). d. Use the information from (c). If Nancy lives beyond her 25-year life expectancy, oo what amount of each monthly payment will be taxable in the 26th year? a. Taxable insurance proceeds b. Taxable insurance proceeds per month c. Taxable insurance proceeds per month d. Taxable insurance proceeds per month R, Problem 3-40 (LO 3-3) 3 points A married couple received $7,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is ' $15,500. Ask b. Calculate the taxable amount of those benefits if the couple's provisional income is $33,000. = c. Calculate the taxable amount of those benefits if the couple's provisional income is L.y S $46,000. %