Ch10 DISCUSSION QUESTIONS1. LO.1, 2 Dan, a self-employed individual taxpayer, prepared his own income tax return for the past year and has asked you to check it for accuracy. Your review indicates thatDan failed to claim certain business entertainment expenses.a. Will the correction of this omission affect the amount of medical expenses Dan can deduct? […]
ACC 317 WK 5 Midterm Exam 1. Tomas owns a sole proprietorship, and Lucy is the sole shareholder of a C corporation. In the current year both businesses make a net profit of $60,000. Neither business distributes any funds to the owners in the year. For the current year, Tomas must report $60,000 of income […]
Discussion Questions1.(LO1)In general terms, how are C corporations different from and similar to S corporations?2.(LO1)What are the limitations on the number and type of shareholders an S corporation may have? How are these limitations different from restrictions on the number and type of shareholders C corporations or partnerships may have?3.(LO1)Why canât large, publicly traded corporations […]
C-10Appendix C7. Judy is required by Xavier University to visit several high schools in the Cincinnatiarea to evaluate Xavier University students who are doing their practice teaching.However, she is not reimbursed for the expenses she incurs in doing this. Duringthe spring semester (January through April 2012), she drove her personal automobile 6,800 miles in fulfilling […]
Benton company (BC) has one owner, who is in the 33% Federal income tax bracket. BCâs gross income is $395,000 and its ordinary trade or business deductions are $245,000. Compute the Federal income tax liability on BCâs income for the current year under the following assumptions: a. BC is operated as a proprietorship, and the […]
Comprehensive Problems 67. This year Evan graduated from college, and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below. Cost of moving his possessions to the city (125 miles away)$ […]
(TCO F) Which of the following is with respect to Internal Service Funds? Net assets (fund equity) are to be reported in two categories: assigned and unassigned. Internal service funds use accrual accounting and the economic resource measurement focus. Internal service funds account for long-term debt but not long-term fixed assets. All of the above […]
TAX CASE: ACCT 3350 SPRING 2014: FINAL VERSIONRobert T. and Lisa J. Polk (ages 42 and 41) are married and live at 5555 Orange Blossom Trail, Dallas, TX 75080. Robert is the regional manager for a gaming company (MGM), while Lisa is a self-employed CPA. They file a joint return and use the cash basis […]
ACC4231) When convertible debt is retired by the issuer, any material difference between the cash acquisition price and the carrying amount of the debt should beA. treated as an adjustment of additional paid-in capital.B. reflected currently in income as an extraordinary item.C. reflected currently in income, but NOT as an extraordinary item.D. treated as a […]
Grade for Heather Fehlman: Unit 10 Final Exam 1. Question: When common stock is issued at an amount greater than par value, the difference between the par value and the proceeds from the sale is recorded by Your Answer: crediting the common stock account debiting an additional paid-in capital account crediting the retained earnings account […]
