Glori and Kevin, ages 32 and 36, are married and file a joint return. In addition to having TWO dependent children (Estela and Tana), Glori and Kevin have adjusted gross income (âAGIâ) of $85,000 and itemized deductions of $17,000. What is their taxable income for 2014?a. $85,000b. $68,000c. $56,150d. $52,2002. In 2014, James, age 16, […]
Part A MULTIPLE CHOICE and TRUE/FALSE (1 mark each x 15 questions = 15 marks).Choose the one alternative that best completes the statement or answers thequestion.1. The globalization of business activity has resulted in which of the following?a. Increased corruption and unethical behavior.b. The FASB and IASB working jointly on a project to converge accounting […]
Required: You need to prepare a comprehensive 6-month budget, including supporting schedules and a report for the period January 1, 2007 to June 30, 2007 for Henron, Inc (a fictional company). This project must include:1. Sales Forecast and Budget……….2. Cash Receipts budget…………….3. Purchase budget……………………4. Cash Purchases Disbursements budget…..5. Operating Expense budget……6. Summary Cash budget…………7. Budgeted […]
Section 1: MULTIPLE CHOICE Choose the best answer for each of the following. [1pt each] 1. Christmas cactus, or Schlumbergera, has showy red flowers. Though known as Flor de Maio, or May flower, in Brazil where it is found in nature, this popular houseplant starts flowering in midDecember in the Northern Hemisphere. Experiments show that […]
1. Corresponds to CLO 1(a) West Coast Corporation had 800,000 shares of common stock outstanding on January 1, issued 200,000 shares on October 1, and had income applicable to common stock of $2,865,000 for the year ended December 31, 2013. Rounded to the nearest penny, earnings per share of common stock for 2013 would be […]
ACTP 5008Worksheet 6Accounting changesYou have been asked to review the books of Delmonico Company, a construction andbuilding supplies company, on December 30, 2014, before year-end closing. In youraudit, you discover certain items that occurred between the years 2012 through2014. No errors were corrected during those years. The items are summarizedbelow:a. On January 1, 2012, Delmonico […]
Week 1 discnCompensation System (graded)Discuss the general goals of an organization’s compensation system, including how a compensation strategy works to support the organization’s business strategy.Week 2 discussIncentive Plans (graded)Discuss how incentive pay plans, both individual and group, motivate employees to achieve high levels of performance. Offer one individual and group incentive pay strategy that would […]
Prepare Form 1040 tax return for the following individual tax payer.⢠Prepare work papers for each tax return schedule and reconcile it to the return (i.e Work paper for Schedule A and show limitations)⢠Be sure to include a cover sheet.⢠This problem must be completed individually.⢠Return is for 2011 tax year.⢠Taxable Income […]
1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. True False 2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals. True False 3. The first income tax on individuals (after the ratification of […]
1. In 2013, Juan invested $20,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $70,000 of feed, which was used to feed the cattle and expensed. If Juanâs share of the expense was $50,000, what is the most that Juan can deduct in 2013?a. $20,000b. $30,000c. $50,000d. $70,0002. Maidelin, a corporate executive, exercised […]