1. During 2012, Duke changed jobs and moved from Dallas to Phoenix. .pdf
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1. During 2012, Duke changed jobs and moved from Dallas to Phoenix. Duke had the following expenses in connection with the move: Cost of moving household goods $4,000 Meals 300 Lodging 500 Duke drove his car the 1,200 miles from Dallas to Phoenix. What is his moving expense deduction for 2012? A: $4,800 B: $800 C: $4,000 D: $4,788 2. An employee drove her automobile 6,000 miles for business during 2015. Using the automatic mileage method, what is her deduction for unreimbursed expenses (before any applicable 2 percent limit)? A: $3,450 from AGI B: $1,380 from AGI C: only deductible to the extent reimbursed by her employer D: $3,360 for AGI 3. Toni is a self-employed consultant and while traveling spends $120 on meals and $200 on transportation and lodging. What is the amount of Toni\'s deduction for these expenditures? A: $160 B: $260 C: $320 D: $278 4. Chad is an employee of Haddock Corporation, a commercial real estate broker. Chad takes a client to dinner and incurs the following expenses (all of which can be substantiated): Taxi $25 Drinks before dinner $40 Meal cost $135 Tips $35 If Chad is reimbursed by Haddock for $235 (under an adequate accounting plan), what is Haddock’s tax deduction for these expenses? A: $130 B: $235 C: $135 D: $205 5. Fran is a CPA who has a small tax practice in her home in addition to working her regular accounting job. The gross income from this practice is $5,500 for the year. Based on square footage, $3,000 of Fran\'s mortgage interest and real estate taxes are allocable to the business. The allocable portion of maintenance, utilities, and depreciation is $3,500. Assuming no other expenses related to the business were incurred, what amount of the maintenance, utilities, and depreciation is deductible by Fran? A: $2,500 B: $3,500 C: $1,750 D: $0 6. Uriah had travel expenses of $1,500 substantiated by credit card receipts. He has a diary that provides the business purpose and relationship for $800 of these expenses. How much will Uriah be allowed as a deduction, before considering any limitation based on adjusted gross income? A: $800 B: $700 C: $1,500 D: a maximum of $25 per day 7. Mike, a staff accountant for a CPA firm, incurred the following expenses: Travel $200 Transportation $500 Dues and subscriptions $300 Mike gave his employer an adequate accounting and received a reimbursement under an accountable plan of $1,000 to cover these expenses. What amount is deductible from adjusted gross income? A:$700 B: $300 C: $60 D: $0 8. Todd purchased his automobile in 2015 for $35,000. It was used 80 percent for business purposes. Todd drove the car for 10,000 business miles in 2015 and elected to use the automatic mileage method to compute his automobile expenses. What is Todd\'s basis in the business portion of the automobile at the beginning of 2016? A:$22,250 B: $29,450 C: $32,700 D: $26,588 9. Kate, a self-employed CPA, attended a two-day course on auditing. She incurred the following expenses: Airfare $500 Ta.
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Acct 323 week 4 homework answers
This document contains 10 questions and answers related to accounting and tax topics. It addresses issues like passive activity losses, capital gains and losses, itemized deductions, IRA contributions, Coverdell education savings accounts, self-employment taxes, and incentive stock options. The questions require calculating taxable income and deductions in various scenarios involving multiple income sources and expenses.
John and Sandy Ferguson got married eight years ago and have a seven.pdf
John and Sandy Ferguson got married eight years ago and have a seven-year old daughter
Samantha. In 2015, John worked as a computer technician at a local university earning a salary
of $52,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions and their
itemized deductions were well over the standard deduction amount last year. Use Tax Rate
Schedule for reference.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
In addition to the $750 of Web design expenses, John attended a conference to improve his skills
associated with his Web design work. His trip was for three days and he incurred the following
expenses: airfare $370, total taxi fares for trip $180, meals $80, and conference fee of $200.
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for family vacation
and new car.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
$2,000.
Could someone tell me how to fill this out on a Form 1040, or any attached forms that come with
we have been speaking about AMT and itemized deductions. Its tax 411 The Fergusons
reported making the following payments during the year:
Solution
Answer: $1,601.10 refund, computed as follows:
Description
Amount
Explanation
Gross income:
Note: Sandy’s reimbursement for her employee business expenses is excluded from gross
income.
Salary
$81,000
($52,000 + $29,000)
Self-employment revenues
4,000
Dividends
800
State income tax refund
200
(1) Gross income
86,000
For AGI deductions:
Self-employment expenses other than travel expenses
750
John’s self employment related travel expenses
590
$370 airfare, taxi fares $180, Meals $40 ($80 ×50%)
John’s conference fees
200
Employer portion of self-employment taxes
174
$2,460 × 92.35% × 7.65% = $174.See Note A below
Alimony
10,000
(2) Total for AGI deductions
11,714
(3) AGI
74,286
(1) - (2)
Itemized deductions:
State income taxes
4,400
Real property taxes
3,200
Home mortgage interest expense
14,000
Home equity loan interest expense
3,000
Charitable contributions cash
6,000
Charitable contributions property
400
Lesser of fair market value or basis
(4) Total itemized deductions
31,000
Standard deduction for MFJ is $12,600 so the Fergusons deduct itemized deductions
(5) Personal and dependency exemptions
12,000
$4,000 ×3
(6) Total from AGI deductions
43,000
(4) + (5)
Taxable income
31,286
(3) – (6)
(7) Tax on income other than qualified dividends
$3,650.40
$31,286 – 800 = $30,486.
Tax = $3,650.40.
from MFJ tax rate schedule $1,845 + 1,805.40 [15% ×(30,486 – 18,450)]
(8) Tax on qualified dividends
0
$800 ×0%; all $800 would have bee.
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John and Sandy Ferguson got married eight years ago and have a seven.pdf
John and Sandy Ferguson got married eight years ago and have a seven-year old daughter
Samantha. In 2015, John worked as a computer technician at a local university earning a salary
of $52,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions and their
itemized deductions were well over the standard deduction amount last year. Use Tax Rate
Schedule for reference.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
In addition to the $750 of Web design expenses, John attended a conference to improve his skills
associated with his Web design work. His trip was for three days and he incurred the following
expenses: airfare $370, total taxi fares for trip $180, meals $80, and conference fee of $200.
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for family vacation
and new car.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
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Could someone tell me how to fill this out on a Form 1040, or any attached forms that come with
we have been speaking about AMT and itemized deductions. Its tax 411 The Fergusons
reported making the following payments during the year:
Solution
Answer: $1,601.10 refund, computed as follows:
Description
Amount
Explanation
Gross income:
Note: Sandy’s reimbursement for her employee business expenses is excluded from gross
income.
Salary
$81,000
($52,000 + $29,000)
Self-employment revenues
4,000
Dividends
800
State income tax refund
200
(1) Gross income
86,000
For AGI deductions:
Self-employment expenses other than travel expenses
750
John’s self employment related travel expenses
590
$370 airfare, taxi fares $180, Meals $40 ($80 ×50%)
John’s conference fees
200
Employer portion of self-employment taxes
174
$2,460 × 92.35% × 7.65% = $174.See Note A below
Alimony
10,000
(2) Total for AGI deductions
11,714
(3) AGI
74,286
(1) - (2)
Itemized deductions:
State income taxes
4,400
Real property taxes
3,200
Home mortgage interest expense
14,000
Home equity loan interest expense
3,000
Charitable contributions cash
6,000
Charitable contributions property
400
Lesser of fair market value or basis
(4) Total itemized deductions
31,000
Standard deduction for MFJ is $12,600 so the Fergusons deduct itemized deductions
(5) Personal and dependency exemptions
12,000
$4,000 ×3
(6) Total from AGI deductions
43,000
(4) + (5)
Taxable income
31,286
(3) – (6)
(7) Tax on income other than qualified dividends
$3,650.40
$31,286 – 800 = $30,486.
Tax = $3,650.40.
from MFJ tax rate schedule $1,845 + 1,805.40 [15% ×(30,486 – 18,450)]
(8) Tax on qualified dividends
0
$800 ×0%; all $800 would have bee.
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Peter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I. If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II. If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III. If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months. After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills. Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value of the policy. Henry enjoys excellent health, but he cashed in his life insur.
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Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax Questions
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period.
On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I.
If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II.
If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III.
If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills.
Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value .
061520RR1. The income statement is used to reportA. re.docx
061520RR
1. The income statement is used to report
A. results of operations for a specific period.
B. the financial position for a specific period.
C. the financial position on a specific date.
D. results of operations for a specific date.
2. A T-account has which major parts?
A. A title, a debit side, and a credit side
B. A debit side, a credit side, and a balance
C. A debit side, a credit side, and a total column
D. A title, a current date, and a balance
3. Supplies on hand were $900 at the start of the year. At the end of the year, it was determined that $350 of supplies had been used. What is the adjusting entry for supplies?
A. Debit supplies expense, $350; credit supplies, $350.
B. Debit supplies, $550; credit supplies expense, $550.
C. Debit supplies expense, $550; credit supplies, $550.
D. Debit supplies, $350; credit supplies expense, $350.
4. Accounts payable, taxes payable, and notes payable
A. decrease on the debit side, increase on the credit side, and are liabilities.
B. increase on the debit side, decrease on the credit side, and are assets.
C. increase on the debit side, decrease on the credit side, and are expenses.
D. decrease on the debit side, increase on the credit side, and are revenues.
5. Casey's is famous for its submarine sandwiches. At the end of 2009, Casey's total assets were $345,000, and total liabilities were $129,500. How much was Casey's stockholders' equity?
A. Some other number
B. $215,500
C. $345,000
D. $474,500
6. Rick lists his building at current replacement value, rather than the price he paid for the building. Which principle is Rick violating?
A. Going concern
B. Reliability
C. Entity
D. Cost
7. By definition, which type of organization has stockholders?
A. Corporations
B. Partnerships
C. Sole proprietorships
D. Limited liability companies
8. The closing entries show a debit to retained earnings of $350 and a credit to retained earnings of $750.
There was also a credit to dividends payable of $100. This company had a
A. net income of $400.
B. net loss of $400.
C. net income of $500.
D. net loss of $500
9. Which business form is similar to a corporation in regard to owner liability?
A. Limited liability company
B. Limited liability corporation
C. Partnership
D. Sole proprietorship
10. A cash payment was made to pay for delivery expenses but was mistakenly charged to advertising expenses. Which effect will this have on the balance of the trial balance?
A. Advertising expense will be correct.
B. Cash will be correct.
C. The trial balance will still balance.
D. Delivery expense will be understated.
11. Interest revenue would be an example of a/an
A. accrued revenue.
B. accrued expense.
C. deferred expense.
D. deferred revenue.
12. The total revenues of $6,500, total expenses of $3,500, and dividends of $500 were recorded in the closing entries. The net change in retained earnings for the month was
A. $6,000.
B. $3,000.
...
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband.pdf
David owns $15,000 worth of 10-year bonds of Ace Corporation. These bonds pay interest every
6 months at the rate of 2%/year (simple interest). How much income will David receive from this
investment every 6 months?
Solution
income = 15000 * 0.01 = 150.
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, however, ma.
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
Facts:
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, how.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 10/10
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Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Intermediate Accounting Volume 2 7th Edition Beechy Test Bank
Intermediate AccountinFull download : https://goo.gl/p6cmpY Intermediate Accounting Volume 2 7th Edition Beechy Test Bankg Volume 2 7th Edition Beechy Test Bank
1. A company receives a note payable for $3,500 at 9 for 45 day.docx
1. A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the customer owe using a 360-day year?
A. $315.00
B. $354.38
C. $38.84
D. $39.38
2. Using a 360-day year, the maturity value of a 69-day note for $1,500 at 7% annual interest is (rounded to the nearest cent)
A. $1,584,88.
B. $1,605.00.
C. $20.13.
D. $1,520.13.
3. Tammy Industries inadvertently debited a $5,000 betterment as an ordinary expense. Which of the following will occur as a result of this mistake?
A. Retained earnings will be overstated by $5,000.
B. The asset will be overstated by $5,000.
C. The asset will be understated by $5,000.
D. Net income will be overstated by $5,000.
4. Which of the following would not be considered a contingent liability?
A. Pending legal action
B. Potential fines from the EPA
C. Cosigning a loan
D. Mortgage payable
5. Which of the following would indicate poor internal control over accounts receivable?
A. The same person handling cash receipts also records the accounts receivable transactions.
B. The person who handles accounts receivable wouldn't write off accounts as uncollectable.
C. The person handling cash receipts passes the receipts to someone who enters them into accounts receivable.
D. The mailroom employees open the mail and give the cash receipts to another employee.
6. If the amount extracted from a coal mine was different every year for four years, you would
A. debit depletion expense for the same amount each year.
B. credit accumulated depletion—coal mine for the same amount each year.
C. recompute the depletion expense rate per unit each year.
D. use the same depletion expense rate per unit each year.
7. Margaret is a customer of Tammy Company. The company wrote off her account of $1,200 on August 15. On October 12, she sent in a payment of $560. What will Tammy Company record first to reinstate her account?
A. Debit Uncollectible Accounts Expense; credit Accounts Receivable/Margaret.
B. Debit Cash; credit Accounts Receivable/Margaret.
C. Debit Accounts Receivable/Margaret; credit Allowance for Doubtful Accounts.
D. Debit Allowance for Doubtful Accounts; credit Accounts Receivable/Margaret.
8. Which of the following would be considered a cash equivalent?
A. Checks
B. Currency
C. Time deposits
D. Money orders
9. A company purchased furniture on January 1, 2012. Its cost was $15,600, and it had a residual value of $1,600. Its useful life is determined to be three years. Using double-declining balance depreciation, the depreciation for 2012 to the nearest dollar will be
A. $4,667.
B. $10,400.
C. $9,333.
D. $5,200.
10. A warranty is an example of a/an _______ liability.
A. known
B. estimated
C. contingent
D. settled
11. Research and development costs (R&D) are generally
A. listed as "long-term assets" on the balance sheet.
B. listed as "current assets" on the balance sheet.
C. listed as "other intangibles" on the balance s ...
1. During a recent week, incurred wages were $700. However, $280.docx
1. During a recent week, incurred wages were $700. However, $280 of the wages hadn't been paid. The adjusting entry for wages would be
A. debit wages expense, $420; credit wages payable, $420.
B. debit wages payable, 420; credit wages expense, $420.
C. debit wages expense, $280; credit wages payable, $280.
D. debit wages payable, $280; credit wages expense, $280.
2. Rick owns a sporting goods store. In his initial accounting records, he included his personal computer and all of his personal sporting gear. Rick is violating which principle of accounting?
A. Reliability
B. Cost
C. Entity
D. Going concern
3. A T-account has which major parts?
A. A debit side, a credit side, and a total column
B. A title, a debit side, and a credit side
C. A debit side, a credit side, and a balance
D. A title, a current date, and a balance
4. Accounts payable, taxes payable, and notes payable
A. increase on the debit side, decrease on the credit side, and are expenses.
B. increase on the debit side, decrease on the credit side, and are assets.
C. decrease on the debit side, increase on the credit side, and are liabilities.
D. decrease on the debit side, increase on the credit side, and are revenues.
5. The closing entries show a debit to retained earnings of $350 and a credit to retained earnings of $750. There was also a credit to dividends payable of $100. This company had a
A. net income of $400.
B. net loss of $500
C. net loss of $400.
D. net income of $500.
6. Rick lists his building at current replacement value, rather than the price he paid for the building. Which principle is Rick violating?
A. Cost
B. Going concern
C. Entity
D. Reliability
7. Dividends are paid with cash to shareholders. Dividends are in which category of the chart of accounts?
A. Stockholders' equity
B. Liabilities
C. Assets
D. Revenue
8. Which financial statement illustrates the accounting equation?
A. Statement of cash flows
B. Statement of retained earnings
C. Income statement
D. Balance sheet
9. Beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
A. ($7,000)
B. $0
C. $26,000
D. ($3,500)
10. Casey's is famous for its submarine sandwiches. At the end of 2009, Casey's total assets were $345,000, and total liabilities were $129,500. How much was Casey's stockholders' equity?
A. $215,500
B. Some other number
C. $345,000
D. $474,500
11. The adjusted trial balance for supplies was $333. The unadjusted trial balance for supplies was $509. The amount of supplies expense would be a
A. $509 debit.
B. $176 debit.
C. $333 debit.
D. $176 credit.
12. Collecting rent from a client three months in advance would be an example of a/an
A. accrued expense.
B. deferred expense.
C. deferred revenue.
D. accrued revenue.
13. Expenses paid in advance, such as rent and insurance, are classified as prepaid expenses. Into whi ...
Uop acc 547 week 4 jordan and diana diego
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Uop acc 547 week 4 jordan and diana diego
Jordan and Diana Diego are a married couple filing jointly with one dependent daughter. Jordan works as a manager and earned $68,000 in wages. Diana worked part of the year and earned $40,000 in wages. They paid mortgage interest, property taxes, and made charitable donations. Diana started her own consulting business late in the year earning $8,000 with expenses. They will file a Form 1040, Schedules A, C, E, and SE to report their income and expenses for the tax year.
International Tax Planning
As an alumni to the courses taught by Professor Alan Cerf at UC Berkeley, Brian Rowbotham and Cindy Hsieh returns to campus each semester to be a guest lecturer for the new classes.
Uop acc 290 final exam
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Intro to PM Unit IV ProjectUnit IV Project Channel Tunnel (Eurot.docx
This document provides instructions for a project on the Channel Tunnel (Eurotunnel) failure. Students are asked to:
1. Research the Channel Tunnel project and summarize why poor project planning and management led to its failure.
2. Suggest project control and change management strategies that could have prevented issues.
Students must submit a paper of at least 800 words citing at least one source using APA style. The paper should answer the two questions and avoid plagiarism.
ACC101-Chapter2new.pdf
This document provides an overview of key accounting concepts related to recording transactions, including debits and credits, journals, ledgers, the accounting equation, and preparing a trial balance. It defines key terms, provides examples of journalizing and posting transactions, and sample multiple choice and true/false questions related to accounting for transactions.
ACC101-Chapter2new.pdf
This document provides an overview of key accounting concepts related to recording transactions, including debits and credits, journals, ledgers, the accounting equation, and preparing a trial balance. It defines key terms, provides examples of journalizing and posting transactions, and sample multiple choice and true/false questions related to accounting for transactions.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
1. Many processes are observed only once a day to see if a certain e.pdf
1. Management InformationSystem consists of people, equipment, and procedures to
gather, sort, ____________, evaluate, and distribute information tomarketing decision
makers.
a. Test
b. Arrange
c. Analyze
d. Control
2. The systematic collection and analysis of publiclyavailable information about
competitors and developments in the marketing environment is veryuseful. It is known
as:
a. Marketing data
b. Marketing intelligence
c. Web Master
d. Secondary data
3. Which of the following steps in the marketing research processhas been left out:
defining the problems and research objectives, implementing theresearch plan, and
interpreting and reporting the findings?
a. Developing the research budget
b. Choosing the research agency
c. Choosing the research method
d. Developing the research plan
4. Harvard University is using the systematic design, collection,analysis, and reporting of
data relevant to marketing its programs to minority students. Whatdo we call this?
a. Promotion
b. Self-study
c. Marketing research
d. Cost-benefit analysis
5. Which one of the following schemes is TRUE regarding marketingresearch?
a. Gathering data, analysis, interpretation
b. Analysis, gathering data, interpretation
c. Interpretation, gathering data, analysis
d. Interpretation, reporting, analysis
6. The objective of which of the following research is to gatherpreliminary information
that will help define the problem and suggest hypotheses?
a. Descriptive
b. Exploratory
c. Causal
d. Corrective
7. Which form of data can usually be obtained more quickly and at alower cost?
a. Primary
b. Census
c. Secondary
d. Tertiary
8. Which one of the following is NOT one of the stages thatcustomers go through in the
process of adopting a new product?
a. Awareness
b. Interest
c. Evaluation
d. Culture
9. Which one of the following statements BEST characterizesmarketing research?
a. Research is a continuous process, providing a constantflow of information
b. Research is conducted on a special-project basis
c. Research is performed when routine information isrequired
d. Research is the basis for making recurring marketingdecisions
10. If ABC Ltd knows that its market share in Pakistan has dropped13 percent in the first
quarter of the year but does not know what might have contributedto this decline; it is in
which stage of the marketing research process?
a. Hypothesis development
b. Symptom identification
c. Problem identification
d. Data interpretation
11. A person on the University Book Shop\'s survey asks respondentsto tell the shop, in
their own words, what they like least about textbook shopping. Whatis a type of this
question?
a. An open-ended
b. A dichotomous
c. A multiple choice
d. A scale
12. Marketing researchers usually draw conclusions about largegroups of consumers by
studying which of the following small components of the totalconsumer population?
a. Group
b. Sample
c. Target group
d. Audience
13. The process by which people select, organize andinterpret information to fo.
1. Let X1,X2,....,Xn be a random sample from a Poisson distribution .pdf
1. Let X be a random variable with mean 2 and variance 1. Find the mean and
variance of Y where Y = 4X + 10.
2. Let X1,X2, X3,X4 be iid random variables with mean 10 and variance 16. Find the
mean and variance of Y=X1+X2+X3+X4. Find the mean and variance of
Z=(X1+X2+X3+X4)/4.
Solution
1)E(Y)=E(4X+10)=4E(X)+10=18
V(Y)=V(4X+10)=16V(X)+0=16
2)E(Y)=E(X1)+E(X2)+E(X3)+E(X4)=40
V(Y)=V(X1)+V(X2)+V(X3)+V(X4)=64
E(Z)=E(Y)/4=10
V(Z)=V(Y)/16=16.
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Peter and Eileen are married and live in a common law state. Peter.docx
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I. If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II. If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III. If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months. After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills. Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value of the policy. Henry enjoys excellent health, but he cashed in his life insur.
Clearwater - How it works
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Sf
This document provides a 30 question multiple choice final exam for ACC 290 Principles of Accounting I. It tests fundamental accounting concepts like the four basic financial statements, debits and credits, adjusting entries, and inventory costing methods. The questions cover the accounting equation, calculating financial metrics like cost of goods sold and gross profit, and basic bookkeeping skills like journal entries and T-accounts. Correct answers to all 30 questions are provided for $8.99.
Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
Multiple choice Tax Questions
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period.
On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I.
If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II.
If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III.
If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills.
Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value .
061520RR1. The income statement is used to reportA. re.docx
061520RR
1. The income statement is used to report
A. results of operations for a specific period.
B. the financial position for a specific period.
C. the financial position on a specific date.
D. results of operations for a specific date.
2. A T-account has which major parts?
A. A title, a debit side, and a credit side
B. A debit side, a credit side, and a balance
C. A debit side, a credit side, and a total column
D. A title, a current date, and a balance
3. Supplies on hand were $900 at the start of the year. At the end of the year, it was determined that $350 of supplies had been used. What is the adjusting entry for supplies?
A. Debit supplies expense, $350; credit supplies, $350.
B. Debit supplies, $550; credit supplies expense, $550.
C. Debit supplies expense, $550; credit supplies, $550.
D. Debit supplies, $350; credit supplies expense, $350.
4. Accounts payable, taxes payable, and notes payable
A. decrease on the debit side, increase on the credit side, and are liabilities.
B. increase on the debit side, decrease on the credit side, and are assets.
C. increase on the debit side, decrease on the credit side, and are expenses.
D. decrease on the debit side, increase on the credit side, and are revenues.
5. Casey's is famous for its submarine sandwiches. At the end of 2009, Casey's total assets were $345,000, and total liabilities were $129,500. How much was Casey's stockholders' equity?
A. Some other number
B. $215,500
C. $345,000
D. $474,500
6. Rick lists his building at current replacement value, rather than the price he paid for the building. Which principle is Rick violating?
A. Going concern
B. Reliability
C. Entity
D. Cost
7. By definition, which type of organization has stockholders?
A. Corporations
B. Partnerships
C. Sole proprietorships
D. Limited liability companies
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There was also a credit to dividends payable of $100. This company had a
A. net income of $400.
B. net loss of $400.
C. net income of $500.
D. net loss of $500
9. Which business form is similar to a corporation in regard to owner liability?
A. Limited liability company
B. Limited liability corporation
C. Partnership
D. Sole proprietorship
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A. Advertising expense will be correct.
B. Cash will be correct.
C. The trial balance will still balance.
D. Delivery expense will be understated.
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A. accrued revenue.
B. accrued expense.
C. deferred expense.
D. deferred revenue.
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6 months at the rate of 2%/year (simple interest). How much income will David receive from this
investment every 6 months?
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Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
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Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, however, ma.
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
Facts:
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 Avenue, Miami, FL 33186. They file a joint return and are calendar year, cash basis taxpayers.
1.
Javier is a self-employed accountant (professional activity code is 541213). He maintains an office at 550 SE 1
st
Avenue, Miami, FL. 33130. He shares the suite with several other professionals and has no employees. A receptionist handles all calls and is provided by the landlord as part of the services offered to tenants. Javier’s work-related expenses for 2013 are as follows:
Office rent $9,800
Utilities 3,000
Accounting services 1,200
Office expenses (supplies, use of copier, etc.) 1,100
Legal services (see item 9. below) 300
State and local license fees 900
Renter’s insurance (covers personal liability, casualty, theft) 1,500
Replacement of reception room furnishings (6/5/2013) 2,200
Professional dues and subscriptions to trade publications 600
Business lunches 1,400
Contribution to H.R. 10 (Keogh) plan 4,000
Medical insurance premiums 6,000
The business meals Javier paid for were to entertain various visiting executives from the clients he does business with. As is the case with all of Javier’s business transactions, the lunches are properly documented and supported by receipts. Because the reception room furnishings were looking shabby, Javier and his suite-mates had them replaced. The $2,200 Javier spent was his share (i.e., a sofa and coffee table) of the cost. Javier follows a policy of avoiding depreciation by utilizing the Section 179 election to expense assets. All of Javier’s office equipment (e.g., desk, chairs, file cabinets, computer, etc.) has previously been expensed. Of 16,000 total miles in 2013, Javier drives his car (a Ford Explorer purchased on 6/1/2011) 13,400 miles for business (not including commuting) and has business parking and toll charges of $310. The Barbosas use the automatic mileage method of claiming automobile expenses.
2. Eldi is an occupational therapist employed on a part-time basis by Therapy Consultants, Inc. Her employer does not provide her with an office, and she has no separate office in her home. She does, how.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 10/10
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Participants:
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Intermediate Accounting Volume 2 7th Edition Beechy Test Bank
Intermediate AccountinFull download : https://goo.gl/p6cmpY Intermediate Accounting Volume 2 7th Edition Beechy Test Bankg Volume 2 7th Edition Beechy Test Bank
1. A company receives a note payable for $3,500 at 9 for 45 day.docx
1. A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the customer owe using a 360-day year?
A. $315.00
B. $354.38
C. $38.84
D. $39.38
2. Using a 360-day year, the maturity value of a 69-day note for $1,500 at 7% annual interest is (rounded to the nearest cent)
A. $1,584,88.
B. $1,605.00.
C. $20.13.
D. $1,520.13.
3. Tammy Industries inadvertently debited a $5,000 betterment as an ordinary expense. Which of the following will occur as a result of this mistake?
A. Retained earnings will be overstated by $5,000.
B. The asset will be overstated by $5,000.
C. The asset will be understated by $5,000.
D. Net income will be overstated by $5,000.
4. Which of the following would not be considered a contingent liability?
A. Pending legal action
B. Potential fines from the EPA
C. Cosigning a loan
D. Mortgage payable
5. Which of the following would indicate poor internal control over accounts receivable?
A. The same person handling cash receipts also records the accounts receivable transactions.
B. The person who handles accounts receivable wouldn't write off accounts as uncollectable.
C. The person handling cash receipts passes the receipts to someone who enters them into accounts receivable.
D. The mailroom employees open the mail and give the cash receipts to another employee.
6. If the amount extracted from a coal mine was different every year for four years, you would
A. debit depletion expense for the same amount each year.
B. credit accumulated depletion—coal mine for the same amount each year.
C. recompute the depletion expense rate per unit each year.
D. use the same depletion expense rate per unit each year.
7. Margaret is a customer of Tammy Company. The company wrote off her account of $1,200 on August 15. On October 12, she sent in a payment of $560. What will Tammy Company record first to reinstate her account?
A. Debit Uncollectible Accounts Expense; credit Accounts Receivable/Margaret.
B. Debit Cash; credit Accounts Receivable/Margaret.
C. Debit Accounts Receivable/Margaret; credit Allowance for Doubtful Accounts.
D. Debit Allowance for Doubtful Accounts; credit Accounts Receivable/Margaret.
8. Which of the following would be considered a cash equivalent?
A. Checks
B. Currency
C. Time deposits
D. Money orders
9. A company purchased furniture on January 1, 2012. Its cost was $15,600, and it had a residual value of $1,600. Its useful life is determined to be three years. Using double-declining balance depreciation, the depreciation for 2012 to the nearest dollar will be
A. $4,667.
B. $10,400.
C. $9,333.
D. $5,200.
10. A warranty is an example of a/an _______ liability.
A. known
B. estimated
C. contingent
D. settled
11. Research and development costs (R&D) are generally
A. listed as "long-term assets" on the balance sheet.
B. listed as "current assets" on the balance sheet.
C. listed as "other intangibles" on the balance s ...
1. During a recent week, incurred wages were $700. However, $280.docx
1. During a recent week, incurred wages were $700. However, $280 of the wages hadn't been paid. The adjusting entry for wages would be
A. debit wages expense, $420; credit wages payable, $420.
B. debit wages payable, 420; credit wages expense, $420.
C. debit wages expense, $280; credit wages payable, $280.
D. debit wages payable, $280; credit wages expense, $280.
2. Rick owns a sporting goods store. In his initial accounting records, he included his personal computer and all of his personal sporting gear. Rick is violating which principle of accounting?
A. Reliability
B. Cost
C. Entity
D. Going concern
3. A T-account has which major parts?
A. A debit side, a credit side, and a total column
B. A title, a debit side, and a credit side
C. A debit side, a credit side, and a balance
D. A title, a current date, and a balance
4. Accounts payable, taxes payable, and notes payable
A. increase on the debit side, decrease on the credit side, and are expenses.
B. increase on the debit side, decrease on the credit side, and are assets.
C. decrease on the debit side, increase on the credit side, and are liabilities.
D. decrease on the debit side, increase on the credit side, and are revenues.
5. The closing entries show a debit to retained earnings of $350 and a credit to retained earnings of $750. There was also a credit to dividends payable of $100. This company had a
A. net income of $400.
B. net loss of $500
C. net loss of $400.
D. net income of $500.
6. Rick lists his building at current replacement value, rather than the price he paid for the building. Which principle is Rick violating?
A. Cost
B. Going concern
C. Entity
D. Reliability
7. Dividends are paid with cash to shareholders. Dividends are in which category of the chart of accounts?
A. Stockholders' equity
B. Liabilities
C. Assets
D. Revenue
8. Which financial statement illustrates the accounting equation?
A. Statement of cash flows
B. Statement of retained earnings
C. Income statement
D. Balance sheet
9. Beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
A. ($7,000)
B. $0
C. $26,000
D. ($3,500)
10. Casey's is famous for its submarine sandwiches. At the end of 2009, Casey's total assets were $345,000, and total liabilities were $129,500. How much was Casey's stockholders' equity?
A. $215,500
B. Some other number
C. $345,000
D. $474,500
11. The adjusted trial balance for supplies was $333. The unadjusted trial balance for supplies was $509. The amount of supplies expense would be a
A. $509 debit.
B. $176 debit.
C. $333 debit.
D. $176 credit.
12. Collecting rent from a client three months in advance would be an example of a/an
A. accrued expense.
B. deferred expense.
C. deferred revenue.
D. accrued revenue.
13. Expenses paid in advance, such as rent and insurance, are classified as prepaid expenses. Into whi ...
Uop acc 547 week 4 jordan and diana diego
uop acc 547 week 4 jordan and diana diego new,uop acc 547 week 4,acc 547 week 4,uop acc 547 week 4 tutorial,uop acc 547 week 4 assignment,uop acc 547 week 4 help
Uop acc 547 week 4 jordan and diana diego
Jordan and Diana Diego are a married couple filing jointly with one dependent daughter. Jordan works as a manager and earned $68,000 in wages. Diana worked part of the year and earned $40,000 in wages. They paid mortgage interest, property taxes, and made charitable donations. Diana started her own consulting business late in the year earning $8,000 with expenses. They will file a Form 1040, Schedules A, C, E, and SE to report their income and expenses for the tax year.
International Tax Planning
As an alumni to the courses taught by Professor Alan Cerf at UC Berkeley, Brian Rowbotham and Cindy Hsieh returns to campus each semester to be a guest lecturer for the new classes.
Uop acc 290 final exam
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Intro to PM Unit IV ProjectUnit IV Project Channel Tunnel (Eurot.docx
This document provides instructions for a project on the Channel Tunnel (Eurotunnel) failure. Students are asked to:
1. Research the Channel Tunnel project and summarize why poor project planning and management led to its failure.
2. Suggest project control and change management strategies that could have prevented issues.
Students must submit a paper of at least 800 words citing at least one source using APA style. The paper should answer the two questions and avoid plagiarism.
ACC101-Chapter2new.pdf
This document provides an overview of key accounting concepts related to recording transactions, including debits and credits, journals, ledgers, the accounting equation, and preparing a trial balance. It defines key terms, provides examples of journalizing and posting transactions, and sample multiple choice and true/false questions related to accounting for transactions.
ACC101-Chapter2new.pdf
This document provides an overview of key accounting concepts related to recording transactions, including debits and credits, journals, ledgers, the accounting equation, and preparing a trial balance. It defines key terms, provides examples of journalizing and posting transactions, and sample multiple choice and true/false questions related to accounting for transactions.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
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Peter and Eileen are married and live in a common law state. Peter.docx
Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
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061520RR1. The income statement is used to reportA. re.docx
061520RR1. The income statement is used to reportA. re.docx
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband.pdf
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband.pdf
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
Javier F. and Eldi M. Barbosa are married and live at 12680 SW 126 A.docx
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
FactsJavier F. and Eldi M. Barbosa are married and live at 1268.docx
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Intermediate Accounting Volume 2 7th Edition Beechy Test Bank
Intermediate Accounting Volume 2 7th Edition Beechy Test Bank
1. A company receives a note payable for $3,500 at 9 for 45 day.docx
1. A company receives a note payable for $3,500 at 9 for 45 day.docx
1. During a recent week, incurred wages were $700. However, $280.docx
1. During a recent week, incurred wages were $700. However, $280.docx
Intro to PM Unit IV ProjectUnit IV Project Channel Tunnel (Eurot.docx
Intro to PM Unit IV ProjectUnit IV Project Channel Tunnel (Eurot.docx
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each1. Greg and Justin are forming the G.docx
More from akramali786
1. Many processes are observed only once a day to see if a certain e.pdf
1. Management InformationSystem consists of people, equipment, and procedures to
gather, sort, ____________, evaluate, and distribute information tomarketing decision
makers.
a. Test
b. Arrange
c. Analyze
d. Control
2. The systematic collection and analysis of publiclyavailable information about
competitors and developments in the marketing environment is veryuseful. It is known
as:
a. Marketing data
b. Marketing intelligence
c. Web Master
d. Secondary data
3. Which of the following steps in the marketing research processhas been left out:
defining the problems and research objectives, implementing theresearch plan, and
interpreting and reporting the findings?
a. Developing the research budget
b. Choosing the research agency
c. Choosing the research method
d. Developing the research plan
4. Harvard University is using the systematic design, collection,analysis, and reporting of
data relevant to marketing its programs to minority students. Whatdo we call this?
a. Promotion
b. Self-study
c. Marketing research
d. Cost-benefit analysis
5. Which one of the following schemes is TRUE regarding marketingresearch?
a. Gathering data, analysis, interpretation
b. Analysis, gathering data, interpretation
c. Interpretation, gathering data, analysis
d. Interpretation, reporting, analysis
6. The objective of which of the following research is to gatherpreliminary information
that will help define the problem and suggest hypotheses?
a. Descriptive
b. Exploratory
c. Causal
d. Corrective
7. Which form of data can usually be obtained more quickly and at alower cost?
a. Primary
b. Census
c. Secondary
d. Tertiary
8. Which one of the following is NOT one of the stages thatcustomers go through in the
process of adopting a new product?
a. Awareness
b. Interest
c. Evaluation
d. Culture
9. Which one of the following statements BEST characterizesmarketing research?
a. Research is a continuous process, providing a constantflow of information
b. Research is conducted on a special-project basis
c. Research is performed when routine information isrequired
d. Research is the basis for making recurring marketingdecisions
10. If ABC Ltd knows that its market share in Pakistan has dropped13 percent in the first
quarter of the year but does not know what might have contributedto this decline; it is in
which stage of the marketing research process?
a. Hypothesis development
b. Symptom identification
c. Problem identification
d. Data interpretation
11. A person on the University Book Shop\'s survey asks respondentsto tell the shop, in
their own words, what they like least about textbook shopping. Whatis a type of this
question?
a. An open-ended
b. A dichotomous
c. A multiple choice
d. A scale
12. Marketing researchers usually draw conclusions about largegroups of consumers by
studying which of the following small components of the totalconsumer population?
a. Group
b. Sample
c. Target group
d. Audience
13. The process by which people select, organize andinterpret information to fo.
1. Let X1,X2,....,Xn be a random sample from a Poisson distribution .pdf
1. Let X be a random variable with mean 2 and variance 1. Find the mean and
variance of Y where Y = 4X + 10.
2. Let X1,X2, X3,X4 be iid random variables with mean 10 and variance 16. Find the
mean and variance of Y=X1+X2+X3+X4. Find the mean and variance of
Z=(X1+X2+X3+X4)/4.
Solution
1)E(Y)=E(4X+10)=4E(X)+10=18
V(Y)=V(4X+10)=16V(X)+0=16
2)E(Y)=E(X1)+E(X2)+E(X3)+E(X4)=40
V(Y)=V(X1)+V(X2)+V(X3)+V(X4)=64
E(Z)=E(Y)/4=10
V(Z)=V(Y)/16=16.
1. Let D be the random variable with value equal to the number showi.pdf
1. LaTasha has started her own custom T-Shirt company, T\'s T\'s, which produces silk screened
T-shirts for various occasions and organizations; as well as a brisk walk-in trade. Her shop is
located in a small beach community in Florida. Since she has just started she is renting the
equipment from a large firm in Jacksonville. The cost of renting the equipment is $500. The
material used in one custom T-shirt costs $4.50, and LaTasha is selling the T-shirts for $12 each.
a. If LaTasha sells 50 shirts,
1. What will her total revenue be?
2. What will her total cost be?
b. How many shirts must LaTasha sell to break even?
c. What is the total revenue at the break-even point?
Solution
1. The total revenue is equal to the amount of income gained by selling the 50 shirts, not
accounting for any expenses (which net profit or net income values take into account). The T-
shirts are sold for $12 each, so one T-shirt costs $12, two T-shirts cost 2 times $12 = $24, and so
on. If 50 T-shirts are sold:
Total Revenue = (50 T-shirts) ($12 per T-shirt) = $600
2. Her total cost is equal to the amount she has to pay. First, she must rent equipment for $500,
which she pays, and she must also pay $4.50 for each T-shirt that she buys (and may or may not
sell). Her total cost is the sum of the costs of the equipment and the T-shirts:
Total Cost = $500 + (50 T-shirts) ($4.50 per T-shirt) = $500 + $225 = $725
b) In order to break even, the total revenue must equal the total cost. If x is the number of T-
shirts needed for LaTasha to break even, her total revenue must equal her total cost. Her total
revenue is given by 12x ($12 per each T-shirt), and her total cost is given by 500 + 4.50x ($500
rent plus $4.50 per each T-shirt). We want to solve for x when the total revenue and total cost are
equal:
Total Revenue = Total Cost
12x = 500 + 4.50x
7.50x = 500
x = 500/7.50 = 66.66666... 67 T-shirts
c) After breaking even, her total revenue, given by 12x, is found by multiplying 12 by the value
of x we just calculated: x 67
Total Revenue = 12x = 12 (67) = $804
(Note that, because we can\'t sell 0.666... of a T-shirt, x is rounded to 67 T-shirts. However,
when x = 67, the total revenue actually exceeds the total cost by a bit, so it isn\'t exactly
\"breaking even\", but its as close as possible that we can get while still selling an integer number
of T-shirts.).
1. Jasper Inc. has a December 31 year-end. The covenants for Jasper .pdf
1. J. Wold, project manager of Print Software, Inc., wants you to prepare a project network;
compute the early, late, and slack activity times; determine the planned project duration; and
identify the critical path. His assistant has collected the following information for the Color
Printer Drivers Software Project: 1. J. Wold, project manager of Print Software, Inc., wants you
to prepare a project network; compute the early, late, and slack activity times; determine the
planned project duration; and identify the critical path. His assistant has collected the following
information for the Color Printer Drivers Software Project:
Solution
Path –
1 ) A-B-E-H-J-K-L = 115 days = Critical Path
2 ) A-C-F-H-J-K-L = 45 days
3 ) A-D-G-I-J-K-L = 105 DAYS
Project Duration 115 DaysIDearliest start schedulelatest start scheduleslack activity
timesA000B880C86557D81810E10100F116857G687810H70700I708010J90900K1001000L11
21120.
1. In several sentences, please discuss(a) what TMDLs are and how.pdf
1. In Maslow’s hierarchy of needs, what is the termused for the drive to become
what one is capable of becoming?
A. Perfection
B. Self-esteem
C. Hypo-glorification
D. Self-actualization
2. Ayesha has already presented two excellent reports. Thereport she has just
presented is clearly not as good as the first two reports, yetshe is given the same
high grade as before. What shortcut has the teacher used in thiscase?
A. The contrast effect
B. Stereotyping
C. The halo effect
D. Projection
3. Ali has just presented his paper and has done a reallygood job. Why should you
not want to present your own paper directly after he does?
A. To avoid the stereotyping effect
B. To avoid the contrast effect
C. To avoid the halo effect
D. To avoid the projection effect
4. Desires for associations with those who are significantto us, such as family
members, friends and colleagues are examples of which ofthe following
Alderfer’s needs?
A. Relatedness
B. Existence
C. Association
D. Esteem
5. Which of Maslow’s needs best approximatesMcClelland’s need for achievement?
A. Esteem
B. Self-actualization
C. Social
D. Physiological
6. An individual, who joins the armed services out of adesire to be involved in an
enterprise that requires a high degree of cooperation forsuccess, probably would
have high:
A. Need For Achievement
B. Need for power
C. Need for affiliation
D. Need for growth
7. Which of the following appears to be the combination ofneeds found in the best
managers?
A. High need for achievement, high need for Power
B. High need for achievement, low need for Power
C. Low need for Power, high need for achievement
D. High need for Power, low need for Affiliation
8. What is generally considered to be the single best thingthat managers can do to
improve performance?
A. Set specific, challenging goals to be achieved
B. Give abundant opportunities for employee growth
C. Allocate tasks depending onemployees’ personality
D. Restrict the use of punishment for motivatingworkers
9. MBO emphasizes translating overall organizationalobjectives into:
A. Capital and personal gains
B. Specific objectives
C. Operational units
D. Easy and understandable
10. What does MBO provide for the individual employee?
A. Precise job descriptions
B. Opportunity to earn higher salaries
C. Specific personal performance objectives
D. Guidance related to their career path
11. Which of the following is NOT a predictable choice whenemployees perceive an
inequity?
A. Change their inputs
B. Change their outcomes
C. Choose a different referent
D. Acquire more tenure
12. Which of the following concepts is INCONSISTENT with theexpectancy theory
of motivation?
A. Performance and rewards are related
B. Attractive rewards will motivate employees
C. One’s inputs and outputs are compared toanother’s
D. Effort is based upon expectation of appraisal
13.
You graduated from college two years ago and began workingat Omega
Electronics. You have received good performance evaluations anda raise. You
just found out t.
1. In his management information systems textbook, Professor David K.pdf
1. In forecasting, explain how you would determine which variable is the independent variable,
and which is the dependent variable?
2. Regarding productivity
Solution
Forecasting can be defined as a method or technique for estimating a business or any operations
management. For example, the size of a sales force is likely to have an impact on the total sales
for a region. So here, the observed value of totals sales in a region is independent variable while
the observed value in sales force in dependent variable.
Productivity is the measurement of efficiency with which an economy transforms inputs into
outputs. Productivity can be measured in terms of level or growth, eg-GDP.
Multifactor Productivity is a ratio of total output to a subset of inputs. All the outputs in a
multifactor productivity must be measured in same units, eg-in dollars or standard hours
Operations Management is about designing an managing products, processes, services and
supply chains.
Operations management in the area of product management is concerned with designing,
overseeing and controlling production of goods in terms of business requirements. Service
Operations management focuses on how firms can deliver excellent service while achieving
business goals.
A) Products are more different than services and need to be treated differently - is a better option
among the two since product operations need to focus on the product design and management
while services focuses on the service provided rather than the end product.
In a service oriented management, the customer stands important while in product management,
the product is given due importance..
1. If you own real property (land) inSolutionhey guys!!!! Lets.pdf
1. If yields are unchanged, explain why the price of a coupon bond selling at a discount increases
as its maturity date approaches.
2. If yields are unchanged, explain why the price of a coupon bond selling at a premium
decreases as its maturity date approaches.
Solution
If yields are unchanged, the maturity amount is the par value of the bond. So, you can imagine
that a bond that sells at a discount, the price of the bond is expected to increase to reach the par
value by the time of the maturity. The opposite applies in the case of a bond selling at premium.
Again, another way to look at it is that as the time to maturity approaches for a discounted bond,
the reinvestment risk decrease and so the value of the bond increases. On the other hand, in the
case of abond selling at premium, the benefits of higher coupons approaches its end and so the
value of the bond decreases..
1. Identify obstacles that may prohibit the potential win-win ou.pdf
1. I know that customers who live in a geographical area (A) purchase an item 75% of the time.
2. I know that customers who have an income (I) purchase an item 60% of the time. 3. I have a
customer (C) with the characteristics of (A) and (I). 4. I\'m not aware of any significant
correlation or influencing factors between populations (A) and (I), and the data sample for that
overlapping is not large enough-- Lets say Customer (C) is the only member of the population
with both (A) and (I). How would I determing the liklihood that Customer (C) will purchase an
Item? Would averaging the probabilities be appropriate, for (0.6+0.75)/2 = 0.675%?
Solution
First of all, the problem is not well posed, since the formulation is contradicting.
If everyone in A purchases 75% of the time (or with probability 3/4) and everyone with income
I purchases 60% of the time (or with probability 3/5), then there can be no overlap, since no
single person can buy with two different probabilities (or 75% of the time *and* 60% of the
time).
Instead, you could consider the following scenario:
Let\'s say a new product is on the market. Among the #A people living in A, 75% decide to buy
it. Among the #I people with income I, 60% decide to buy it. What fraction of people living in A
with income I decide to buy? Let this fraction be P. Let S be the intersection of A and I, i.e., the
set of people living in A who have income I. This question assumes that #S>0.
While this is a well-posed problem, it is not possible to say much about it, since the answer
depends on the relative size of the sets. We can only give ranges:
Let A\\I be the set of people in A whose income is not I.
Let I\\A be the set of people with income I who don\'t live in A.
If the intersection #S is small relative to both #A and #I the answer could be anything from 0%
to 100%.
Since 75% of the folks in A buy:
If #S>#A/4, then P>0. (Even if everyone in A\\I bought, some folks in S need to buy, too.)
If #S>#A 3/4, P<1. (Even if everyone in A\\I didn\'t buy, some folks in S didn\'t buy, either.)
Since 60% of the folks in I buy:
If #S>#I 2/5, P>0. (Even if everyone in I\\A bought, some folks in I need to buy, too.)
If #S>#I 3/5, P<1. (Even if everyone in I\\A didn\'t buy, some folks in S didn\'t buy, either.)
Now, let\'s generalize this. Let x=#S/#A and y=#S/#I. We can express the feasible region
(admissible values for P) as follows:
For A: We have the following constraints: P>=0, P<=1, P>=x-1/4, P<=7/4-x.
For I: We the constraints: P>=0, P<=1, P>=y-2/5, P<=8/5-y.
When you draw theses bounds on P as a function of x and y, you get two pentagonal areas. P has
to lie in both of them. If x and y are given, this allows you to find the admissible values of P.
You see that for x=1, only P=3/4 is possible. For y=1, only P=3/5 is possible. So x=y=1 is not
possible, this would mean that A=I=S, which obviously would violate the assumption. You could
ask the question what is the largest (common) value of x and y such that a so.
1. How does having a scope and WBS help project teams during project.pdf
1. How do you get the degrees of freedom for a one sample t test?
2. what is the difference between saying there is a signficant reatment effect and effect size?
3. What is the relationship between Alpha and Beta?
Solution
1 ) degrees of freedom = sample size - 1
3 ) alpha = type I error rate = significance level under consideration that the NULL hypothesis is
correct
Beta = type II error rate.
1. How do you get the degrees of freedom for a one sample t test2.pdf
1. How do correlation coefficients summarize the information in scatter-plot? What do scatter-
plots reveal that correlation coefficients do not?
2. What is the relationship between the correlation coefficient and R-squared?
Solution
1. They summarise the strength and direction of any potential linear relationship
between x and y. 2.In statistics, the coefficient of determination R2 is used in the context of
statistical models whose main purpose is the prediction of future outcomes on the basis of other
related information. It is the proportion of variability in a data set that is accounted for by the
statistical model. It provides a measure of how well future outcomes are likely to be predicted by
the model. There are several different definitions of R2 which are only sometimes equivalent.
One class of such cases includes that of linear regression. In this case, if an intercept is included
then R2 is simply the square of the sample correlation coefficient between the outcomes and
their predicted values, or in the case of simple linear regression, between the outcomes and the
values of the single regressor being used for prediction. In such cases, the coefficient of
determination ranges from 0 to 1. Important cases where the computational definition of R2 can
yield negative values, depending on the definition used, arise where the predictions which are
being compared to the corresponding outcomes have not been derived from a model-fitting
procedure using those data, and where linear regression is conducted without including an
intercept..
1. Felicia, a supervisor for Alpha Technical Support, attempts to ap.pdf
1. Factor the polynomial 12 x6 -25x4+30x3+20 in Z[x] or prove it cannot be done.
2. Expand (x-2)2(x-4)(x-6) in Z8[x] and findall the roots in Z8 of the result.
Solution
2. Expand (x-2)2(x-4)(x-6) in Z8[x] and findall the roots in Z8 of the result. the
roots are x = 2, 4 ,6 (x-2)2(x-4)(x-6) = (x2- 4x +4)(x2 -10x +24) = x4 - 10x3+24x2 -4x3 + 40x2 -
96x +4x2 - 40x +96 = x4 - 14x3 + 68x2 -136x +96.
1. Find the critical z values. Assume that the normal distribution a.pdf
1. Find the area of a regular 15 sided polygon whose vertices are 15 equally spaced points on a
circle of radius 3?
Area=
2. Find the area of a regular dodecogon with sides length S. Use the fact that area of the
dodecagon with side S sqrt(2-sqrt(3)) equals.
Solution
A 15 sided polygon will have internal angle= 360/15= 24 deg
Each chord forms a side of the polygon. The side length= 2 sin 12
There are 15 such triangles in the circle
Hence total area= 15 x 0.5 x 2 x 3 xsin 12 x 3 x cos 12= 27.45
2. Dodecagon has 20 sides.
Internal angle= 360/20= 18 deg
We break it into 20 triangles
Base=S
Perpendicular= S/2 cot 9
Area of one triangle= 0.5 x S x 0.5 x S x cot 9
= 1.582
Total area= 20 x area of one= 31.64.
1. Does materiality change during the course of an audit2. Do all.pdf
1. Does materiality change during the course of an audit?
2. Do all qualitative factors mean that an item is material?
3. what areas in a financial statement would draw high attention in a qualitative materialiality
factor?--
Solution
1. The determination of materiality is a matter of professional judgment. In determining the
materiality of an item, the auditor considers not only the item’s nature and amount relative to the
financial statements, but also the needs of financial statement users.
Materiality has to be considered before a detailed audit program can be prepared. In the initial
planning, however, an auditor cannot anticipate all of the factors that will ultimately influence
the materiality judgment in the evaluation of audit results at the completion of the audit.
Therefore, these factors must be considered as they arise, and any change in materiality may be
incorpoarated throughout the course of audit.
No not all qualitative factors mean that an item is material.
These areas draw high attention on qualitative materialaity factor. Matters that affect the
organization’s social and legal licence to operate or matters that affect the availability, quality
and affordability of the capitals the organization uses or affects (e.g. matters affecting reputation
and credibility such as regulatory infringements, sensitive factors like fatalities, pollution,
unemployment, negative economic effects)..
1. For a population containing N=902 individuals, what code number w.pdf
1. For a particular sample of 77 scores on a psychology exam, the following results were
obtained.
First quartile = 44 Third quartile = 71 Standard deviation = 6 Range = 45
Mean = 64 Median = 57 Mode = 62 Midrange = 60
Answer each of the following:
I. What score was earned by more students than any other score? Why?
II. What was the highest score earned on the exam?
III. What was the lowest score earned on the exam?
IV. According to Chebyshev\'s Theorem, how many students scored between 40 and 88?
V. Assume that the distribution is normal. Based on the Empirical Rule, how many students
scored between 46 and 82?
Solution
First quartile = 44 Third quartile = 71 Standard deviation = 6 Range = 45
Mean = 64 Median = 57 Mode = 92 Midrange = 60:
I. What score was earned by more students than any other score? Why?
92 mode is what which occur more frequeltly.
II. What was the highest score earned on the exam?
60+45 / 2 = 105/2 = 52.5 this is wrong
somewhere u r question went wrong .... please check once again !!
cant anwer :(
III. What was the lowest score earned on the exam?
60-45 / 2 =
IV. According to Chebyshev\'s Theorem, how many students scored between 40 and 88?
V. Assume that the distribution is normal. Based on the Empirical Rule, how many students
scored between 46 and 82?.
1. During the four quarters for 2015, the Haydens received two quart.pdf
1. During the four quarters for 2015, the Haydens received two quarterly dividend payments per
share of $0.15 each, one quarterly payment of $0.26, and one quarterly payment of $0.21. If they
owned 200 shares of stock, what was their total dividend income for 2015?
Solution
Given The Dividends are as follows
First Quarter Dividend per share= $ 0.15
Second Quarter Dividend per share= $ 0.15
Third Quarter Dividend per share= $ 0.26
Fourth Quarter Dividend per share= $ 0.21
Total Dividend per share = $ 0.15+ $ 0.15+ $0.26+ $ 0.21 =$0.77 per share
No of Shares = 200
Total Dividend received for the Year 2015 = 200*$0.77 = $ 154.
1. Discuss the potential benefits of membership in two professional .pdf
1. Discuss the potential benefits of membership in two professional organizations you visited.
Also, discuss opportunities for education and training, and the certifications offered by both of
the professional organizations you visited.
2. Topic 1:
Many taxpayers think the tax law is all black and white with no room for gray areas. What do
you think? Explain your answer
Topic 2:
The various tax services provide Internal Revenue Code (IRC) histories for researchers who need
them. Why would tax preparers need to review prior years’ tax law? Explain your answer in
detail
Solution
2.
When we move general principal to consider actual tax regulation as they must be drafted , we
encounter exactly the opposite kind of problem. Here everything must be absolutely precise.
Every receipt must be ruled either taxable or non-taxable;every expenditure either deductible or
not. Ther is no room for vagueness..
1. Discuss briefly the various abstractions from precipitation.2. .pdf
1. Discuss briefly the various abstractions from precipitation.
2. Discuss the factors affecting the infiltration capacity of an area.
3. With the help of typical hydrographs describe the salient features of: (a) Perennial, (b)
Intermittent, (c) Ephemeral streams.
Solution
The various abstractions from precipitation can be elaborated as :-a) Evaporation b)
Transpiration c) Infiltration d) Surface Detention e) Storage..a) Evaporation:- This can be
defined as the process by which water is converted from its liquid form to vapor form and thus
transferred from land and water masses to the atmosphere.The various factors affecting
Evaporation rate are :- Vapor Pressure,Wind,Temperature,Atmospheric Pressure,Soluble
Salts,Heat Storage in water bodies. b) Transpiration :- It can be defined as the process by which
water leaves the body of a living plant and reaches the atmosphere as water vapor.The water is
taken by the plant root system and escapes through the leaves.The various factors affecting it
are:- a) atmospheric vapor pressure,temperature,wind,light intensity and characteristics of the
plant such as the root and leaf systems.c) Infiltration:- It can be defined as the flow of water into
the ground surface such as rainfall,snowmelt and irrigation into the soil. d) Surface Detention :-
It is also called detention storage and can be defined as the part of the rain which remains on the
ground surface during rain and either runs off or infiltrates after the rain ends. e)
Storage/Groundwater Storage:- It can be defined as the water present below the earth\'s surface
in soil pore spaces and in the fractures of rock formations.We can define a unit of rock or an
unconsolidated deposit as an aquifer when it can yield a usable quantity of water. 2.Infiltration
capacity can be defined as the maximum rate at which a given soil at a given time can absorb
water .It is expressed in units of cm/hour and is designated as fp(f subscript p).The various
factors affecting infiltration capacity of an area are :- a) Characteristics of the soil
(texture,porosity and hydraulic conductivity) b) Condition of the soil surface c) Vegetative cover
d) Current moisture content e)Soil temperature. 3.Various streams can be classified as
Perennial,Intermittent and Empheral on the basis of the study of annual hydrographs of those. A
perennial stream can be defined as the one that always carries some flow in it as shown in the
figure.It has considerable amount of groundwater flow throughout the year.In this case, even
during the dry seasons,the water table will be above the bed of the stream.Whereas the
intermittent stream has limited contribution from the groundwater.In this case during the wet
season , the water table is above the stream bed and there is contribution of base flow to the
stream flow.But during dry seasons the water table drops to a lower level than that of the stream
bed and the stream dries up.However excepting for an occasional storm that can produce a short
dur.
1. Determine the truth value of the following statement Paris is .pdf
1. Determine the truth value of the following statement:
Paris is a city in France and all prime numbers are divisible by 10.
True
False
2. Construct a truth table for (~p v q)--> p . Be sure to include all intermediate steps in your
table.
3. Fill in the heading of the following truth table using any of p, q, ~, --> , ?, v , and ^ . Use
keyboard shortcuts of --> for--> , <--> for ?, V for v , and ^ for ^ .
p q _________
T T F
T F F
F T T
F F F
4. Construct a truth table for (q v p) --> ~q. Be sure to include all intermediate steps in your
table.
5.
Given p is true, q is true, and r is false, find the truth value of the statement ~p--> (q v ~r).
Show step by step work. Use keyboard shortcuts of --> for--> , <--> for ?, V for v , and ^ for ^ ,
if needed.
6. Determine which, if any, of the three statements are equivalent.
I) If the carpet is not clean, then Sheila will run the vacuum.
II) It is not the case that both the carpet is clean and Sheila will run the vacuum.
III) If the carpet is clean, then Sheila will not run the vacuum
I, II, and III are equivalent
I and II are equivalent
I and III are equivalent
II and III are equivalent
None are equivalent
7. Write the argument below in symbols to determine whether it is valid or invalid. State a
reason for your conclusion. Specify the p and q you used. detailed solution to
If the gazebo is made of wood, then the vine is growing on the gazebo.
The vine is growing on the gazebo.
The gazebo is made of wood.
8. Determine which, if any, of the three statements are equivalent. Give a reason for your
conclusion. Show complete work.
I) If the boat was leaking, then Mary was not seated in the boat.
II) If the boat was leaking then Mary was seated in the boat.
III) If Mary was not seated in the boat, then the boat was not leaking.
a. I, II, and III are equivalent
b. I and II are equivalent
c. I and III are equivalent
d. II and III are equivalent
e. None are equivalent
9. Create a Euler diagram to determine whether the syllogism is valid or invalid.
All saxophonists have agile fingers.
Darren is a saxophonist.
Darren has agile fingers.
10. If the argument below is valid, name which of the four valid forms of argument is
represented. If it is not valid, name the fallacy that is represented.
If the water is filtered, then it does not contain lead.
The water does not contain lead.
Therefore, the water is filtered.
11. Form the contrapositive: If I eat a lot of sweets, then I will not feel well.
If I do not feel well, then I ate a lot of sweets.
If I do not eat a lot of sweets, then I will feel well.
If I feel well, then I did not eat a lot of sweets.
If I do not feel well, then I did not eat a lot of sweets.
If I feel well, then I ate a lot of sweets.
12. Write the compound statement in symbols.
Let r = The food is good, p = I eat too much, q = I\'ll exercise.
If the food is not good, I won\'t eat too much.
~(r--> p)
~r--> ~p
r--> ~p
~p --> ~r
Solution
Answers:
1: Paris is the city in France, but no prime num.
1. Describe why a manager needs to understand the characteristics an.pdf
1. Describe why a manager needs to understand the characteristics and importance of financial
markets including risk and efficiency.
2. Describe why cash flows are more important than sales in a business
3. Discuss what could happen if management does not fulfill its financial responsibilities related
to the business--dig deeper than just the business will fail. Find an article that highlights a real
life example of management making poor financial decisions that affected the business.
Solution
1. A manager needs to understand the characteristics and importance of financial markets
including risk and efficiency because risk is inseperable from performance. Understanding risk is
one of the most important parts of a financial education. We always expect a higher rate of return
even if we invest in risky ventures. The investments have a low and negative value in economy
and it sometimes creates uncertainity in the financial market. Therefore manager should have
understanding about financial markets including risk and efficiency.
2. Csh flows are more important than sales. It gives a picture of the transactions to be classified
into Operating Expenses , Investing Activities and Financing Activities. It maintains Company\'s
Financial Stability.
3. Management has to fulfill the financial responsibilities related to business for its smooth
operations. An example could be when a person starts his new business without inter pretting
financial forecast. This would sometimes lead into short run profits and then not work out in long
run profits. Thus resulting in decrease of cash flows which will in turn affect business.
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The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
ANATOMY AND BIOMECHANICS OF HIP JOINT.pdf
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UP
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
clinical examination of hip joint (1).pdf
described clinical examination all orthopeadic conditions .
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1. During 2012, Duke changed jobs and moved from Dallas to Phoenix. .pdf
- 1. 1. During 2012, Duke changed jobs and moved from Dallas to Phoenix. Duke had the following expenses in connection with the move: Cost of moving household goods $4,000 Meals 300 Lodging 500 Duke drove his car the 1,200 miles from Dallas to Phoenix. What is his moving expense deduction for 2012? A: $4,800 B: $800 C: $4,000 D: $4,788 2. An employee drove her automobile 6,000 miles for business during 2015. Using the automatic mileage method, what is her deduction for unreimbursed expenses (before any applicable 2 percent limit)? A: $3,450 from AGI B: $1,380 from AGI C: only deductible to the extent reimbursed by her employer D: $3,360 for AGI 3. Toni is a self-employed consultant and while traveling spends $120 on meals and $200 on transportation and lodging. What is the amount of Toni's deduction for these expenditures? A: $160 B: $260 C: $320 D: $278 4. Chad is an employee of Haddock Corporation, a commercial real estate broker. Chad takes a client to dinner and incurs the following expenses (all of which can be substantiated): Taxi $25 Drinks before dinner $40 Meal cost $135 Tips $35 If Chad is reimbursed by Haddock for $235 (under an adequate accounting plan), what is Haddock’s tax deduction for these expenses? A: $130 B: $235 C: $135 D: $205 5. Fran is a CPA who has a small tax practice in her home in addition to working her regular accounting job. The gross income from this practice is $5,500 for the year. Based on square footage, $3,000 of Fran's mortgage interest and real estate taxes are allocable to the business. The allocable portion of maintenance, utilities, and depreciation is $3,500. Assuming no other expenses related to the business were incurred, what amount of the maintenance, utilities, and depreciation is deductible by Fran? A: $2,500 B: $3,500 C: $1,750 D: $0
- 2. 6. Uriah had travel expenses of $1,500 substantiated by credit card receipts. He has a diary that provides the business purpose and relationship for $800 of these expenses. How much will Uriah be allowed as a deduction, before considering any limitation based on adjusted gross income? A: $800 B: $700 C: $1,500 D: a maximum of $25 per day 7. Mike, a staff accountant for a CPA firm, incurred the following expenses: Travel $200 Transportation $500 Dues and subscriptions $300 Mike gave his employer an adequate accounting and received a reimbursement under an accountable plan of $1,000 to cover these expenses. What amount is deductible from adjusted gross income? A:$700 B: $300 C: $60 D: $0 8. Todd purchased his automobile in 2015 for $35,000. It was used 80 percent for business purposes. Todd drove the car for 10,000 business miles in 2015 and elected to use the automatic mileage method to compute his automobile expenses. What is Todd's basis in the business portion of the automobile at the beginning of 2016? A:$22,250 B: $29,450 C: $32,700 D: $26,588 9. Kate, a self-employed CPA, attended a two-day course on auditing. She incurred the following expenses: Airfare $500 Taxi $40 Meals $200 Lodging $300 Laundry $20 How much can Kate claim as a deduction for AGI? A: $1,040 B: $960 C: $1,060 D: $940 10. Lori Legal is a self-employed lawyer. She has to fly to Hawaii on business to see a client. Lori decides to incorporate a vacation into her trip to the islands. Round trip airfare is $600. Of the ten days out of town, Lori consulted with her client for three days. How much of the airfare can Lori deduct on her Schedule C as a business expense? A: $0 B: $300 C: $600 D: $180 11. Kathleen incurred the following expenses when her employer transferred her from Chicago to New York City:
- 3. Continental movers $1,900 House-hunting trip to new york city $1,400 Loss on sale of old residence $5,000 Installation of carpeting in new home $800 Real estate commissions on residences $1,000 Lodging costs en route to new residence $400 Assuming Kathleen is not reimbursed by her employer, what is her deduction for moving expenses? A: $2,300 B: $9,800 C: $5,700 D: $6,100 12) Cathy is an outside sales person. She has set aside one room in her house as a home office where she does administrative work related to her job. Cathy has no other office available to her. For the year, depreciation expense is $150 and other maintenance expenses are $250 on the home office. If Cathy's Schedule C net income (without the home office items) is $45,000, how much of these expenses are deductible by Cathy? A: $150 B: $0 C: $400 D: $250 13. Reed, a traveling sales representative of Pink Company, incurs the following job related business expenses: Transportation (no commuting) $4,000 Meals and lodging away from home $5,000 Dues and subscriptions $1,000 Entertainment $2,000 Reed received no reimbursement from his employer. What amount may Reed deduct for adjusted gross income before any 50 percent limitation on for meals and entertainment? A: $0 B: $4,000 C: $10,000 D: $12,000 14. Bernardo incurred the following unreimbursed expenses at his country club in connection with his employment as a sales representative: Annual dues to country club $3,000 Business meals (directly related) $2,000 Personal meals $1,000 Days of business use (directly related) $60 Days of personal use $40 What is Bernardo’s entertainment deduction before any 2 percent limitation? A: $1,000 B: $4,000 C: $2,000 D: $2,800
- 4. 15. Tom is a self-employed interstate truck driver and while traveling spends $120 on meals and $200 on transportation and lodging. If the "cutback rate" for 2015 is 20%, what is the amount of Tom's deduction for these expenditures in 2015? A: $296 B: $96 C: $200 D: $256 16. Terry, an employee of an accounting firm, spent $600 on dues to professional organizations and $250 for subscriptions to professional journals. Terry's AGI is $30,000. Assuming Terry itemizes deductions, how much (after the 2 percent limitation), may she deduct? A: $600 B: $0 C: $850 D: $250 Solution 1 Moving Expenses deduction for 2012 Cost of moving household goods $4,000 Option C 2 For 2015, the standard mileage rate is 57.5% per mile $3,381 Option C 3 Toni's deduction Meals $120 Transportation & loedging $200 Option C $320 4 Chad Expenses in Haddock Corporation Taxi $25 Drinks before dinner $40 Meal cost $135 Tips $35 Option B $235 5 Maintenance, utitities & depreciation is deductible $3,500 Option B 6 Business purpose expenses $800 Option A 7 Travel $200 Transportation $500 Dues & subscriptions $300 Total $1,000 Reimbursement $1,000 Deductible $0 Option D 8 Option A $22,250 9 Airfare $500 Taxi $40 Meals $200 Lodging $300 Laundry $20 Option A $1,060 10 Lori has to consider 30% as business expensess. Therefore, she has to charged $180 Option D 11 Continental movers $1,900 $1,900 Lodging costs en route to new residence $400 $400 Option A $2,300 12 Depreciation $150 Other maintenance exp. $250 This is overall expense of household and she is using only one room. Therefore, she can not take deduction for these exp. Option B 13 Transportation (no commuting) $4,000 Meals and lodging away from home $5,000 Dues and subscriptions $1,000 Entertainment $2,000 Option D $12,000 14 Annual dues to country club $3,000 $3,000 Personal meals $1,000 $1,000 Days of personal use $40 $40 Total $4,040 After 2% limitation $4,000 Option B 15 Meals $120 Transportation & lodging $200 Total $320 20% deduction $64 Option D $256 16 Professional organisation dues $600 Subsriptions $250 Option C $850