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 .
Peter and Eileen are married and live in a common law state. Peter.docxherbertwilson5999
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.
Legal InfluencesDo we have too many laws Does the existence o.docxSHIVA101531
Legal Influences
Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion!
Unions and Video Surfing!
Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions”
Find a video that interests you of the thousands that are on the net on any aspect on Unions
Watch the Video that you selected and take notes on what you viewed.
1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed.
2 Make sure that you provide the Internet address and the Title on what you viewed.
3 Explain what you viewed and what you learned.
4 You may supplement your viewing with any other information or your opinion.
ENJOY YOUR SURFING!
Chapter 1
26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond?
36.LO.5 Assess the probability of an audit in each of the following independent situations:
a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.
b. Mel operates a combination check-cashing service and pawnshop.
c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice.
d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income.
a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice?
b. Would your advice differ if you were the person who prepared the return in question? Explain.
c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain.
50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law:
a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work.
b. Deductions for interest on home mortgage and property taxes on personal residence.
c. The income splitting benefits of filing a joint return.
d. Gambling losses in excess of gambling gains.
e. Net operating losses of a current year can be carried back to profitable years.
f. A taxpayer who sells pr ...
1. A company receives a note payable for $3,500 at 9 for 45 day.docxjackiewalcutt
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 ...
Question 1 Which of the following indicates that a decision has .docxmakdul
Question 1
Which of the following indicates that a decision has precedential value for future cases?
A.
Stare decicis
B.
Golsen doctrine
C.
En banc
D.
Reenactment doctrine
E.
None of the above
Question 2
The Golsen doctrine applies to which court?
A.
U.S. Tax Court
B.
U.S. District Court
C.
U.S. Court of Federal Claims
D.
U.S. Supreme Court
E.
Some other court
Question 3
Interpret the following citation: 64-1 USTC ¶ 9618, aff’d in 344 F. 2d 966.
A.
A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B.
A U.S. Tax Court decision that was affirmed on appeal.
C.
A U.S. District Court decision that was affirmed on appeal.
D.
A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E.
None of the above.
Question 4
A Memorandum decision of the U.S. Tax Court could be cited as:
A.
T.C. Memo. 1990-650
B.
68-1 USTC ¶ 9200
C.
37 AFTR 2d 456
D.
All of the above
E.
None of the above
Question 5
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2011. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn. How much income must Bjorn report from these businesses?
A.
$0 income from the S corporation and $30,000 income from the C corporation.
B.
$90,000 income from the S corporation and $30,000 income from the C corporation.
C.
$90,000 income from the S corporation and $0 income from the C corporation.
D.
$30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
E.
None of the above
Question 6
In 2011, Bluebird Corporation had net income from operations of $75,000. Further, Bluebird recognized a long-term capital loss of $30,000, and a short-term capital gain of $10,000. Which of the following statements is correct?
A.
Bluebird Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $20,000 forward five years as a long-term capital loss.
B.
Bluebird Corporation may deduct $13,000 of the capital loss in 2011 and may carry forward the remainder of the capital loss indefinitely to offset capital gains.
C.
Bluebird Corporation will have taxable income in 2011 of $55,000.
D.
Bluebird Corporation will have taxable income in 2011 of $75,000 and will have a net capital loss of $20,000 that can be carried back 3 years and forward 5 years.
E.
None of the above
Question 7
Which of the following statements is correct regarding the taxation of C corporations?
A.
The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation’s tax year.
B.
A corporation with taxable income of less than $500 need not file a tax return.
C.
The alternative minimum tax does not apply.
D.
In general, the required annual payment for corporate estimated taxes is 90% of the corporation’s final tax for ...
Peter and Eileen are married and live in a common law state. Peter.docxherbertwilson5999
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.
Legal InfluencesDo we have too many laws Does the existence o.docxSHIVA101531
Legal Influences
Do we have too many laws? Does the existence of so many laws and regulations hinder or help American Business today. Feel free to give examples of some “stupid” laws! Have fun with this discussion!
Unions and Video Surfing!
Please go to You Tube, bing.com videos, or any Video sharing web site and add the Key Word: "Unions”
Find a video that interests you of the thousands that are on the net on any aspect on Unions
Watch the Video that you selected and take notes on what you viewed.
1 In a paper of at least two and not more than three, double spaced pages, no Title Page, tell me what video you viewed.
2 Make sure that you provide the Internet address and the Title on what you viewed.
3 Explain what you viewed and what you learned.
4 You may supplement your viewing with any other information or your opinion.
ENJOY YOUR SURFING!
Chapter 1
26. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do your respond?
36.LO.5 Assess the probability of an audit in each of the following independent situations:
a. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.
b. Mel operates a combination check-cashing service and pawnshop.
c. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large dedcti8ons, reports little (if any) profit from his practice.
d. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
42.LO.5, 6 On a Federal income tax return filed five years ago, any inadvertently omitted a large amount of gross income.
a. Andy seeks your advice as to whether the IRS is barred from assessing additional income tax in the event he is audited. What is your advice?
b. Would your advice differ if you were the person who prepared the return in question? Explain.
c. Suppose Andy asks you to prepare his current year’s return. Would you do so? Explain.
50. LO.7, 8 Discuss the probable justification for each of the following aspects of the tax law:
a. A tax credit is allowed for amounts spent to furnish care for minor children while the parents work.
b. Deductions for interest on home mortgage and property taxes on personal residence.
c. The income splitting benefits of filing a joint return.
d. Gambling losses in excess of gambling gains.
e. Net operating losses of a current year can be carried back to profitable years.
f. A taxpayer who sells pr ...
1. A company receives a note payable for $3,500 at 9 for 45 day.docxjackiewalcutt
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 ...
Question 1 Which of the following indicates that a decision has .docxmakdul
Question 1
Which of the following indicates that a decision has precedential value for future cases?
A.
Stare decicis
B.
Golsen doctrine
C.
En banc
D.
Reenactment doctrine
E.
None of the above
Question 2
The Golsen doctrine applies to which court?
A.
U.S. Tax Court
B.
U.S. District Court
C.
U.S. Court of Federal Claims
D.
U.S. Supreme Court
E.
Some other court
Question 3
Interpret the following citation: 64-1 USTC ¶ 9618, aff’d in 344 F. 2d 966.
A.
A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B.
A U.S. Tax Court decision that was affirmed on appeal.
C.
A U.S. District Court decision that was affirmed on appeal.
D.
A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E.
None of the above.
Question 4
A Memorandum decision of the U.S. Tax Court could be cited as:
A.
T.C. Memo. 1990-650
B.
68-1 USTC ¶ 9200
C.
37 AFTR 2d 456
D.
All of the above
E.
None of the above
Question 5
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2011. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn. How much income must Bjorn report from these businesses?
A.
$0 income from the S corporation and $30,000 income from the C corporation.
B.
$90,000 income from the S corporation and $30,000 income from the C corporation.
C.
$90,000 income from the S corporation and $0 income from the C corporation.
D.
$30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
E.
None of the above
Question 6
In 2011, Bluebird Corporation had net income from operations of $75,000. Further, Bluebird recognized a long-term capital loss of $30,000, and a short-term capital gain of $10,000. Which of the following statements is correct?
A.
Bluebird Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $20,000 forward five years as a long-term capital loss.
B.
Bluebird Corporation may deduct $13,000 of the capital loss in 2011 and may carry forward the remainder of the capital loss indefinitely to offset capital gains.
C.
Bluebird Corporation will have taxable income in 2011 of $55,000.
D.
Bluebird Corporation will have taxable income in 2011 of $75,000 and will have a net capital loss of $20,000 that can be carried back 3 years and forward 5 years.
E.
None of the above
Question 7
Which of the following statements is correct regarding the taxation of C corporations?
A.
The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation’s tax year.
B.
A corporation with taxable income of less than $500 need not file a tax return.
C.
The alternative minimum tax does not apply.
D.
In general, the required annual payment for corporate estimated taxes is 90% of the corporation’s final tax for ...
For each question on the midterm exam, unless the question expressly.docxrhetttrevannion
For each question on the midterm exam, unless the question expressly provides to the contrary, you should assume that:
all events occurred in ‘the current taxable year;’
all persons are United States citizens;
there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on any property, there was a bona fide business purpose for incurring or assuming the debt;
whenever a party receives encumbered property, the party
assumed the mortgage, even if not specifically stated;
there is no special election made unless the facts specifically state that there is an election made and in effect;
in all cases, that there is only one class of stock issued and outstanding in any corporation, and that class is common voting stock;
with respect to each partnership question, the partnership has no hot assets, has no debts or other liabilities, and does not have a Section 754 election in effect;
with respect to each partnership question, each partnership is a general partnership; and
with respect to each partnership question, there are no special allocation provisions contained in any partnership agreement.
Choose the letter for the choice that best answers the question or completes the sentence.
Questions
1.
Jack
owns 60 percent of Corporation. Corporation had acquired land known as the Parcel in January of 2000 for $68,000 and held the Parcel
for investment purposes. During the current taxable year, Corporation sold the Parcel to Jack for $65,000 which amount was equal to the fair market value of the Parcel. Shortly after receiving the Parcel, Jack, never having made any gifts before, gave the Parcel
to his friend Tom from college when the property was worth $70,000.
Tom sold the Parcel two years later to Sue, a person not related to Corporation, Jack, Sue, or Tom, for $75,000.
How much gain or loss is realized and recognized as a result of these three transfers?
a.
Corporation realizes a loss of $3,000 and
recognizes a loss of 3,000 on the sale; Jack realizes a gain of $8,000 and recognizes a gain of 5,000 on the transfer to Tom; Tom realizes a gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
b.
Corporation realizes a loss of $3,000 and recognizes a loss of 3,000 on the sale; Jack realizes a gain of $5,000 and
recognizes a gain of 5,000 o the transfer to Tom; Tom realizes
gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
c.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack does not realize or recognize any gain or loss on the transfer to Tom; Tom realizes a gain of $10,000 and recognizes a gain of $10,000 on the transfer to Sue.
d.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Tom;
Tom realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Sue.
2.
Corporation had the follow.
1. During a recent week, incurred wages were $700. However, $280.docxjackiewalcutt
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 ...
LESSON 11. Which of the following would result in a decrease i.docxSHIVA101531
LESSON 1
1. Which of the following would result in a decrease in cash flow and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C.A decrease in inventory
D. A decrease in common stock
2. In the United States, for the 2007 tax year, federal corporate income tax rates never exceeded an average rate of
A. 15%. C. 39%.
B. 35%. D. 34%.
3. A firm has assets of $60,000 and owners’ equity of $33,000. Which of the following is the correct balance of the firm’s liabilities?
A. $33,000 C. $93,000
B. $27,000 D. $60,000
4. Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock
5. A firm has current assets of $10,000 and current liabilities of $7,000. Which of the following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000
6. If a firm has an accounts receivable balance of $18,800 at the end of 2007 and $16,500 at the end of 2008, which of the following statements about accounts receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 and represented a use of cash.
7. If a firm has revenues of $15,090 and expenses of $8,850, what is the firm’s taxable income?
A. $15,090 C. $6,240
B. $8,850 D. $23,940
8. Which of the following statements about the issuance of an initial public offering (IPO) is correct?
A. IPOs may be either underpriced or overpriced.
B. IPOs are never overpriced.
C. IPOs are never underpriced.
D. IPOs are always correctly priced.
9. If a firm has revenues of $15,090, operating expenses of $8,850, and a tax expense of $2,120, what is the firm’s net income?
A. $8,850 C. $6,240
B. $4,120 D. $8,360
10. When you’re preparing a common-sized balance sheet, which of the following measures is set to equal 100 percent?
A. Total liabilities C. Total owners’ equity
B. Total assets D. Cash
11. Suppose that a corporation has a taxable income of $200,000. What is the firm’s corporate income tax for the current tax year? (You can use the following table to calculate the firm’s U.S. federal corporate tax.)
Taxable Income
More Than
Taxable Income
Less Than
Tax
Rate
$0 $50,000 15%
$50,001 $75,000 25%
$75,001 $100,000 34%
$100,001 $335,000 39%
$335,001 $10,000,000 34%
$10,000,001 $15,000,000 35%
$15,000,001 $183,333,334 38%
$18,333,334 35%
A. $78,000 C. $39,000
B. $6,250 D. $61,250
12. Using the same table and information provided in Question 11, what is the firm’s average tax rate?
A. 39% C. 34%
B. 30.625% D. 31.625%
13. Using the same table and information provided in Question 11, what is the firm’s marginal tax rate?
A. 39% C. 34%
B. 30.625% D. 31.625%
14. Dilution r ...
Problems – 5 points each1. Greg and Justin are forming the G.docxwkyra78
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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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Acct 324 Enthusiastic Study / snaptutorial.comGeorgeDixon42
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Omit all general journal entry explanations.Be sure to include c.docxIlonaThornburg83
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Must be in APA format (12 point font, Times New Roman, double spaced.docxadelaidefarmer322
Must be in APA format (12 point font, Times New Roman, double spaced)
Original work, not plagiarized.
Must include APA Citations
What three requirements must be satisfied in order to utilize the testimony of an expert witness?
What are the five basic methods of impeaching a witness?
Describe three ways in which expert witness’s opinions and conclusions may be biased.
Name five categories of subjects about which a lay witness may testify.
Why would you not want to attempt to impeach every witness’s testimony?
What are five reasons why a witness may not tell the truth?
What is the definition of a crime involving dishonesty or false statements?
Name the four forms of evidence permitted to prove the trait of character relating to untruthfulness.
Why are a witness’s biases allowed to discredit his or her testimony without the cross-examiner being required to prove that the witness is not credible, has contradicted his or herself, has bad character, or make an inconsistent statement?
Name the four elements of witness capacity and an example of how each could aid in the impeachment of a witness.
.
Must be done within 4 hoursAnswer the following Discussion each wi.docxadelaidefarmer322
Must be done within 4 hours
Answer the following Discussion each with minimum 120 words and 1 scholarly reference.
1.
Listen to one (1) composition (i.e., for a symphony) by Beethoven, a transitional figure between classical and romantic music. Identify the composition that you listened to, and determine whether you would characterize the chosen composition as either the Classical or Romantic style of music. Explain the key features that lead you to your conclusion. Identify one (1) modern musician who you believe was great at one type of music yet pioneered another.
2.
Select one (1) example of a literary work or a work of visual art from the 1800s—either Romantic or Realist in style—that responds in some way to the Industrial Revolution. Identify the work and the artist or writer, describe its features and style, and explain the manner in which it responds to the Industrial Revolution. Next, describe one (1) example of how either black slaves or white abolitionists used literature or the visual arts as a form of protest against slavery. Identify one (1) specific literary or artistic work of our day that effectively protests a social injustice.
Supported reading material:
Beethoven
• Chapter 27 (pp. 906-912), Beethoven, qualities of the Romantic style in music
• The Beethoven-Haus Website at
http://www.beethoven-haus-bonn.de/sixcms/detail.php?template=portal_en
(Note: Click on Digital Archives > Works by Ludwig von Beethoven; then find one [1] of his symphonies and listen to a clip.
• Beethoven's Eroica at http://www.youtube.com/watch?v=9XL2ha18i5w and
http://www.youtube.com/watch?v=8RFG5rGVL1s
Art Reacting to Social RealitiesBeethoven
• Chapter 28 (pp. 920-948), art and literature in Industrial Revolution; Chapter 28 (pp. 930-936), slavery
• The Museum of Fine Art in Ghent, Belgium (MSK Gent) —Romantic and Realist Art of the 1800s at
http://www.mskgent.be/en/collection/1820-romanticism-and-realism/romanticism-and-realism
• New York's Metropolitan Museum of Art—French Realist Art of the 1800s at
http://www.metmuseum.org/toah/hd/rlsm/hd_rlsm.htm
• Haven's article on Goodman's scholarship on art protesting slavery before the Civil War at
http://news.stanford.edu/news/2009/february18/artists-slavery-protests-021809.html
• Art and Slavery article at
http://www.realhistories.org.uk/articles/archive/the-art-of-slavery.html
.
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For each question on the midterm exam, unless the question expressly.docxrhetttrevannion
For each question on the midterm exam, unless the question expressly provides to the contrary, you should assume that:
all events occurred in ‘the current taxable year;’
all persons are United States citizens;
there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on any property, there was a bona fide business purpose for incurring or assuming the debt;
whenever a party receives encumbered property, the party
assumed the mortgage, even if not specifically stated;
there is no special election made unless the facts specifically state that there is an election made and in effect;
in all cases, that there is only one class of stock issued and outstanding in any corporation, and that class is common voting stock;
with respect to each partnership question, the partnership has no hot assets, has no debts or other liabilities, and does not have a Section 754 election in effect;
with respect to each partnership question, each partnership is a general partnership; and
with respect to each partnership question, there are no special allocation provisions contained in any partnership agreement.
Choose the letter for the choice that best answers the question or completes the sentence.
Questions
1.
Jack
owns 60 percent of Corporation. Corporation had acquired land known as the Parcel in January of 2000 for $68,000 and held the Parcel
for investment purposes. During the current taxable year, Corporation sold the Parcel to Jack for $65,000 which amount was equal to the fair market value of the Parcel. Shortly after receiving the Parcel, Jack, never having made any gifts before, gave the Parcel
to his friend Tom from college when the property was worth $70,000.
Tom sold the Parcel two years later to Sue, a person not related to Corporation, Jack, Sue, or Tom, for $75,000.
How much gain or loss is realized and recognized as a result of these three transfers?
a.
Corporation realizes a loss of $3,000 and
recognizes a loss of 3,000 on the sale; Jack realizes a gain of $8,000 and recognizes a gain of 5,000 on the transfer to Tom; Tom realizes a gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
b.
Corporation realizes a loss of $3,000 and recognizes a loss of 3,000 on the sale; Jack realizes a gain of $5,000 and
recognizes a gain of 5,000 o the transfer to Tom; Tom realizes
gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
c.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack does not realize or recognize any gain or loss on the transfer to Tom; Tom realizes a gain of $10,000 and recognizes a gain of $10,000 on the transfer to Sue.
d.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Tom;
Tom realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Sue.
2.
Corporation had the follow.
1. During a recent week, incurred wages were $700. However, $280.docxjackiewalcutt
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 ...
LESSON 11. Which of the following would result in a decrease i.docxSHIVA101531
LESSON 1
1. Which of the following would result in a decrease in cash flow and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C.A decrease in inventory
D. A decrease in common stock
2. In the United States, for the 2007 tax year, federal corporate income tax rates never exceeded an average rate of
A. 15%. C. 39%.
B. 35%. D. 34%.
3. A firm has assets of $60,000 and owners’ equity of $33,000. Which of the following is the correct balance of the firm’s liabilities?
A. $33,000 C. $93,000
B. $27,000 D. $60,000
4. Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock
5. A firm has current assets of $10,000 and current liabilities of $7,000. Which of the following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000
6. If a firm has an accounts receivable balance of $18,800 at the end of 2007 and $16,500 at the end of 2008, which of the following statements about accounts receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 and represented a use of cash.
7. If a firm has revenues of $15,090 and expenses of $8,850, what is the firm’s taxable income?
A. $15,090 C. $6,240
B. $8,850 D. $23,940
8. Which of the following statements about the issuance of an initial public offering (IPO) is correct?
A. IPOs may be either underpriced or overpriced.
B. IPOs are never overpriced.
C. IPOs are never underpriced.
D. IPOs are always correctly priced.
9. If a firm has revenues of $15,090, operating expenses of $8,850, and a tax expense of $2,120, what is the firm’s net income?
A. $8,850 C. $6,240
B. $4,120 D. $8,360
10. When you’re preparing a common-sized balance sheet, which of the following measures is set to equal 100 percent?
A. Total liabilities C. Total owners’ equity
B. Total assets D. Cash
11. Suppose that a corporation has a taxable income of $200,000. What is the firm’s corporate income tax for the current tax year? (You can use the following table to calculate the firm’s U.S. federal corporate tax.)
Taxable Income
More Than
Taxable Income
Less Than
Tax
Rate
$0 $50,000 15%
$50,001 $75,000 25%
$75,001 $100,000 34%
$100,001 $335,000 39%
$335,001 $10,000,000 34%
$10,000,001 $15,000,000 35%
$15,000,001 $183,333,334 38%
$18,333,334 35%
A. $78,000 C. $39,000
B. $6,250 D. $61,250
12. Using the same table and information provided in Question 11, what is the firm’s average tax rate?
A. 39% C. 34%
B. 30.625% D. 31.625%
13. Using the same table and information provided in Question 11, what is the firm’s marginal tax rate?
A. 39% C. 34%
B. 30.625% D. 31.625%
14. Dilution r ...
Problems – 5 points each1. Greg and Justin are forming the G.docxwkyra78
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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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Acct 324 Enthusiastic Study / snaptutorial.comGeorgeDixon42
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Omit all general journal entry explanations.Be sure to include c.docxIlonaThornburg83
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Must be in APA format (12 point font, Times New Roman, double spaced.docxadelaidefarmer322
Must be in APA format (12 point font, Times New Roman, double spaced)
Original work, not plagiarized.
Must include APA Citations
What three requirements must be satisfied in order to utilize the testimony of an expert witness?
What are the five basic methods of impeaching a witness?
Describe three ways in which expert witness’s opinions and conclusions may be biased.
Name five categories of subjects about which a lay witness may testify.
Why would you not want to attempt to impeach every witness’s testimony?
What are five reasons why a witness may not tell the truth?
What is the definition of a crime involving dishonesty or false statements?
Name the four forms of evidence permitted to prove the trait of character relating to untruthfulness.
Why are a witness’s biases allowed to discredit his or her testimony without the cross-examiner being required to prove that the witness is not credible, has contradicted his or herself, has bad character, or make an inconsistent statement?
Name the four elements of witness capacity and an example of how each could aid in the impeachment of a witness.
.
Must be done within 4 hoursAnswer the following Discussion each wi.docxadelaidefarmer322
Must be done within 4 hours
Answer the following Discussion each with minimum 120 words and 1 scholarly reference.
1.
Listen to one (1) composition (i.e., for a symphony) by Beethoven, a transitional figure between classical and romantic music. Identify the composition that you listened to, and determine whether you would characterize the chosen composition as either the Classical or Romantic style of music. Explain the key features that lead you to your conclusion. Identify one (1) modern musician who you believe was great at one type of music yet pioneered another.
2.
Select one (1) example of a literary work or a work of visual art from the 1800s—either Romantic or Realist in style—that responds in some way to the Industrial Revolution. Identify the work and the artist or writer, describe its features and style, and explain the manner in which it responds to the Industrial Revolution. Next, describe one (1) example of how either black slaves or white abolitionists used literature or the visual arts as a form of protest against slavery. Identify one (1) specific literary or artistic work of our day that effectively protests a social injustice.
Supported reading material:
Beethoven
• Chapter 27 (pp. 906-912), Beethoven, qualities of the Romantic style in music
• The Beethoven-Haus Website at
http://www.beethoven-haus-bonn.de/sixcms/detail.php?template=portal_en
(Note: Click on Digital Archives > Works by Ludwig von Beethoven; then find one [1] of his symphonies and listen to a clip.
• Beethoven's Eroica at http://www.youtube.com/watch?v=9XL2ha18i5w and
http://www.youtube.com/watch?v=8RFG5rGVL1s
Art Reacting to Social RealitiesBeethoven
• Chapter 28 (pp. 920-948), art and literature in Industrial Revolution; Chapter 28 (pp. 930-936), slavery
• The Museum of Fine Art in Ghent, Belgium (MSK Gent) —Romantic and Realist Art of the 1800s at
http://www.mskgent.be/en/collection/1820-romanticism-and-realism/romanticism-and-realism
• New York's Metropolitan Museum of Art—French Realist Art of the 1800s at
http://www.metmuseum.org/toah/hd/rlsm/hd_rlsm.htm
• Haven's article on Goodman's scholarship on art protesting slavery before the Civil War at
http://news.stanford.edu/news/2009/february18/artists-slavery-protests-021809.html
• Art and Slavery article at
http://www.realhistories.org.uk/articles/archive/the-art-of-slavery.html
.
Must be in APA format, and answer must be from Peak, K. J. (2012.docxadelaidefarmer322
Must be in APA format, and answer must be from
Peak, K. J. (2012).
Policing America: Challenges and best practices
(7th ed.). Upper Saddle River: Prentice Hall.
Chapters 1 and 2
.
PART I: SHORT RESPONSE
Directions
: Please answer each of the following questions.
Ensure that your responses are at least 1-2 paragraphs in length for each question.
You may include examples from the text; however, please include APA citations as necessary.
Please visit the Academic Resource Center for a concise guide on APA format.
1.
Describe the colonial period’s three legacies to contemporary policing.
Then list and discuss two powerful trends in England and America that brought about changes in policing in both countries.
2.
List and describe major characteristics of the three eras of policing.
3.
Describe August Vollmer's contributions to policing.
4.
Discuss how Peel's “principles" of policing are relevant to today's police practices.
5.
Explain the 1829 "Metropolitan Police Act," and what it provided to the history of policing.
6.
Explain the contributions that were made to professional policing by William Parker.
7.
Describe how policing was returned to its roots by the President's Crime Commission.
8.
Examine how the struggle for civil rights affected the police-community relationship.
9.
Describe the functions of the law enforcement agencies contained within the U.S. Department of Justice.
10.
What are the agencies contained with the Department of Homeland Security, including their roles and functions?
11.
What is INTERPOL and how does it function?
12.
Discuss the
Uniform Crime Reports
—its methods of collecting data, purpose, and shortcomings.
13.
What is the role of the National Crime Information Center (NCIC)?
Discuss its purpose and application by law enforcement agencies.
14.
This chapter described two “other” federal law enforcement agencies—the CIA and IRS.
How would you describe their major roles and functions?
15.
Describe the primary functions and organization of state law enforcement agencies.
PART II: JOURNAL ACTIVITY
Review the website of any large law enforcement agency (e.g., a large city police department, large county sheriff's office, state police agency or a large federal law enforcement agency) and write a 200-400 word essay (1-2 pages, 12-point font, double spaced) about the history of the agency and how it has grown to its current level of resources and divisions.
.
MUST BE DONE IN EXCELThe Effect of Leverage on Firm Earn.docxadelaidefarmer322
**MUST BE DONE IN EXCEL**
The Effect of Leverage on Firm Earnings
A firm needs $100 to start and has the following expectations:
Sales
$200
Expenses
$185
Tax rate
33% of earnings
a. What are earnings if the firm owners invest the $100 thus utilizing no financial leverage? Tax and net earnings values should be rounded to 2 decimal places.
b. If the firm borrows (utilizes financial leverage) $40 of the $100 at an interest rate of 10%, what are the firm's net earnings? Tax and net earnings values should be rounded to 2 decimal places.
c. What is the return on equity when financial leverage is and is not utilized? Why do the returns differ? ROE results should be shown with 2 decimal places.
d. If expenses increase to $194, what will be the new return on equity values for each scenario? ROE results should be shown with 2 decimal places.
e. Did the returns decline more when financial leverage was or was not utilized?
f. How does the use of financial leverage effect a firm's earnings?
When is using financial leverage beneficial?
When is it disadvantageous?
.
Must be in APA format Times New Roman, 12-point font, double spac.docxadelaidefarmer322
Must be in APA format: Times New Roman, 12-point font, double spaced.
Can not use Wikipedia for this assignment, must be a creditable source
Answer to Task # 1 needs to come from:
Peak, K. J. (2012).
Policing America: Challenges and best practices
(7th ed.). Upper Saddle River: Prentice Hall.
Chapters 5 and 6
.
Must include citations
PART I: SHORT RESPONSE
Task #1
: Please answer each of the following questions.
Ensure that your responses are at least 1-2 paragraphs in length for each question.
You may include examples from the text; however, please include APA citations as necessary.
Please visit the Academic Resource Center for a concise guide on APA format.
1.
Describe the major research findings concerning the investigative function, especially as they relate to the role of detectives.
2.
Explain the recent major developments in forensic science.
3.
Briefly explain what steps must be taken by the initial responding officer at a crime scene.
4.
Describe, in lay terms, how DNA analysis functions and its contribution to criminal investigation.
5.
Explain the benefits of PCR-STR DNA and how CODIS operates to benefit the police.
6.
Explain the functions, advantages, and disadvantages of undercover work.
7.
Describe the problems that are now being taken very seriously with respect to forensic laboratories.
8.
Describe how police investigators approach “cold” cases.
9.
Explain how the Regional Computer Forensics Laboratory (RCFL) program assists with criminal investigations
10.
Describe the potential contributions of the polygraph, psychics, and hypnosis to criminal investigations.
11.
Explain the importance of forensic entomology and its benefits to death investigations.
12.
Describe the steps that need to be taken for evidence collection in stalking crimes.
13.
Explain how dogs are assisting police in the investigative function.
14.
Name the ways in which social networking sites are becoming the most dangerous places on the Internet.
Task #2
:
Research the Internet to identify and define two additional modern technologies not presented in the lesson.
PART II: JOURNAL ACTIVITY
Find a new article using LIRN (please visit the Academic Resource Center for a guide on how to use LIRN effectively) or the Internet documenting a case where forensic science played a significant part in the case.
Write a 200-400 word report (1-2 pages, 12-point font, double spaced) summarizing the case and the role forensic science played.
Be sure to reference the article in your submission.
.
Must be cited in APA format to include siting references.You.docxadelaidefarmer322
M
ust be cited in APA format to include siting references.
Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length.
1.
What form of partnership allows some of the investors to limit their liability? Explain by giving examples.
2.
When does insider trading occur?
What government agency is responsible for protecting against the unethical practice of insider trading?
Explain by giving examples.
3.
Explain how the tax code allows depreciation to contribute to cash flow.
4.
Explain why inflation may restrict the usefulness of the balance sheet as normally presented.
.
Must be 250 word countDiscuss the motivatorsrewards that encour.docxadelaidefarmer322
Must be 250 word count
Discuss the motivators/rewards that encourage individuals to begin entrepreneurial careers. What problems might be anticipated if an entrepreneur were to become obsessed with one of these rewards – for example, if he or she had an excessive desire for independence?
.
Must be 200 to 250 words. Due by 92713What is reliability and va.docxadelaidefarmer322
Must be 200 to 250 words. Due by 9/27/13
What is reliability and validity? Which type of reliability and validity do you think is most important? Why? Does it depend on the study?
This is my text book that I am using for this class.
EBOOK COLLECTION: Hogan, T. P. (2007).
Psychological testing: A practical introduction
(2nd ed.). Hoboken, NJ: Wiley.
.
MUSIC THE MIDDLE AGES AND THE RENAISSANCE1.In musical languag.docxadelaidefarmer322
MUSIC: THE MIDDLE AGES AND THE RENAISSANCE
1.In musical language, mezzo forte (mf) signals that the music's volume should be
A.very loud.
B.medium loud.
C.medium soft.
D.soft.
2.An example of a percussion instrument is the
A.drum.
B.violin.
C.lute.
D.shawm.
3.Harmony is used to support the melody by using
A.chords.
B.meter.
C.tonic.
D.monophonic chant.
4.Von Bingen's Play of Virtues is set to which of the following types of music?
A.Harmonic
B.Madrigal
C.Orchestral
D.Liturgical plainchant
5.A measured performance that adheres consistently to the duple meter would be read as
A.1-2-3-4.
B.1-2-3-4.
C.1-2-3.
D.1-2-3-4.
6.Roy will play a melody in triple meter and place the pulse of the meter on the first beat. Chuck will play the triple meter melody and place the pulse of the meter on the third beat. Who is playing the melody with the correct pulse?
A.Chuck
B.Neither is playing the melody correctly.
C.Roy
D.Both are playing the melody correctly.
7.The volume of sound is known as
A.amplitude.
B.dynamics.
C.frequency.
D.pitch.
8.Native American chant incorporates meaningless sung syllables that serve as a form of melodic instrument called
A.drone bass.
B.vocables.
C.pulse.
D.duple meter.
9.When a composer sets a single syllable of a word to several notes of music, he or she is using _______ style.
A.cadence
B.melismatic
C.syllabic
D.plainchant
10.By uniting words and music in their compositions, Renaissance composers brought the spirit of _______ to their work.
A.protestantism
B.humanism
C.religion
D.individuality
11.The texture of Gregorian chant is said to be
A.heterophonic.
B.polyphonic.
C.monophonic.
D.homophonic.
12.When a song's melody begins in the key of C major, it should end in the key of
A.C major.
B.F sharp.
C.G.
D.C minor.
13.In much church music into the nineteenth century, the soprano and alto part in a choir were sung by
A.castrati.
B.men singing falsetto.
C.boys.
D.nuns.
14.A capella choral music is meant to be
A.sung without instrumental accompaniment.
B.sung by women only.
C.sung by men only.
D.played in church on an organ.
15.What invention during the Renaissance period enabled people to purchase music for their own personal use?
A.Faster delivery service
B.Electronic recording devices
C.Printing press
D.Instruments for trained transcription workers
16.The basic framework for ordering music through time is the
A.phrase.
B.meter.
C.syllable.
D.value.
17.According to the textbook, the early Renaissance composer _______ was considered the best composer of his or her time.
A.Josquin des Prez
B.Hildegard von Bingen
C.Baldassare Castiglione
D.Palestrina
18.A structure of alternating sung lines among two or three singers in rhyme songs is called
A.counterpoint.
B.call-and-response.
C.syncretism.
D.intonation.
19.In plainchant, a sentence of text almost always en.
Must be 200-250 words. Due on 92713What is reliability and val.docxadelaidefarmer322
Must be 200-250 words. Due on 9/27/13
What is reliability and validity? Which type of reliability and validity do you think is most important? Why? Does it depend on the study
Here is the text book we are using for this class:
EBOOK COLLECTION: Hogan, T. P. (2007).
Psychological testing: A practical introduction
(2nd ed.). Hoboken, NJ: Wiley.
.
Must be 300 words.What are the stages of therapy Describe .docxadelaidefarmer322
Must be 300 words.
What are the stages of therapy? Describe each stage and its goal.
* Remember to cite and reference all sources, in accordance with APA guidelines.
Here is the text we r using.....................................
Plante, T. G. (2010).
Contemporary Clinical Psychology
; Hoboken: John Wiley & Sons.
.
Must be 400 wordsuse my referencesReferencesAshford University.docxadelaidefarmer322
Must be 400 words
use my references
References
Ashford University (Producer). (2013).
Plato’s “Allegory of the Cave”
[Video file].
Plato. (ca. 380 BC).
Allegory of the cave
. In
Republic
.
Here is what the paper needs to have:
Describe the movement of the person in Plato’s “
Allegory of the Cave
.” Identify all the stages in this movement and then explain how this allegory relates to your own life. Analyze what Plato is trying to convey about the nature of social reality and the outcomes of that reality for most of us? Finally, examine Plato’s idea about the best type of life. How does one reach this best form of existence? Do you think that Plato’s ideas about the best type of life actually reflect the best type of life? Why or why not?
.
Munch Printing Inc. began printing operations on August 1. Jobs 10 a.docxadelaidefarmer322
Munch Printing Inc. began printing operations on August 1. Jobs 10 and 11 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 12 and 13 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $170 of indirect materials and $2,070 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:Job 10 Job 11 Direct materials $1,770 Direct materials $830 Direct labor 700 Direct labor 400 Factory overhead 385 Factory overhead 220 Total $2,855 Total $1,450
.
music history on the british invasion MLA formatEach paper shoul.docxadelaidefarmer322
music history on the british invasion MLA format
Each paper should be 3-5 pages, double spaced, 10-12 pt type. Please refer to the MLA stylesheet for questions of form. These papers may be written solely based on your own thoughts and insight, however, you may also utilize outside sources if you research your topics. As a general rule, cite anything that you have to look up.
The
British Invasion.
It’s interesting to imagine what the American music scene would have looked like in 1966 if there had been no British invasion. Discuss the British invasion as a whole. What were the elements that those bands brought to the US music scene? How did their sound change the tone of American rock? Be specific.
.
Multistage health survey A researcher wants to studyregional diffe.docxadelaidefarmer322
Multistage health survey A researcher wants to study
regional differences in dental care. He takes a multistage
sample by dividing the United States into four regions,
taking a simple random sample of ten schools in each
region, randomly sampling three classrooms in each
school, and interviewing all students in those classrooms
about whether they’ve been to a dentist in the previous
year. Identify each stage of this sampling design, indicating
whether it involves stratification or clustering.
.
Music and SoundscapesUsing the video clips, below,.docxadelaidefarmer322
Music and Soundscapes
Using the video clips, below, identify and describe the three basic categories of sound in film as described in the text. Which of the three categories is prominent in each of the clips? How does the use of sound inform the mood of the scene? Does it complement or work against the scene?
“Barrels” -
Jaws
(1975)
“What If” -
You’ve Got Mail
(1998)
“Time to Get a New Clock” -
The Mask
(1994)
Your initial post should be at least 150 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.
.
Multiples analysis Turner Corp. has debt of $230 million and gene.docxadelaidefarmer322
Multiples analysis
: Turner Corp. has debt of $230 million and generated a net income of $121 million in the last fiscal year. In attempting to determine the total value of the firm, an investor identified a similar firm in Jacobs, Inc., an all-equity firm. This firm had
150 million shares outstanding, a share price of $14.25, and net income of $182 million. What is the total value of Turner Corp.? Round to the nearest million dollars.
.
Must be 200-250 words. Due on 92513If you were a researcher who .docxadelaidefarmer322
Must be 200-250 words. Due on 9/25/13
If you were a researcher who wanted to investigate depression in older adults, what type of methodology would you use to gather your data? Why? Would it differ if you were examining a different population?
Text book we are using is:
EBOOK COLLECTION: Hogan, T. P. (2007).
Psychological testing: A practical introduction
(2nd ed.). Hoboken, NJ: Wiley.
.
Multiple Choice Read each question and select the.docxadelaidefarmer322
Multiple Choice: Read each question and select the correct answer.
1.
A company wants to use a psychological test to screen for emotional stability for a sensitive position. Which of the following tests is the best choice for the company to use?
a.
Cognitive Assessment System
b.
Weschler Adult Intelligence Scale (WAIS-IV)
c.
Woodcock-Johnson
d.
Sixteen Personality Factors (16PF)
2.
________ testing uses ambiguous or unstructured testing stimuli to which a person responds freely to the testing stimuli. ________ is an example of this type of testing.
a.
Objective; MMPI
b.
Projective; TAT
c.
Functional; NEO-PI-R
d.
Intelligence; Stanford-Binet
3.
One of the common concerns associated with IQ testing is that
a.
a wide variety of human behaviors is being measured
b.
a person's performance is compared against others’ performances
c.
testing is used to learn about cognitive strengths and weaknesses
d.
there is a possibility of racial bias
4.
An IQ test is given to a child on Tuesday. When given the test again on Thursday, the child’s scores differ significantly. This is an issue of
a.
functionality
b.
reliability
c.
observation
d.
reflection
5.
Harry is a 7-year-old boy who is experiencing problems with receptive language. He seems to understand some but not all of what is said to him. His verbal and nonverbal responses are sometimes inappropriate. His parents and teachers want more information about Harry’s cognitive functioning. The most appropriate test to assess Harry is the
a.
Wechsler Intelligence Scale for Children – Fourth Edition (WISC)
b.
Million Clinical Multiaxial Inventories (MCMI)
c.
Sixteen Personality Factors (16PF)
d.
Minnesota Multiphasic Personality Inventory (MMPI-2)
6.
A potential limitation of an initial assessment is that
a.
the patient’s goal for treatment is identified
b.
the intake reveals a family history of mental illness
c.
sometimes the presenting problem or symptom is not the real problem
d.
someone with hallucinations may not have them during the assessment
7.
A potential limitation of a structured interview is that
a.
it does not allow the flexibility to tailor the experience to the individual needs of the person being interviewed
b.
questions are organized in a logical flow
c.
patients’ answers direct which additional questions they receive
d.
clinical judgment is minimized
8.
The choice of assessment tools used depends on numerous factors, including the following:
a.
The diagnosis
b.
The nature of the presenting problem
c.
The vocation of the patient
d.
A psychologist’s preference for the assessment tool
9.
Anita, a 20-year-old college student, comes in for an evaluation. When the clinician asks her what brings her in for therapy, she answers, “I wanted to know how to get rid of the fairies in my dorm room. They come out every night, and their pixie dust makes me sneeze, so I can’t.
Multiple Question test pick a. b. c. or d. is timed and I have 23 ho.docxadelaidefarmer322
Multiple Question test pick a. b. c. or d. is timed and I have 23 hours to finish it when I select start.
The exclusionary rule refers to __________ .
[removed]
A. those cases that the Supreme Court will not hear
[removed]
B. a principle upheld in Brown v. Board of Education (1954.
[removed]
C. throwing out evidence obtained by unconstitutional means
[removed]
D. an intent to withhold information from the courts
Question 2 of 20
5.0 Points
The Bill of Rights is fundamentally designed to protect __________ .
[removed]
A. individuals from other individuals
[removed]
B. state governments from the federal government
[removed]
C. state governments from individual lawsuits
[removed]
D. individuals from government interference
Question 3 of 20
5.0 Points
Sexual harassment law is an example of __________ .
[removed]
A. affirmative action
[removed]
B. a political question
[removed]
C. the zone of privacy
[removed]
D. protective legislation
Question 4 of 20
5.0 Points
An African American student victimized by a racial epithet scrawled on his or her dorm wall should turn to which of the following groups for legal advice and assistance?
[removed]
A. Foundation for Individual Rights in Education
[removed]
B. American Civil Liberties Union
[removed]
C. National Association for the Advancement of Colored People
[removed]
D. Both B and C are correct.
Question 5 of 20
5.0 Points
Which of the following is a right of due process?
[removed]
A. freedom of religious expression
[removed]
B. legal representation in a criminal trial
[removed]
C. freedom from the death penalty
[removed]
D. the right to bear arms
Question 6 of 20
5.0 Points
A landmark case is one that __________ .
[removed]
A. is heard by the Supreme Court
[removed]
B. creates a new general standard for judicial decisions
[removed]
C. becomes an amendment to the Constitution
[removed]
D. Congress refers to the Supreme Court
Question 7 of 20
5.0 Points
Which of the following was ruled to be a violation of the separation-of-church-and-state principle of the First Amendment?
[removed]
A. allowing publicly funded school vouchers to be used to pay for parochial school
[removed]
B. decorating city streets with stars and trees during the Christmas season
[removed]
C. exemption of religious property from taxation
[removed]
D. placement of a Ten Commandments monument in a state courthouse
Question 8 of 20
5.0 Points
Which of the following cases dealt with the issue of sexual harassment?
[removed]
A. University of California Regents v. Bakke (1978.
[removed]
B. City of Richmond v. Corson (1989.
[removed]
C. Oncale v. Sundowner (1998.
[removed]
D. Hamdan v. Rumsfeld (2004.
Question 9 of 20
5.0 Points
In Grutter v. Bollinger (2003., the Supreme Court ruled in favor of __________ .
[removed]
A. the equal-protection clause
[removed]
B. the use of race as a diversity fact.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Multiple choice Tax QuestionsPeter and Eileen are marrie.docx
1. 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.
2. 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.
3. 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.
4. 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
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.
5. 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 insurance
policy to purchase a new home. He had paid premiums of
$12,000 and collected $50,000 from the insurance company.
A) Neither Ben nor Henry is required to recognize gross
income.
B) Both Ben and Henry must recognize $38,000 ($50,000 –
$12,000) of gross income.
C) Henry must recognize $38,000 ($50,000 – $12,000) of gross
income, but Ben does not recognize any gross income.
D) Ben must recognize $38,000 ($50,000 – $12,000) of gross
income, but Henry does not recognize any gross income.
E) None of the above.
Roger, age 19, is a full-time graduate student at State College.
During 2009, he received the following payments:
State scholarship for ten months (tuition and books)
$3,600
6. Loan from college financial aid office
1,500
Cash support from parents
3,000
Cash prize awarded in contest
500
$8,600
Roger served as a resident advisor in a dormitory and therefore
the university waived the $2,400 charge for the room he
occupied.
What is Roger’s adjusted gross income for 2009?
A) $11,000.
B) $4,100.
C) $2,900.
7. D) $500.
E) None of the above.
8.
Early in the year, Mike was in an automobile accident during
the course of his employment. As a result of the injuries he
sustained, he received the following payments during the year:
Worker’s compensation benefit
$4,000
Reimbursement of medical expenses from the company’s group
medical
insurance plan
6,000
Regular salary under the company’s sick pay plan
5,000
What is the amount that Mike must include in gross income for
the current year?
8. A) $15,000.
B) $11,000.
C) $9,000.
D) $5,000.
E) None of the above.
9.
Which of the following is a deduction from AGI (itemized
deduction)?
A) Contribution to a traditional IRA.
B) Roof repairs to a rental home.
C) Safe deposit box rental fee in which stock certificates are
stored.
D) Alimony payment.
E) None of the above.
9. 10.
Rex, a cash basis calendar year taxpayer, runs a bingo operation
which is illegal under state law. During 2009, a bill designated
H.R. 9 is introduced into the state legislature which, if enacted,
would legitimize bingo games. In 2009, Rex had the following
expenses:
Operating expenses in conducting bingo games
$247,000
Payoff money to state and local police
24,000
Newspaper ads supporting H.R. 9
3,000
Political contributions to legislators who support H.R. 9
8,000
Of these expenditures, Rex may deduct:
A) $247,000.
B) $250,000.
10. C) $258,000.
D) $282,000.
E) None of the above.
11.
Tommy, an automobile mechanic employed by an auto
dealership, is considering opening a fast food franchise. If
Tommy decides not to acquire the fast food franchise, any
investigation expenses are:
A) A deduction for AGI.
B) A deduction from AGI, subject to the 2 percent floor.
C) A deduction from AGI, not subject to the 2 percent floor.
D) Deductible up to $5,000 in the current year with the balance
being amortized over a 180-month period.
E) Not deductible.
12.
John had adjusted gross income of $60,000. During the year his
personal use summer home was damaged by a fire. Pertinent
11. data with respect to the home follows:
Cost basis
$250,000
Value before the fire
400,000
Value after the fire
100,000
Insurance recovery
270,000
John had an accident with his personal use car. As a result of
the accident, John was cited with reckless driving and willful
negligence. Pertinent data with respect to the car follows:
Cost basis
$80,000
Value before the accident
6,000
Value after the accident
12. 20,000
Insurance recovery
–0–
What is John’s deductible casualty loss?
A) $0.
B) $15,800.
C) $15,900.
D) $35,900.
E) None of the above.
13.
Janice, single with one dependent child, had the following items
for the year 2009:
Salary
$30,000
13. Dividend income
10,000
Loss on § 1244 small business stock held for three years
(45,000)
Total itemized deductions
(5,000)
Determine Janice’s net operating loss for the year 2009.
A) $0.
B) $5,000.
C) $13,350.
D) $20,000.
E) None of the above.
14.
Jack, age 30 and married with no dependents, is a self-employed
14. individual. For 2009, his self-employed business sustained a net
loss from operations of $10,000. The following additional
information was obtained from his personal records for the year:
Nonbusiness long-term capital gain
$
2,000
Interest income
6,000
Itemized deductions—consisting of taxes and interest
(12,000)
Based on the above information, what is Jack’s net operating
loss for the current year if he and his spouse file a joint return?
A) $2,000.
B) $8,000.
C) $10,000.
D) $11,000.
15. E) $16,400.
15.
Tara purchased a machine for $40,000 to be used in her
business. The cost recovery allowed and allowable for the three
years the machine was used are as follows:
Cost Recovery Allowed
Cost Recovery Allowable
Year 1
$16,000
$
8,000
Year 2
9,600
12,800
Year 3
5,760
16. 7,680
If Tara sells the machine after three years for $15,000, how
much gain should she recognize?
A) $3,480.
B) $6,360.
C) $9,240.
D) $11,480.
E) None of the above.
16.
Alice purchased office furniture on September 20, 2009, for
$100,000. On October 10, she purchased business computers for
$80,000. Alice did not elect to expense any of the assets under §
179, nor did she elect straight-line cost recovery.
Alice does elect not to take additional first-year depreciation.
Determine the cost recovery deduction for the business assets
17. for 2009.
A) $6,426.
B) $14,710.
C) $25,722.
D) $30,290.
E) None of the above.
17.
On January 15, 2009, Vern purchased the rights to a mineral
interest for $3,500,000. At that time it was estimated that the
recoverable units would be 500,000. During the year, 40,000
units were mined and 25,000 units were sold for $800,000. Vern
incurred expenses during 2009 of $500,000. The percentage
depletion rate is 22%. Determine Vern’s depletion deduction for
2009.
A) $150,000.
B) $175,000.
C) $176,000.
18. D) $200,000.
E) $250,000.
18.
Corey performs services for Sophie.
Which, if any, of the following factors indicate that Corey is an
independent contractor, rather than an employee?
A) Sophie sets the work schedule.
B) Corey provides his own tools.
C) Corey files a Form 2106 with his Form 1040.
D) Corey is paid by the hour.
E) None of the above.
19.
A worker may prefer to be classified as an employee (rather
than an independent contractor) for which of the following
reasons:
A) To avoid the self-employment tax.
19. B) To claim unreimbursed work-related expenses as a deduction
for AGI.
C) To avoid the cutback adjustment on unreimbursed business
entertainment expenses.
D) To avoid the 2%-of-AGI floor on unreimbursed work-related
expenses.
E) None of the above.
20.
Amy works as an auditor for a large major CPA firm. During
the months of September thru and November of each year, she is
permanently assigned to the team auditing Garnet Corporation.
As a result, every day she drives from her home to Garnet and
returns home after work. Mileage is as follows:
Miles
Home to office
10
Home to Garnet
30
20. Office to Garnet
35
For these three months, Amy’s deductible mileage for each
workday is:
A) 0.
B) 30.
C) 35.
D) 60.
E) None of the above.
21.
Rosita is employed as a systems analyst.
For calendar year 2009, she had AGI of $120,000 and paid the
following medical expenses:
Medical insurance premiums
$3,900
21. Doctor and dentist bills for Jose
and Carmen (Rosita’s parents)
8,250
Doctor and dentist bills for Rosita
6,750
Prescribed medicines for Rosita
300
Nonprescribed insulin for Rosita
825
José and Carmen would qualify as Rosita’s dependents except
that they file a joint return. Rosita’s medical insurance policy
does not cover them.
Rosita filed a claim for $3,150 of her own expenses with her
insurance company in December 2009 and received the
reimbursement in January 2010.
What is Rosita’s maximum allowable medical expense
deduction for 2009?
22. A) $2,775.
B) $11,025.
C) $17,325.
D) $17,775.
E) None of the above.
22.
Sandra is single and does a lot of business entertaining at home.
Because Arthur, Sandra’s 80-year old dependent grandfather
who lived with Sandra, needs medical and nursing care, he
moved to Twilight Nursing Home.
During the year, Sandra made the following payments on behalf
of Arthur:
Room at Twilight
$4,500
Meals for Arthur at Twilight
850
Doctor and nurse fees
23. 700
Cable TV service for Arthur’s room
107
Total
$6,157
Twilight has medical staff in residence.
Disregarding the 7.5% floor, how much, if any, of these
expenses qualify for a medical deduction by Sandra?
A) $6,157.
B) $6,050.
C) $5,200.
D) $1,550.
E) None of the above.
23.
24. Joseph and Sandra, married taxpayers, took out a mortgage on
their home for $350,000 in 1989. In May of this year, when the
home had a fair market value of $450,000 and they owed
$250,000 on the mortgage, they took out a home equity loan for
$220,000. They used the funds to purchase a single engine
airplane to be used for recreational travel purposes. What is the
maximum amount of debt on which they can deduct home equity
interest?
A) $50,000.
B) $100,000.
C) $220,000.
D) $230,000.
E) None of the above.
24.
Tara owns a shoe store and a bookstore. Both businesses are
operated in a mall. She also owns a restaurant across the street
and a jewelry store several blocks away.
A) All four businesses can be treated as a single activity if Tara
elects to do so.
25. B) Only the shoe store and bookstore can be treated as a single
activity, the restaurant must be treated as a separate activity,
and the jewelry store must be treated as a separate activity.
C) The shoe store, bookstore, and restaurant can be treated as a
single activity, and the jewelry store must be treated as a
separate activity.
D) All four businesses must be treated as separate activities.
E) None of the above.
25.
Tess owns a building in which she rents apartments to tenants
and operates a restaurant.
Which of the following statements is incorrect?
A) If 60% of Tess’s gross income is from apartment rentals and
40% is from the restaurant, the rental operation and the
restaurant business must be treated as separate activities.
B) If 95% of Tess’s gross income is from apartment rentals and
5% is from the restaurant, she may treat the rental operation and
the restaurant business as a single activity that is a rental
activity.
C) If 5% of Tess’s gross income is from apartment rentals and
95% is from the restaurant, she may treat the rental operation
26. and the restaurant business as a single activity that is not a
rental activity.
D) If 98% of Tess’s gross income is from apartment rentals and
2% is from the restaurant, the rental operation and the
restaurant business must be treated as a single activity that is
not a rental activity.
E) None of the above.
26.
Tony is married and files a joint tax return. His current
investment interest expense of $95,000 is related to a loan used
to purchase a parcel of unimproved land. Income from
investments [dividends (not qualified) and interest] total
$18,000 and miscellaneous itemized deductions (after
adjustment for the 2%-of-AGI floor) amount to $2,800. In
addition to the $1,400 of investment expenses included in
miscellaneous itemized deductions, Tony paid $3,600 of real
estate taxes on the unimproved land. He also has a $4,500 net
long-term capital gain from the sale of another parcel of
unimproved land. Tony’s maximum investment interest
deduction for the year is:
A) $95,000.
B) $18,000.
C) $17,500.
27. D) $13,000.
E) None of the above.
27.
Prior to the effect of tax credits, Eunice’s regular income tax
liability is $200,000 and her tentative AMT is $190,000. Eunice
has general business credits available of $12,500. Calculate
Eunice’s tax liability after tax credits.
A) $200,000.
B) $190,000.
C) $187,500.
D) $177,500.
E) None of the above.
28.
Which of the following normally produces positive AMT
adjustments?
A) Charitable contributions of property.
28. B) Standard deduction.
C) Personal exemption deduction.
D) Only b. and c. are correct.
E) a., b., and c. are correct.
29.
Factors that can cause the adjusted basis for AMT purposes to
be different from the adjusted basis for regular income tax
purposes include the following:
A) A different amount of depreciation (cost recovery) has been
deducted for AMT purposes and regular income tax purposes.
B) The spread on an incentive stock option (ISO) is recognized
for AMT purposes, but is not recognized for regular income tax
purposes.
C) Two-percent miscellaneous itemized deductions are not
deductible in calculating the AMT.
D) Only a. and b.
E) a., b., and c.
29. 30.
Refundable tax credits include the:
A) Foreign tax credit.
B) Tax credit for rehabilitation expenses.
C) Credit for certain retirement plan contributions.
D) Earned income credit.
E) None of the above.
31.
The components of the general business credit include all of the
following except:
A) Credit for employer-provided child care.
B) Disabled access credit.
C) Research activities credit.
D) Tax credit for rehabilitation expenditures.
30. E) All of the above are components of the general business
credit.
32.
Molly has generated general business credits over the years that
have not been utilized. The amounts generated and not utilized
follow
:
2005
$
5,000
2006
15,000
2007
10,000
2008
8,000
In the current year, 2009, her business generates an additional
$30,000 general business credit. In 2009, based on her tax
31. liability before credits, she can utilize a general business credit
of up to $40,000. After utilizing the carryforwards and the
current year credits, how much of the general business credit
generated in 2009 is available for future years?
A) $0.
B) $2,000.
C) $23,000.
D) $28,000.
E) None of the above.
33.
On December 1, 2009, Evan purchases an office building from
Ted for $600,000. Evan pays $48,000 to replace the roof, and on
December 15, he pays the property taxes for 2009 of $10,000.
What is the amount realized by Ted and the adjusted basis of
the building (ignore the effect of depreciation) to Evan?
A) $599,151 and $638,849.
B) $600,000 and $648,000.
C) $609,151 and $648,849.
32. D) $609,151 and $657,151.
E) None of the above.
34.
Which of the following decreases adjusted basis?
A) Amortization of bond premium.
B) A corporate distribution to a shareholder treated as a return
of capital in which gain is recognized to the shareholder.
C) Dividends received.
D) Only a. and b.
E) All of the above.
35.
Steve purchased his home for $500,000. As a sole proprietor, he
operates a certified public accounting practice in his home. For
this business, he uses one room exclusively and regularly as a
home office. In Year 1, $3,042 of depreciation expense on the
home office was deducted on his income tax return. In Year 2,
Steve sustained losses in his business; therefore, no
depreciation was taken on the home office. Had he been allowed
33. to deduct depreciation expense, his depreciation expense would
have been $3,175. What is the adjusted basis in the home?
A) $493,783.
B) $496,825.
C) $496,958.
D) $500,000.
E) None of the above.
36.
In determining the basis of like-kind property received,
postponed losses are:
A) Added to the basis of the old property.
B) Subtracted from the basis of the old property.
C) Added to the fair market value of the like-kind property
received.
D) Subtracted from the fair market value of the like-kind
property received.
34. E) None of the above.
37.
Rita and Todd exchange real estate in a like-kind exchange.
Rita’s property is subject to a $40,000 mortgage and has a basis
of $75,000 (fair market value of $112,000). She receives real
estate with a fair market value of $72,000 and Todd assumes the
mortgage. What is her recognized gain and adjusted basis for
the real estate received?
A) $0; $75,000.
B) $37,000; $72,000.
C) $37,000; $75,000.
D) $40,000; $115,000.
E) None of the above.
38.
Which of the following qualify as replacement property under §
1033 (nonrecognition of gain from an involuntary conversion)?
1.
An office building occupied by the taxpayer is condemned. The
35. building is to be replaced with a warehouse which is to be used
to store taxpayer’s inventory.
2.
A shopping center leased to various retail tenants is destroyed
by a tornado. The shopping center is to be replaced with a
warehouse which is to be leased to various tenants.
3.
An office building occupied by the taxpayer is destroyed by a
fire. The office building is to be replaced with a warehouse
which is to be leased to various tenants.
A) 1.
B) 2.
C) 3.
D) Only 1 and 2.
E) 1, 2, and 3.
39.
Virgil was leasing an apartment from Mauve, Inc. Mauve paid
Virgil $1,000 to cancel his lease and move out so that Mauve
36. could demolish the building. As a result:
A) Virgil has a $1,000 capital gain.
B) Virgil has a $1,000 capital loss.
C) Mauve has a $1,000 capital loss.
D) Mauve has a $1,000 capital gain.
E) None of the above.
40.
Harry inherited a residence from his mother when she died. The
mother had a tax basis of $566,000 for the residence when she
died and the residence was worth $433,000 at the date of her
death. Which of the statements below is correct?
A) Harry’s holding period for the residence includes his
mother’s holding period for the residence.
B) Harry’s holding period for the residence does not include his
mother’s holding period for the residence.
C) Harry’s holding period for the residence is automatically
long term.
37. D) b and c
E) None of the above.
41.
Sara is filing as head of household and has 2009 taxable income
of $27,000 which includes $13,000 of net long-tem capital gain.
The net long-term capital gain is made up of $10,000 25% gain
and $3,000 0%/15% gain.
What is the tax on her taxable income using the alternative tax
method?
A) $0.
B) $2,345.
C) $3,003.
D) $4,003.
E) None of the above.
42.
Red Company had an involuntary conversion on December 23,
2009. The machinery had been acquired on April 1, 2007, for
38. $49,000 and its adjusted basis was $14,200. The machinery was
completely destroyed by fire and Red received $10,000 of
insurance proceeds for the machine and did not replace it. This
was Red’s only casualty or theft event for the year. As a result
of this event, Red initially has:
A) $10,000 § 1231 loss.
B) $10,000 § 1245 recapture gain.
C) $4,200 casualty loss.
D) $4,200 § 1231 loss.
E) None of the above.
43.
Which of the following statements is correct?
A) When depreciable property is gifted to another individual
taxpayer, the depreciation recapture potential is extinguished.
B) When depreciable property is inherited by a taxpayer, the
depreciation recapture potential is extinguished.
C) When corporate depreciable property is distributed as a
dividend, the depreciation recapture potential is generally not
39. recognized.
D) When depreciable property is contributed to charity, the
depreciation recapture potential has no effect on the amount of
the charitable contribution deduction.
E) All of the above are correct.
4
4.
Business equipment is purchased on March 10, 2008, used in the
business until September 29, 2008, and sold at a $23,000 loss
on October 10, 2008.
The equipment was not suitable for the work the business had
purchased it for.
The loss on the disposition should have been reported in the
2008 Form 4797, Part:
A) I.
B) II.
C) III.
D) IV.
40. E) This transaction would not be reported in the Form 4797.
45.
Which of the following taxpayers is required to use the accrual
method of accounting?
A) A retail business with average annual gross receipts of
$800,000.
B) A medical doctor with average annual gross receipts of $2
million.
C) An insurance agency with average annual gross receipts of
$2 million.
D) All of the above are required to use the accrual method.
E) None of the above is required to use the accrual method.
46.
The accrual method generally must be used to report income:
A) From long-term construction contracts.
B) Earned by an incorporated public accounting firm with gross
receipts in excess of $5 million.
41. C) Earned by partnership that has a partner that is a C
corporation.
D) A grocery store with average annual gross receipts of
$900,000.
E) None of the above.
47.
Which of the following statements regarding the matching
principle is correct?
A) The matching principle is never relevant to tax accounting.
B) The matching principle of financial accounting is an
important component of the cash method of accounting.
C) The matching principle of financial accounting is the
cornerstone of accrual basis tax accounting.
D) The matching principle of financial accounting is sometimes
relevant to timing deductions for an accrual basis taxpayer’s
recurring items.
E) None of the above.
48.
42. Which is not considered to be a type of deferred compensation?
A) § 401(k) plan.
B) Incentive stock option (ISO) plan.
C) Tax-deferred annuities.
D) Company-supplied automobile.
E) All of the above are types of deferred compensation.
49.
Which of the following characteristics does not describe a
defined contribution plan?
A) Includes a money purchase plan.
B) An account for each participant is established.
C) Exempt from funding requirements.
D) Subject to PBGC plan termination insurance rules.
43. E) All of the above describe a defined contribution plan.
50.
Susan is a self-employed accountant with a qualified defined
contribution plan (a Keogh plan). She has the following income
items for the year:
Earned income from self-employment
$50,000
Dividend income
8,000
Interest income
2,000
Net short-term capital gain
12,000
Adjusted gross income
72,000
What is the maximum amount Susan can deduct as a
contribution to her retirement plan in 2009, assuming the self-
employment tax rate is 15.3%?