Business, 23.03.2020 16:57 kenniedalany
Determine the number of personal and dependency exemptions in each of the following independent situations based on 2017 tax rates (Show entire calculations please):
a. Leo and Amanda (ages 48 and 46, respectively) are married and furnish more
than 50% of the support of their two children, Elton (age 18) and Trista (age 24). During the year, Elton earns $4,500 providing transportation for elderly persons with disabilities, and Trista receives a $5,000 scholarship for tuition at the law school she attends.
b. Audrey (age 45) is divorced this year. She maintains a household in which she, her ex-husband, Clint, and his mother, Olive, live. Audrey furnishes more than 50% of the householdâs support. Olive is age 91 and blind.
c. Crystal, age 45, furnishes more than 50% of the support of her married son, Andy (age 18), and his wife, Paige (age 19), who lives with her. During the year, Andy earned $8,200 from a part-time job. All parties live in Iowa (a common law state).
d. Assume the same facts as in part (c), except that all parties live in Washington (a community property state).
Answers: 1
Business, 22.06.2019 06:30
Selected data for stickâs design are given as of december 31, year 1 and year 2 (rounded to the nearest hundredth). year 2 year 1 net credit sales $25,000 $30,000 cost of goods sold 16,000 18,000 net income 2,000 2,800 cash 5,000 900 accounts receivable 3,000 2,000 inventory 2,000 3,600 current liabilities 6,000 5,000 compute the following: 1. current ratio for year 2 2. acid-test ratio for year 2 3. accounts receivable turnover for year 2 4. average collection period for year 2 5. inventory turnover for year 2
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Business, 22.06.2019 10:30
On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?
Answers: 2
Business, 22.06.2019 13:30
On january 2, well co. purchased 10% of rea, inc.âs outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in reaâs net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and wellâs officers are a majority on reaâs board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?
Answers: 3
Business, 22.06.2019 16:20
Carlos hears juan and ritaâs complaints about the new employees with whom they have to work with, as well as their threats to quit the company. if carlos were to reassign juan and rita to new, unique roles and separate them from the ronny and bill, it would signal that carlos has moved into the stage of managing resistance.
Answers: 3
Determine the number of personal and dependency exemptions in each of the following independent situ...
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