During the tax year, 2010, the Petersan’s sold their primary residence for $520,000. A line by line review of the Petersan’s 2010 tax return will show the appropriate treatment of income, deductions, child care expense and the sale of
https://hwguiders.com/downloads/acct-324-final-exam-solution ACCT 324 Final Exam Solution Question 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: Question 2.
What is its alternative minimum tax? Answer: $9,450 5. The Shepherd Corporation has $40,000 of taxable income, $200,000 of positive adjustments, and a $10,000 preference item. What is its alternative minimum taxable income? Answer: $235,000 6.
Home Depot reported its AS&RE liability in fiscal year 2010 ending at $1,263,000 dollars and OAE liability ending fiscal year reported $1,589,000. The subsequent year AS&RE fiscal year ending reported $1,290,000 and the OAE listed it fiscal year endings at $$1,515,000. The AS&RE liability increased by $27,000 from 2010 to 2011 this is a direct reflection of Home Depot’s employment of over 300,000 associates worldwide. (Home Depot, 2011). Total Liabilities Home Depot reported its total liabilities for the ending fiscal year 2010 at $21,484,000, and the following year 2011 reported a fiscal year ending total of $21,236,000.
$1,400,000 Preferred Stock $200,000 APIC-P.S. $300,000 What if the preferred stock was trading at $1,000 per share? Cash $2,000,000 Common Stock $100,000 APIC-C.S. $1,100,000 Preferred Stock $200,000 APIC-P.S. $600,000 Chapter 18 In-Class Problems (with solutions) ACG3151 How much of the dividend will be paid to the common shareholders, and how much will be paid to the preferred shareholders?
Most investors prefer a high return with little risk. Question 4 FedEx corp stock ended the previous year at $103.39 per share. It paid a $.35 per share dividend last year. It ended last year at $106.69. If you owned 300 shares of FedEx, what was your dollar return and percent return?
There will be half as many paychecks that have to be prepared per year now. Money is also saved by the interest earned on the yet to be paid out funds and the cutback in bank fees. Also with the change in pay periods, we have totally changed the way the deductions are calculated, resulting in a more precise system as a whole. This project took around a year from start to finish, and it, alone, would be satisfactory to justify increase in my salary on
(Bazerman and Moore, 2010). We are prone to using heuristics as a guide to decision making. Heuristics, sometimes called rules of thumb are used to speed up the process of decision making to save time and cost. (Bazerman and Moore, 2010). The owner of the business believed at the time that she could run a successful tax preparation office regardless of the fact that she had lost over fifty percent of her clients.
On March 31, 2011, Mary borrowed $200,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's 2011 deduction for her points paid? A.
FIN 333 Week 2 Assignment Calvin Seeks the Good Life: Case Problem 12.2 Ryan Lisonbee Independence University Authors Note: LisonbeeRH@gmail.com Calvin Seeks the Good Life: Case Problem 12.2 “The safe way to double your money is to fold it twice and put it in your pocket.” - Kin Hubbard, (Brainy Quotes, 2015) Calvin Jacobs is a widower that has worked hard for more than 30 years and has been overall pretty responsible with his finances. Calvin and Allie, his late wife, always tried to save money every month but their efforts hadn’t made them millionaires by any means. Calvin had well over six figures in CD’s and savings accounts that were liquid assets that were held at his bank (Smart, Gitman, & Joehnk, 2014). Calvin was even smart enough to buy a house just down the block from him and is able to rent it out. The rental income is large enough, that he is able to pay both of his mortgages.