The remaining $2,000 would have to carryover to next year. e. Assume the original facts except that the Jacksons owned investments that appreciated by $10,000 during the year? The Jacksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the Jackson’s taxable income? It would be $111,600.
Nikko Corp's total common equity at the end of last year was $305,000 and its net income after taxes was $60,000. What was its ROE(Return on Equity)? (Points : 6) 16.87% 17.75% 18.69% 19.67% 20.66% Formula used in Return on Equity calculation is: 3. You have a chance to buy an annuity that pays $1,000 at the end of each year for three years. You could earn 5.5% on your money in other investments with equal risk.
(Points : 5) sales under $1,000,000 no accountants on staff insignificant receivables and payables all sales and purchases on account 5. (TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the highest ending inventory FIFO will have the highest cost of goods sold FIFO will have the highest ending inventory LIFO will have the lowest cost of goods sold 6. (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours.
During the current year, she rented it for $1,500 for 48 days, and lived in it for 12 days. How would any expenses be accounted for? Question : (TCO 3) During the year, Rick had the following insured personal casualty losses (arising from one casualty). Rick also had $18,000 AGI for the year. Question : (TCO 3) John had adjusted gross income of $60,000.
ACCT 557 Quiz 2 Purchase here http://chosecourses.com/ACCT%20557/acct-557-quiz-2 Product Description 1. (TCO B) As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in Year 1, exceeded its tax basis by $250,000 at December 31, Year 1. This difference will reverse in future years. The enacted tax rate is 30% for Year 1, and 40% for future years. Noor has no other temporary differences.
1. | Question: | (TCO 1) Luffman Inc. owns 30% of Bruce Inc. and appropriately applies the equity method. During the current year, Bruce bought inventory costing $52,000 and then sold it to Luffman for $80,000. At year-end, all of the merchandise had been sold by Luffman to other customers. What amount of unrealized inter-company profit must be deferred by Luffman?
b.) Ken sold 1,000 share of stock for $32 a share. He inherited the share two year ago. His tax basis (or investment) in the stock was $31 per share. He must declare the sales proceeds.
He will be allowed to take a deduction on his 2011 tax return for the $2,500 repaid the customer. ________________________________________ 10. Chong recently received repayment on a loan that he had deducted as a bad debt two years earlier. Chong must include the loan repayment in this year's gross income. Your Answer:
They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage. * B.Arnold is to continue making payments on the house until it is fully paid off. In 2011, Arnold made payments totaling $18,000.
The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?a. $26.77 b. $27.89 c. $29.05 d. $30.21 e. $31.42(Points : 20) | 4. (TCO G) The ABC Corporation's budgeted monthly sales are $4,000.