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Devry ACCT553 week 1 homework




Question;3-31.;Tom and Linda are married taxpayers who file a joint return.;They have itemized deductions of $11,950 and four exemptions. Assuming an;adjusted gross income of $40,000.00 what is their taxable income for 2011?;3-32.;Compute Marie's taxable income for 2011, assuming she is;single and claims two dependent children. Her adjusted gross income is $70,000;and she has itemized deductions of $9,000.;3-36.;Compute Stanley's taxable income for 2011, assuming he has;$1,000 in wages from working in a grocery store and $2,000 in interest income;from some bonds he owns. Stanley, age 16, is claimed as a dependent on his;parents' return.;13-55.;Mr. Z, a non-dealer, sold assets on an installment plan.;Determine Mr. Z's gross income for 2011. Relevant data include;13-69.;Comprehensive Problem;Bill is a cash-basis;calendar-year taxpayer. Which of the following December items result in gross;income or deductions for the current year?;a. Check received for;December rent, $700, not deposited until January 4;b. Check for $1,100 to pay Bill's state;income taxes mailed December 28, cashed January 7;c. Cash received in the amount of $500 for;services to be rendered the following year;d. Interest of $800 credited to his savings;account, added to Bill's account balance;e. Check received for January rent, $700;deposited on January 9;f. Charitable contribution of $300, charged;on Bill's MasterCard;g. Bills totaling $2,000 sent for services;rendered during the year, uncollected as of year-end


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