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Accounting - Trish & Quality Appliance Company

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Question;1)Trish had the following transactions during 2010: Salary $70,000Interest income on bondsIssued by City of Newark $3000Issued by Chevron Corporation $2000 $5000Alimony received $4000Child support received $12000City and state income taxes paid $5000Bank loan obtained to pay for vacation $8000What's trish's AGI for 2011?;2) George is employed by the Quality Appliance Company. all the full-time employees are allowed to purchase appliances at the company's cost plus 5%. The employee also is given, at no cost, a 1 year service contract on al the goods purchased from the company. George purchased a refrigerator for $420. The company's normal selling price for the refrigerator is $800. George also received a service contract, at no charge, that had a value of$120. During the year, George was required to have his refrigerator serviced once. The cost of the call would have been $50 if he had not had the service contract. Is George required to recognize any income from the purchase of the refrigerator and the receipt of the service contract?

 

Paper#44511 | Written in 18-Jul-2015

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