Accounting question and answers for January 30, 2024
- Q Question #1 ?of 100Aaron cons a used car lot and warts to reward his top salesman without haing to offer anything to ather ampioyees. He shouldA) ?explore a nonqualifled executive...
- Q The objective of a compilation engagement is to
- Q In 2024, Anna and Matt earn $420,000 of adjusted gross income and figure $50,000 of total itemized deductions on their Schedule A, comprised entirely of qualified home mortgage interest and...
- Q When a sole proprietor incurs any business debts or damages, they arepaid for out of a reserve contingency fund that sole proprietors are required by law to set upAll of...
- Q What limit, if any, applies to the maximum amount of capital loss that may be claimed by a married tax beer filing separately?
- Q When drew divorced his spouse, kathy, the divorce terms required that drew make a distribution from his qualified employee benefit plan to his nonparticipant spouse. a requirement that must be...
- Q Keith and Margaret had adjusted gross income of $100,000. They had real estate taxes of $4,000, mortgage interest of $12,000, home equity loan interest of $6,000 used to substantially improve...
- Q Which part of the Internal Revenue Code details the rules on investment income for children?
- Q In a review engagement, what should the accountant's report express?
- Q scott and sarah are filing as married filing jointly on their 2024 federal tax return. scott was born on august 15, 1946 and saras was born on October 14, 1965. what is...
- Q Question Content AreaGently Laser Clinic purchased laser equipment for $6,925 and paid $743 down, with the remainder to be paid later. The correct entry would bea.AccountDebitCreditEquipment Expense6,925      Accounts Payable 743     Cash 6,182b.AccountDebitCreditCash743 Accounts Payable6,182      Equipment 6,925c.AccountDebitCreditEquipment6,925      Accounts Payable 6,182     Cash 743d.AccountDebitCreditCash743      Equipment 743e.AccountDebitCreditEquipment743      Cash 743...
- Q If your child earned more than $2,600 in unearned income in tax year 2024 and you elect to file a tax return for him or her, you must include which...
- Q When must a taxpayer who has received stock appreciation
- Q which of the following is not included when calculating whether social security benefits are taxable a. half of the net social security benefits b. tax exempt interest c ....
- Q Richman Company purchased $1,200,000 of 8%, 5-year bonds from Carlin, Inc. on January 1, 2025, with interest payable on July 1 and January 1. The bonds sold for $1,249,896 at an...
- Q Fill in the blanks in the following separate income statements a through e.\table[[,a,b,c,d,e],[Sales,$,66,000,$,43,600,$,53,000,,,$,27,000],[Cost of goods sold],[Merchandise inventory, beginning,,8,000,,16,660,,5,400,,7,200,,4,500],[Total cost of merchandise purchases,,35,000,,4,240,,30,000,,28,000,,6,600],[Merchandise inventory, ending,,9,140,,2,900,,8,300,,7,600,,],[Cost of.goods sold,,33,860,,18,000,,,,,,7,800],[Gross profit,,32,140,,25,600,,12,850,,41,100,,],[Expenses,,19,000,,10,800,,12,200,,4,600,,7,300],[Net income (loss),$,13,140,$,14,800,$,650,$,36,500,,]]
- Q Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $94,000. The Focus Company initially offered...
- Q ?Which of the statements below is correct when comparing the direct and indirect \( ?m \)Multiple Choice The direct method starts with net income and makes adjustments to arrive...
- Q How is the Connecticut personal exemption amount determined for a Connecticut taxpayer with Connecticut AGI of $102,000 or less?
- Q carah opened a savings account at her local bank with a $500 deposit. she received a toaster as a figt from the bak for opening the account. the totaster was...
- Q what limit if any applies to maximum amount of capitol loss that may be claimed by a married taxpayer filing seperately
- Q In her pending divorce, jenny anticipates receiving custody of her paraplegic son and is concerned about his future medical and therapy expenses. you should inform jenny of a different kind...
- Q antoine became totally and permanently disabled after an accident. in 2024, his federal student loan debt of $50,000 was discharged due to his disability. how much of the $50,000 in...
- Q StatementsAnswer1. The two most essential qualities for a CPA to perform the attest function properly are professional competence and __________.independence2. To __________ to information means to provide assurance as to...
- Q What is the maximum amount of a IRA contribution that may be made by a six-year-old eligible tax in 2024?
- Q Taxpayer A makes a gift of $10,000 to Corporation X during the year ended December 31, 202X. Corporation X is operated solely for burial purposes. Taxpayer A is a shareholder of Corporation x, and...
- Q With respect to the requirement to gather information about fraud, an accountant (auditor) is required to gather such information for:
- Q in 2024, doyle placed in service machinery costing $5,000,000. assuming the machinery qualifies for seciton 179 deduction , what is the maximum amount doyle can deduct as a section 179...
- Q Eileen and Hal a married couple filing jointly received $10,000 of Ceres one bond interest in 2024. If all the proceeds of the redeem bond were used to pay qualified...
- Q Which of the following statements is correct with regard to unrecaptured section 1250 gain? Unrecaptured section 1250 gain is: Always equal to total depreciation claimed. Taxed at a maximum rate...
- Q Asked by dede9816.If Goebel Company acquired a 30% interest in Dobbs Company on December 31, 2018 for $430,000 and the equity method of accounting for the investment were used, the amount...
- Q Business meals purchased in 2024 areA.80% deductible.B.50% deductible.C.100% deductible.D.0% deductible.
- Q Shirley and Bob are married, receive Social Security benefits and file a joint tax return. What is the base amount with which (1)/(2) of their net Social Security benefits plus...
- Q which of the following 2024 losses is tax deductible? a loss of money due to theft b. loss of valuable jewelry
- Q Which of the following situations is an example of the need for split-level reporting?A. An accountant was engaged to compile the financial statements of a client and had to change...
- Q Robert sold investment property for $43,000 cash and paid a sales commission of $3,200. In addition to the cash paid, the buyer assumed Robert’s $16,000 liability that was secured by...
- Q In performing analytical procedures in a review engagement, one procedure is to compare ratios developed from recorded amounts to _________________
- Q Brad had his divorce decree amended, which normally, for federal tax purposes, would be effective as of the date of the amendment. however, his amendment could be considered retroactive since:...
- Q When drew divorced his spouse, kathy, the divorce terms required that drew make a distribution from his qualified employee benefit plan to his nonparticipant spouse. a requirement that must be...
- Q Dan purchased one exterior door for $500 and three energy efficient windows for $400 apiece. So many items qualify for an energy efficient home improvement tax credit for what tax...
- Q Asked by dede9816.If Goebel Company acquired a 30% interest in Dobbs Company on December 31, 2018 for $430,000 and the equity method of accounting for the investment were used, the amount...
- Q Effect of transactions on current position analysisData pertaining to the current position of Lucroy Industries Inc. follow:Required:Compute (a) ?the working capital, (b) ?the current ratio, and (c) ?the quick ratio....
- Q What is the additional acct allowed for the year a taxpayer has one held
- Q Which of the following situations could cause the IRS to reject an effective tax administration offer on the grounds of public polThe taxpayer has an installment agreement and is current...
- Q An ITIN issued in 2013 or later will remain in effect only until it has not been used on a federal tax return
- Q Which of the following taxpayers can file a Schedule C?aJordan has a farm with $85,000 in revenue and $40,000 of expenses.bSophia has an estate with $9,000 in income and $4,000...
- Q Practice tax return 1 - Julie taxpayer
- Q To help your staff better understand tax planning, your presentation has divided income into four types: taxable, tax-free, tax-deferred, and tax-sheltered. under this categorization, what type of income would include...
- Q When using the simplified method for the home office deduction what is the Apple square footage?
- Q Mario operates a gift delivery service but because of the lack of profit in the last several years his business is deemed to be a hobby by the IRS in...
- Q an example of a non taxable benefit is:a. use of employers car for personal useb. Tuition paid for a job related trainingc. free lunches every day in the company cafeteriae....
- Q An individual is considered married for the whole year if on the last day of the tax year them and their spouse:Question 44Select one:a.Are married and living together as husband...
- Q ohn Stith, whose father died June 15, 2023, is the executor of his father’s estate. John is required to file a final income tax return for his father. When is this...
- Q 1.The suitable criteria in a financial statement audit are set forth in the financial reporting framework selected by management, often ____________.GAAP2.A(n)_______provides the highest form of assurance CPAs can offer.audit3.A(n)Â ____is generally...
- Q If an individual's modified adjusted gross income exceeds a certain threshold the entire COBRA premium subsidy must be: Question 42Select one:a.Repaid as additional taxb.Deducted from additional tax c.Added to income d.Deducted from income ...
- Q Mortgage interest and property taxes are deductible for federal income tax purposes for homeowners.True Or False
- Q shirley and bob are married receive social security benefits and file a joint return, what is the base amount with which 1/2 of their net social security benefits plus other...
- Q Which of the following methods is a valid way to file Form 1040-X?Question 41Select one:a.E-file is only possible if amending the original 1040 within the yearb.File it by mail and...
- Q If class one assets are liquid +2 or less liquid class three are amounts owed class four are in inventory and class 5SS are buildings furnishing etc. what class is...
- Q at what 2024 alternative minimum income threshold does a taxpayers alternative minimum taxable income exemption begin to phase out
- Q Helen and Jim itemize deduction when they file their income tax return as married filing jointly. if they paid 14,000 in state
- Q Amy files as a head of household. Which of the following would make Amy eligible for the Saver’s Credit in 2024?A.Amy is a full-time student.B.Amy provides 100% support for two...
- Q Which of the following statements regarding interest on overpayments is correct?Question 37Select one:a.The interest rate is less than the interest rate that applies to the underpayments of taxesb.The interest is...
- Q taxpayer D made cash charitable contributions of $200,00 in 2021 through donor advised fund a. taxpayer D did not take a charitable deduction for the $200,000 contribution in 2021 and...
- Q A waist circumference _________blank inches for adult males or _________blank inches for adult females indicates increased risk for obesity-related diseases.Multiple Choice< 40; < 35 > 40; > 35 > 30; > 20> 35; > 40
- Q Question 6 of 10.Michael and his wife, Carmela, are Rhode Island residents. They are required to file in Rhode Island and want to file separately. He has been employed in...
- Q When do you include a qualified appraisal with the tax return?
- Q Which of the following taxpayers would be alloJason (31) is single and an active duty member of the U.S. Marines. He was a Rhode Island resident at the time he...
- Q sactions: Basis and Capital Gains & Losses (2024)Audiovisual PresentationOutlineQualified AssessmentCertificateQualified AssessmentFor sales and exchanges, the holding period for determining long-term capital gains and losses is more than12 ?months.9 ?months.18 ?months.6...
- Q Gleim Accounting: CPEgleim.comctions: Basis and Capital Gains & Losses (2024)Audiovisual PresentationOutlineQualified AssessmentCertificateQualified AssessmentHeather's Hardware does not have applicable financial statements (AFS). ?For book purposes, it does not capitalize any fixed...
- Q allowances are generally considered to be taxable earning. true or false
- Q Which of the following statements is true?There can be no volume variance for variable manufacturing overhead.An unfavorable volume variance means the company operated at an activity level greater than planned...
- Q Which of the following statements is true?A volume variance and budget variance are computed for fixed manufacturing overhead costs.The higher the denominator activity level used to compute the predetermined overhead...
- Q Jody, upon her divorce from her spouse, mel, purchased his interest in their home. under §163(h) and §56(e), she would characterize the mortgage interest on this purchase that is incident...
- Q Some plants require multiple years of development before they can be harvested. If these extended cost are capitalized by the farmer are they subject to uniform capitalization rules?
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