Accounting question and answers for January 30, 2024
- Q What does it mean to include certain expenses in the basis of property or in their inventory cost rather than deduct them as current expenses a scrutinize be capitalize C...
- Q Th CRA considers the following types of earning to be employment income:a. commisionsb. gifts and awardsc. Bonusesd. severance paye. all of the above
- Q Alton Incorporated is working at full production capacity producing 20,000 units of a unique product. Manufacturing costs per unit for the product are as follows: Direct materials$ 9Direct labor8Manufacturing overhead10Total manufacturing...
- Q What does it mean to include certain expenses in the basis of property or in their inventory cost rather than deduct them as current expenses a scrutinize be capitalize C...
- Q What prevents the taxpayer from having most section 197 intangibles if the trans in which the taxpayer acquired them did not result in a significant change in the ownership or...
- Q What prevents the taxpayer from having most section 197 intangibles if the trans in which the taxpayer acquired them did not result in a significant change in the ownership or...
- Q Lloyd is chronicle be heal and receive tax qualified long-term care insurance benefits in 2024 mounting two $9000 to cover a 30 day nursing home day. What amount, if any,...
- Q What is the additional ACTC allowed for the year a taxpayer has one child
- Q Ben crashed his new car while doing donuts in ?the high school parking lot. It ?was a complete loss. The fair value of ?the car was $18,000. He ?did not haveinsurance....
- Q Qualified AssessmentHelen Chambers owns and manages an apartment building. She also paints seascapes that she exhibits and sells, and she published several volumes of art criticism for which she owns...
- Q Bank Corp., a calendar-year corporation, reimburses employees for properly substantiated qualifying business meal expenses at a restaurant. The employees are present at the meals, which are neither lavish nor extravagant,...
- Q Ralph is a single taxpayer with a MTI of $60,000 before considering his AMT exemption what is the amount of his tentative minimum tax for 2024
- Q Question content area topPart 1The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing​ Company:Work in process inventory​$0Raw materials inventory$ 28...
- Q Audrey's client's tax return was rejected, and the IRS reject code indicates the taxpayer's Social Security number has already been used. What should Audrey do if she and the client...
- Q Which of the following expenses can be deducted by a sole proprietor?aLobbying expenses of $3,000 paid by Monica to obtain legislation favorable to her business.bJim made $5,000 in political contributions.cDee,...
- Q On September 30, ?Year 1, ?Mr. ?C purchased investment land. On April 15, ?Year 2, ?C traded his land for some other investment land in a nontaxable exchange. On October...
- Q Ben crashed his new car while doing donuts in ?the high school parking lot. It ?was a complete loss. The fair value of ?the car was $18,000. He ?did not haveinsurance....
- Q Mrs. ?Domino made deductible contributions to traditional individual retirement accounts for several years. Mrs. ?Domino decides to withdraw $10,000 ?from one of her accounts in 2024. ?Mrs. ?Domino is 61...
- Q Bill operating his personal vehicle for business purposes in 2024 if he travels 20,000 miles on business and uses the business optional standard mileage deduction by what amount must he...
- Q Qualified AssessmentA qualified business income (QBI) ?deduction for pass-through entities is available for tax years beginning after December 31, 2017, ?and before January 1, 2026. ?Which of the following comments is not...
- Q Which of the following information must be maintained by the preparer?Taxpayer namesTaxpayer identification numbersTaxpayer tax yearsTypes of returns or claims prepared
- Q In 2023 the maximum penalty lead against a tax prepare for failure to be diligent and determining eligibility for the EIC was Set at 560 per failure. What is the...
- Q For 2024, ?what is the tax rate for unrecaptured Sec. 1250 ?gain?25%28%37%20%
- Q for 2024, what amount of deduction is allowed for expenses related to an activity that is generally considered to be entrainment?
- Q Supermart Food Stores (SFS) ?has experienced net operating losses in its frozen food products line in the last few periods. Management believes that the store can improve its profitability if...
- Q Mary is a CPA who reviews the financial statements for Company X. Mary is named a trustee of a trust that will hold 100% of the common stock of Company...
- Q An accountant is hired to give expert witness services on behalf of a group of companies. One of those companies is a client for whom the accountant performs a review...
- Q Which of the following types of trusts are not permitted to be S corporation shareholders: a.grantor trusts b.testamentary trusts c.foreign trusts d.electing small business trusts
- Q Amelia, a Connecticut resident, did not earn enough income to meet the Connecticut filing threshold, but she did make purchases online during the year for which no sales tax was...
- Q If a hobbies artifact collector sells a valuable item of his at a loss. Is that estimated loss deductible
- Q Under what circumstance may a taxpayer claim a deduction for entertainment expenses?-The entertainment expenses are directly related to the active conduct of the taxpayer's trade or business.-Entertainment expenses for an...
- Q (20) ?for calculating income tax expense, IfRS use approacha.Taxes payable Mcethodb. ?Temporary difference approachc.either of them
- Q Yancey Productions is a film studio that uses job-order costing. The company’s direct materials include costumes and props. Its direct labor includes each film’s actors, directors, and extras. The company’s...
- Q how would you help shoebox sheila throws everything in a box and expect tax preparer
- Q Colleen Company has gathered the following data pertaining to activities it performed for two of its major customers.\table[[,\table[[Jerry,],[Incorporated]],\table[[Kate],[Company]]],[Number of orders,6,30],[Units per order,2,000,440],[Sales returns:,,],[Number of returns,4,5],[Total units returned,60,180],[Number of sales calls,11,3]]Colleen...
- Q With respect to unpaid fees, independence is impaired if, when the report on the client's current year is issued, billed or unbilled fees remain unpaid for:
- Q Required:Prepare a product-line profitability report for SFS under the current costing system.Prepare a product-line profitability report for SFS using the ABC information the controller provides.Complete this question by entering your...
- Q Smith Company can produce two types of carpet cleaners, Brighter and Cleaner. Data on these two products are as follows:\table[[,Brighter,Cleaner],[Sales volume in units,400,600],[Unit sales price,$1,000,$1,000
- Q what is the maximun foreign earned income exclusion for 2024
- Q What is the maximum amount that may be withdrawn a Section 529 Qualified tuition plan
- Q Cohen Company produces and sells socks. Variable cost is $4.20 ?per pair, and fixed costs for the year total $42,300. ?The selling price is $6 ?per pair.Required:Calculate the breakeven point...
- Q Cohen Company produces and sells socks. Variable cost is $4.20 ?per pair, and fixed costs for the year total $42,300. ?The selling price is $6 ?per pair.Required:Calculate the breakeven point...
- Q A self-employed caterer keeps records to support expenses and deductions for her business. What should those records include at a minimum
- Q WHAT IS THE AMT EXEMPTION FOR KIDDIE TAX PURPOSE
- Q Keystone Computer Timeshare Company entered into the following transactions during May 2022.Describe the effect of each transaction on assets, liabilities, and stockholders' equity.Purchased computers for $20,000 ?from Data Equipment on...
- Q A taxpayers 16-year-old dependent son earned $7000 and 2023 what is the standard deduction for him
- Q If an S corporation wishes to establish a natural business year, the S corporation has to qualify under one of three tests which include all of the following except:Â a.natural business-year...
- Q marth a 35 year old self employed single filing tax payer. whatis the maximum amount of long time
- Q Lorenzo is a single taxpayer whose MAGI is $175,000 he purchases a vehicle that qualifies for the clean credit what is the maximum credit he's eligible for
- Q the co browser option will allow tax pro review tax preparers the ability to do what?
- Q Which of the following is correct regarding more than two-percent shareholder-employees of an S corporation: a.tax-free fringe benefits are treated the same as those for shareholders of C corporations b.tax-free fringe benefits...
- Q When is an electronically-filed tax return considered filed by a taxpayer
- Q ulian is age 60 and paid $1,800 for qualified long-term care insurance in 2024, how much of the premium can he include in his medical expenses?
- Q When was the taxpayer who has received stock appreciation rates from your employer include the value of the rights and income
- Q Under the new lease standard, how does a lessee account for initial direct costs incurred that meet the definition of incremental costs in connection with a lease:Â
- Q Bill and Anna are married and filed a joint tax return in 2024. What is there acceptable income threshold for the 199A pass through deduction?
- Q What is an allowable deduction on form 8829?
- Q Judy has been married to Jim for the past five years and he unexpectedly died in 2023 leaving Judy in their three-year-old daughter Judy found her 2023 tax returns as...
- Q Then itemize deduction can be claimed for.... the Social Security and Medicare tax
- Q Then itemize deduction can be cleaned.... the Social Security and Medicare tax
- Q How many hours of ethics, continuing education are required as part of obtaining an annual filing season program record of completion each years
- Q To make the S corporation election, what percent of the shareholders on the day an election is made must consent to the election:Â a.25%Â b.50%Â c.90%Â d.100%
- Q f a shareholder no longer wants to continue operating the corporation as an S corporation, the shareholder can file a consent to revocation provided what percent of the shares of...
- Q How many hours of ethics, continuing education are required as part of obtaining an annual filing season program record of completion each years
- Q Unless the IRS consents otherwise, a corporation whose S status has been terminated is not eligible to make an election to acquire S status until when: a.one year after the termination b.two...
- Q Mark travels for his business and spends a lot of time in his vehicle, which is used exclusively for business. He took a Section 179 ?deduction for the entirecost of...
- Q Jeff is 56 and age 55 or married a file a joint return Mary has coverage under a high deductible health insurance plan through her employer that covers her and...
- Q For purposes of the IRS permitting S status reelection, which of the following is necessary in order to be considered a substantial change in ownership: a.more than 10% change in ownership...
- Q Company X has publicly traded equity securities on its balance sheet at the end of 2023. There is an unrealized loss in the securities. Under ASC 321, how should X...
- Q Jeff is 56 and age 55 or married a file a joint return Mary has coverage under a high deductible health insurance plan through her employer that covers her and...
- Q What is the maximum amount of full-time equivalent employees on otherwise eligible employer could have and still qualify for a small employer health insurance premium tax credit
- Q If LIFO is used for tax purposes, the LIFO Conformity Requirement :Â
- Q Northeast Pediatrics has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $120,000; Allowance for Uncollectible Accounts = $2,000 (debit). On December 31, 2024, Northeast estimates uncollectible accounts to...
- Q For purposes of making an activity “active†rather than “passive†for purposes of deducting losses, there has to be which of the following: a.material participation b.limited participation c.consideration d.a written agreement
- Q Free cash flow is the amount of cash flow that is free after accounting for:Â
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