Devry ACCT 553 Week 1 Homework Latest

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Devry ACCT 553 Week 1 Homework Latest

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?

  1. a.Check received for December rent, $700, not deposited until January 4
  2. b.Check for $1,100 to pay Bill’s state income taxes mailed December 28, cashed January 7
  3. c.Cash received in the amount of $500 for services to be rendered the following year
  4. d.Interest of $800 credited to his savings account, added to Bill’s account balance
  5. e.Check received for January rent, $700, deposited on January 9
  6. f.Charitable contribution of $300, charged on Bill’s MasterCard
  7. g.Bills totaling $2,000 sent for services rendered during the year, uncollected as of year-end

 

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Devry ACCT 553 Week 1 Homework Latest

Best Devry ACCT 553 Week 1 Homework Latest

Devry ACCT 553 Week 1 Homework Latest