ACC 349 Week 3 Team Assignment Problems Ch
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FOR MORE CLASSES VISIT www.acc349paper.com Prepare written responses to the following problems from Ch. 4 of Managerial Accounting: Tools for Business Decision Making: Problems P4-3A and P4-4A
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FOR MORE CLASSES VISIT www.acc401tutor.com Q:Appendix A Please use this information for your Tax Return and Paper. *All people, businesses, and information are fictional. Any relation to an actual person or business is accidental. Harold Petersan SSN: 0XX-01-1XXX Date of Birth (DOB): 05/27/1975 Gross Pay: $51,750 401(k) contributions: $4,140 Healthcare costs (payroll deductions): $1347 Reported wages: $46,263 Social Security Wages: $50,403 Medicare Wages: $50,403 State Wages: $46,263 Taxes withheld: Federal: $2896.06 Social Security: $3124.99 Medicare: $730.34 State: $682.38 sdi (mandatory disability insurance): $393.24 Employer: PointMark, INC
FOR MORE CLASSES VISIT www.acc401tutor.com 42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim? 49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2009. Alyssa was in her first year of college and attended full-time: Tuition and fees (for fall semester 2009) $1,950 Tuition and fees (for spring semester 2010)1,000
FOR MORE CLASSES VISIT www.acc401tutor.com 39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows: Income from consulting business $4,000 Consulting expenses other than home office 1,500 Total costs relating to home: Interest and taxes 6,500 Utilities 1,500 Maintenance and repairs 450 Depreciation (business part only) 1,500 43. Janet purchased her personal residence in 2000 for $250,000. In January 2009 she converted it
FOR MORE CLASSES VISIT www.acc401tutor.com 53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000. a. How much of this must be reported on Linda’s tax return? b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house? 54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences? 55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year. Chapter 5, complete problem 54, problem 61, and problem 62 54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam. 61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items
FOR MORE CLASSES VISIT www.acc401tutor.com 32) List the five types of filing status and briefly explain the requirements for the use of each one. 33) In which of the following cases may the taxpayer claim head of household filing status? a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son. b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother. c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents. Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year 38) Julio and Martina are engaged and are planning to travel to Las Vegas during the 2009 Christmas season and get married around the end of the year. In 2009, Julio expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Julio nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2009 or on January 1, 2010. What do you recommend? Explain your answer (disregard the making work pay credit). Chapter 3: Problems 35, 36, & 42 35) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2009 in each of the following independent cases. A taxpayer completes $500 of accounting services in December 2009 for a client who pays for the accounting work in January 2010. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2009, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2009. Same facts as (b) except that the computer is returned on January 5, 2010.
FOR MORE CLASSES VISIT www.acc401tutor.com ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 ACC 401 Week 3 Assignment Chapter 6 ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49 ACC 401 Week 5 Final Paper Assignment ACC 401 Week 1 Quiz ACC 401 Week 2 Quiz ACC 401 Week 3 Quiz ACC 401 Week 4 Quiz
FOR MORE CLASSES VISIT www.acc380nerd.com Focus of the Final Project Review the financial information pertaining to Lee College in problem 11-8 on pages 357 and 358 of your text. Prepare the following: 1. A Statement of Activities using the format presented in Illustration 10-1. 2. A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. 3. A Statement of Changes in Net Assets. Your paper must: 1. Include both the completed financial statements and detailed analysis of the data provided. 2. Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations. 3. Offer an in-depth analysis of the financial health of Lee College. Guidelines for Writing the Final Paper Must be a minimum of five to seven pages in length and formatted according to APA style as outlined in the approved APA style guide.
FOR MORE CLASSES VISIT www.acc380nerd.com Cash Flows. From Chapter 12 complete Exercise 12-5, Exercise 13-2, and Exercise 13-9 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome. Respond to at least two of your classmates’ postings.
FOR MORE CLASSES VISIT www.acc380nerd.com FASB Statement 117, Trusts, & Organizations. From Chapter 11 complete Exercise 11-3 and Exercise 11-4 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.
FOR MORE CLASSES VISIT www.acc380nerd.com Transactions & FASB Standards. [From Chapter 9 complete Exercise 9-7, and from Chapter 10 complete Exercise 10-2 and Exercise 10-3 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome. Respond to at least two of your classmates’ postings.
FOR MORE CLASSES VISIT www.acc380nerd.com Infrastructure & G.A.S.B. Statement 34. From Chapter 8 complete Exercise 8-4 and Exercise 8-5, and from Chapter 9 complete Exercise 9-2 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.
FOR MORE CLASSES VISIT www.acc380nerd.com Government-Wide Statements, Net Assets, &Journals.Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations. Part One. Review the financial information pertaining to the City of South Pittsburgh in problem 8-10 on page 257 of your text. Prepare, in journal form, worksheet adjustments for each of the situations outlined. Part Two: Review the financial information pertaining to Southern State University in problem 9-5 on pages 294 and 295 of your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012. Part Three: Review the financial transactions pertaining to the Cancer Research Center in problem 10-8 on pages 326 and 327. 1. On the books of Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33. 2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31. 3. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.