Fall 05 - ACCOUNTANCY 321 Fall 2005 EXAM II circle one 1:00...

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Unformatted text preview: ACCOUNTANCY 321 Fall, 2005 EXAM II circle one: 1:00 p.m. class 7:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 18 pages and 5 questions (each with several subparts) on the exam. Question I 24 points Question II 9 points Question III 20 points Question IV 21 points Question V 26 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1 I. Gary and Val Atkins properly use “married filing jointly status” for tax purposes. They have five children and are entitled to the appropriate dependency exemptions. They had the following income and expenses for 2005. Salaries and Wages $ 70,000 Dividend Income 15,000 Share of S Corporation Income (properly computed) 40,000 Municipal Bond Interest Income 25,000 Short-term capital gain 12,000 Long-term capital loss 18,000 Gift sent to Aunt Susie 18,000 Child support received 25,000 Alimony received 20,000 Employee business expenses (reimbursed and included in W-2 from employer) 10,000 Reimbursement by employer for traffic fine (Not included in W-2 from employer) 1,000 Personal property taxes 2,000 Charitable contributions 8,000 State income taxes 9,000 State sales taxes 6,000 Real property taxes 15,000 Standard deduction for married filing jointly 10,000 Personal and dependency exemption amount 3,200 2 A. Compute the Atkins’ adjusted gross income (AGI). Remember, for partial credit you must show the details of your computation. (10 points) 3 B. Compute the Atkins’ taxable income. Again, for partial credit you must show the details of your computation. (8 points) 4 C. Please list three items (income or expense) which were not utilized in the above computations. Additionally, explain why the items were not relevant to the computational process. Please do not list more than three items . If you list more than three items, only the the first three items will be graded. (6 points) ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ 5 II. II....
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This note was uploaded on 01/06/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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Fall 05 - ACCOUNTANCY 321 Fall 2005 EXAM II circle one 1:00...

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