AC 450 - Week 2

AC 450 - Week 2 - Chapter 4 required 29 and TaxCut 59 Part...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 4 required: Problems 11, 21, 29, and TaxCut 59, Part 1. Chapter 5 required: P Chapter 4 Problem 11 Problem 21 Problem 29 Ref pg 4-28 a. Corporate bond with accrued interest of $300 for $10,800. Cost of bond $10,000 Chapter 5 Problem 43 Problem 50 Gain on sale of Augusta County Bonds $600 Yes Interest on US Government savings bonds $300 Yes Interest on state income tax refund $150 No Interest on Augusta County bonds $900 No Patronage dividend from Potato Growers Cooperative $1,600 Yes What is Hazel's gross income? Gross Income $2,500 Tax Cut 59 (Chapter 4 and Chapter 5) See .pdf attachment 14000*3.5% $490 $15,000 (14000*3.5%)+490 $980 Earned income $1,470 $1,853 Single Taxpayer $13,162.75 If Parchment Inc changes the terms of sale, it seems to me they would have to switch to a cash re the revenue is recognized only when the receivable has been collected. Since it would be a "trial p item, they are not committing to purchasing it. Previously under the accrual method, the consume promise to pay after 30-days. Generally loaning funds to executives is a violation of the Sarvanes-Oxley Act of 2002 (Public Law
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 2

AC 450 - Week 2 - Chapter 4 required 29 and TaxCut 59 Part...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online