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Unformatted text preview: Grade for Christine Martin: Week 4 Midterm Numeric grade: 80/100 Letter grade: Comments: Chris, Thank you for a great mid-term exam this week. If you have any questions, please let me know. < Close Window Autograde Summary Date Taken: 3/25/2010 3:01:09 PM Time Spent: 2:04:54 (2:30 allowed) Points Received: 80 / 100 (80%) These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Question Type: # Questions: # Correct: Multiple choice 25 20 Grade Details There are 4 pages in this exam: Page: 1 2 3 4 1. Question: (TCO 2) Mac is the owner of Maid in Arizona Cleaning Service (MACS). In the current year, the company had gross income of $300,000 and operating expenses of $195,000. In July, MACS sold a capital asset that had been held by the business for two years for a $15,000 loss. During the year, Mac withdrew $93,000 from the business for his personal living expenses. Assuming MACS is a sole proprietorship, how do these transactions affect Macs taxable income?...
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This note was uploaded on 04/22/2010 for the course ACCT ACCT424 taught by Professor Tracie during the Spring '10 term at DeVry Chicago O'Hare.
- Spring '10