Chapter 6 in-class problems-completed

Chapter 6 in-class problems-completed - 19 a B C D E F G 21...

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19 a NO B NO C YES D NO E NO F NO G NO 21 5,000 LOBBYING COSTS FOR LOCAL GOVERNMENT 31 Father Brother Grandson Corporation where shareholder owns >50% 34 60,000 Salary 6,000 net rental income 3,500 dividend income (12,000) alimony paid (5,000) contribution to traditional IRA (2,000) capital loss 50,500 AGI itemized deductions: medical expenses less 7.5% AGI mortgage interest property tax contribution to church state income tax Total itemized deductions Standard deduction for single add real estate tax paid on personal resid up to a maximum of $500 Take the itemized deductions
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37 3,000 capital loss from sale of Green Corporation stock 4,500 capital loss from sale of City of York bonds 7,500 total capital losses for the year, maximum deductible amoun 3,000 2,000 business casualty loss, deducted for AGI 38 Accrual Sales 95,000 Wages expense (29,000) Office expenses (2,000) Bad debt expense (500) Utilities & telephone exp (5,400) Insurance expense (4,000) Rent expense (9,000) 45,100
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This note was uploaded on 03/19/2011 for the course ACCT 4 taught by Professor Berry during the Spring '11 term at Old Dominion.

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Chapter 6 in-class problems-completed - 19 a B C D E F G 21...

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