Quiz 2 FA 11 KEY

# Quiz 2 FA 11 KEY - 1 Quiz 2 Total Points 2 Less Points Missed 3 Score ACCT 403 QUIZ 2 FALL 2011 28 NAME_KEY Directions There are three questions

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1. Quiz 2 Total Points 28 2. Less Points Missed ____ 3 . S c o r e ACCT 403 QUIZ 2 FALL 2011 NAME________KEY____________________________ Directions – There are three questions worth a total of 28 points. The value of each question is indicated at the end of each question. For questions 2 and 3, you must show your work to receive credit . 1. Indicate True or False for the following statements based on a 2011 taxable year: (2 points each). ___F____ a. Justin is a cash basis taxpayer. He purchases office supplies for his business on November 15, 2011 with his credit card for \$300. He pays \$100 on his credit card bill which includes the office supplies on December 15 , 2011 and the remaining balance on January 15 , 2012. th th He may only deduct \$100 as a trade or business expense in 2011. Cash basis taxpayer = deduct when cc charged. ___T_____b. A taxpayer in the 28% MTR receives a qualified cash dividend of \$1,000, The tax on the dividend income is \$150. \$1,000 x .15 = \$150.

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## This note was uploaded on 02/22/2012 for the course ACCT 403 taught by Professor White during the Spring '11 term at South Carolina.

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Quiz 2 FA 11 KEY - 1 Quiz 2 Total Points 2 Less Points Missed 3 Score ACCT 403 QUIZ 2 FALL 2011 28 NAME_KEY Directions There are three questions

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