Chapter 3 Spreadsheet for Students

Chapter 3 Spreadsheet for Students - 34-a. b. c. 35-a. b....

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Unformatted text preview: 34-a. b. c. 35-a. b. c. d. e 36-Sales CGS Purchases End. Inv. CGS Oper. Exp. a. Accrual 600,000 b. Cash 400,000 -50,000 -350,000 Net Income c. no for accrual, yes for cash 38-b. d. 40-a. b. c. d. e. 41-For 2009 For 2010 Feb March April May 1/2 half of depost for rent 43-Salary Dividends Partnership Lottery Winnings Gross Income 44-Gain on Sale US Savings City of Quebec Gross Income 4,000 2,000 200 45-a. Cost 40,000 Expected Return 25.9 yrs x $500 x 12 = Exclusion ratio: 155,400 b. the entire 6,000 will be taxable each year because he has recovered his cost of $40,000 (1,544 x 25.9 = 40,000) 47-a. b. Salary Unemp. 1/2 SS Prov. Inc. 30,000 1,000 2,500 (5,000 x 50%) 33,500 Salary Unemp. 1/2 SS 48-a. Sell all of the stock Pension gain 20,000 dividends 1/2 SS 49-Salary 1/2 SS b. Sell one-half of the stock this year Pension 10,000 gain 10,000 dividends 1/2 SS a. 27,000 1,500 (3,000 x 50%) b. Tax Exempt Int. Inc. Salary 1/2 SS c. T ax Exempt Int. Inc. Salary 1/2 SS 10,000 27,000 1,500 (3,000 x 50%) 38,500 now must use 85% rule 50-for SS Salary 25,000 TE Interest 3,000 Dividends 2,700 Pension of 4 mon 2,400 (4 x 1,000 = 4,000 x 60%) Rent 12,000 Rent Expenses -17,000 SS 600 x 4 1,200 (2,400 x 50%) 29,300 53-a. b. c. d. none Taxable 25,000 0 2,700 2,400 12,000 -17,000 25,100 AGI w/o SS ...
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This note was uploaded on 03/26/2012 for the course ACCT ACCT210 taught by Professor Challanworthington during the Spring '10 term at S. Alberta Tech.

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