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Unformatted text preview: 34--a.Taxableb.Taxable at $1,000c.Value?(Does not appear to be compensation)35--a.Yes(constructively received)b.Yes(constructively received)c.No(Not constructively received because the funds were not aavailable)d.No(funds not available)eNo(funds not available)36--a.b.AccrualCashSales600,000570,000CGSPurchases400,000380,000End. Inv.-50,000CGS-350,000-380,000Oper. Exp.-160,000-145,000Net Income90,00045,000c. no for accrual, yes for cash38--b.Fred will use them as a tax deductible itemTammy will have to pay taxes on the money she receivesd.Property settlement of house is not Taxablebut if she sells it she will have a tax on the gain. May get a personal residence exemption40--a. Dividendb.Dividendc.No dividend(sale of property at fair value)d.Dividende.Dividend41--For 20093,000First Month Januarycash10,0003,000Last Month Juneunearned rev6,0006,000deposit4,000For 20103,000Febunearned rev3,0003,000Marchrevenue3,0003,000April3,000May1,5001/2 half of depost for rent80014,30043--Salary44,000Dividends...
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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.
- Spring '10