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Chapter 3 Spreadsheet for Students Filled out

Chapter 3 Spreadsheet for Students Filled out - 34-a b c...

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34-- a. Taxable b. Taxable at $1,000 c. 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) e No (funds not available) 36-- a. b. Accrual Cash Sales 600,000 570,000 CGS Purchases 400,000 380,000 End. Inv. -50,000 CGS -350,000 -380,000 Oper. Exp. -160,000 -145,000 Net Income 90,000 45,000 c. no for accrual, yes for cash 38-- b. Fred will use them as a tax deductible item Tammy will have to pay taxes on the money she receives d. Property settlement of house is not Taxable but if she sells it she will have a tax on the gain. May get a personal residence exemption 40-- a. Dividend b. Dividend c. No dividend (sale of property at fair value) d. Dividend e. Dividend 41-- For 2009 3,000First Month January cash 10,000 3,000 Last Month June unearned rev 6,000 6,000 deposit 4,000 For 2010 3,000Feb unearned rev 3,000 3,000March revenue 3,000 3,000April 3,000May 1,5001/2 half of depost for rent 800 14,300 43-- Salary 44,000 Dividends 600 Partnership 4,000 1,600 ?
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