AC555 External Auditing Midterm Exam Page 1: Question: 1. The objective of the ordinary audit of financial statements is the expression of an opinion on: CORRE the fairness of the financial statements CT the accuracy of the financial statements the accura
To: From: Date: RE:
November 24, 2010 Tax Memo #1/Gambling Activities
Issues & Facts : 1. Dr. Green is a practicing physician in Chicago who, as an avid blackjack and slot machine player, travels to Las Vegas every other weekend t
Realized gain or loss is the difference between the amount realized from the sale or other disposition of property and the adjusted basis at the time of sale or disposition. If the amount realized exceeds the adjus
Act ive income income der ived fr om t he dir ect effor t s of t he individual, such as w ages, salar ies, commissions, et c Passive income income fr om passive act ivit ies, such as limit ed par t ner ships and r ent al r eal est at e Por t folio
Billy Dent has the following rental income: (1) Rent received in January 2008, but due in December 2007. . . . . . . . . . . . $5,000 (2) Rent received in December 2008, not due until January 2009 . . . . . . . . . . 4,
AC553 Quiz 1 1. A business bad debt is deductible for tax purposes as a(n): Your Answer: Short-term capital loss Long-term capital loss Ordinary business deduction None of the above 2. Which of the following items is not subject to federal income tax? You
Entries for Payroll 1 Wages and Salaries Expense. 1,040.00 * 104.00 79.56 20.80 835.64
Withholding Taxes Payable (10% X $1,040)*. FICA Taxes Payable (7.65% X $1,040). Union Dues Payable (2% X $1,040). Cash.
*$200 + $150 + $110 + $250 + $330 =
Week 5 Team Solutions
Retained Earnings (10,000 X $37). Common Stock Dividend Distributable. Paid-in Capital in Excess of Par.
370,000 100,000 270,000
Common Stock Dividend Distributable. Common Stock.
EXERCISE 15-18 Part A (a) 1. Dividends PayablePreferred (2,000 X $8). Dividends PayableCommon (20,000 X $2). Cash. Treasury Stock. Cash (2,700 X $40). Land. . Treasury Stock (700 X $40). Paid-in Capital From Treasury Stock. Cash (500 X 52,500 $105) Prefer