Department of the TreasuryInternal Revenue Service
U.S. Individual Income Tax Return
OMB No. 1545-0074
, 2015, ending
IRS Use OnlyDo not write or staple in this space.
See separate instructions.
For the year Jan. 1Dec. 31, 2015, or oth
Unit 2: Unit 2: Determine an Individuals Taxes - Discussion
Throughout this course, many discussion opportunities come up where you need to
respond to other people's opinions and comments. Respond to your Discussion topic
after you have completed your Rea
After missing the Unit 3 seminar I went back into the archives and listened to the seminar.
When the seminar first began, it was explained that Debit means left and Credit means right and
Debits must always equal Credits. The double entry system was expla
M. Elston and R. Ogle have partnership capital balances of $40,000 and $80,000, respectively.
The partnership agreement indicates that net income or net loss should be shared equally. If net
income for the partnership is $42,000, how should the net income
Newland and Palermo form a partnership. Newland contributes land with a book value of
$50,000 and a fair value of $60,000. Newland also contributes equipment with a book value of
$52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortg
On May 10, Jack Corporation issues 2,200 shares of $15 par value common stock for cash at $20 per
Journalize the issuance of the stock. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests
$60,000 cash, and Nichols contributes $40,000 cash and equipment having a book value of $14,000.
Prepare the entry to record Nicholss investment in the partnership
PFW Co. reports net income of $70,000. Partner salary allowances are Pitts $18,000, Filbert $6,100,
and Witten $6,600. Indicate the division of net income to each partner, assuming the income ratio
is 60 : 30 : 10, respectively.
Division of Net Income
Garb Inc. issues 4,200 shares of $120 par value preferred stock for cash at $150 per share.
Journalize the issuance of the preferred stock. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Account Titles a
Meng, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for
$12,000. The treasury stock purchased is resold by Meng, Inc. for $16,000. What effect does this
transaction have on:
The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows.
Preferred Stock (8%, $48 par, 10,000 shares authorized)
Common Stock ($1 stated value, 2,100,000 shares authorized)
Paid-in Capital in Excess of ParPreferred Stock
On December 31, the capital balances and income ratios in TEP Company are as follows.
Your answer is correct.
Journalize the withdrawal of Posada under
The post-closing trial balances of two proprietorships on January 1, 2017, are presented below.
Allowance for doubtful accounts
At the end of its first year of operations on December 31, 2017, NBS Companys accounts show
The capital balance represe
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $47,160 of
personal cash to the partnership. Rosen owns land worth $17,110 and a small building worth
$76,910, which she transfers to the partnership. Toso tr
At April 30, partners capital balances in PDL Company are G. Donley $48,000, C. Lamar $46,800,
and J. Pinkston $21,600. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT
Company is formed by admitting J. Terrell to th
Fechter Corporation had the following stockholders equity accounts on January 1, 2017: Common
Stock ($5 par) $507,050, Paid-in Capital in Excess of ParCommon Stock $207,840, and Retained
Earnings $110,410. In 2017, the company had the following treasury s
Mark Rensing has prepared the following list of statements about partnerships.
Identify each statement as true or false.
1. A partnership is an association of three or more persons to carry on as co-owners of a
business for profit.
2. The legal requ
During its first year of operations, Foyle Corporation had the following transactions pertaining to
its common stock.
10 Issued 68,500 shares for cash at $6 per share.
1 Issued 38,500 shares for cash at $10 per share.
Your answer is correct.