46. PR.03-17Problem 3-17Business Gifts (LO 3.9)Sam owns an insurance agency and makes the following business gifts during the year.Calculate Sam's deduction for business gifts.If an amount is zero, enter "0".AmountAllowedAmountDonee$35, plus $4 shipping $1. Ms. Sears (a client)y2. Mr. Williams (a tennis partner,55not a business prospect or client)3. Mr. Sample (a client) and22Mrs. Sample (nonclient wife of Mr. Sample)$204. Various customers (calendars300costing $3 each with the company name on them)5. Mr. Shiver (an employee gift,175a watch, for 25 years of continuous service)Total business gift deductiontftfrtALO

A taxpayer can claim deduction on all or part of the cost of business gifts that are given in the…

Answered: 46. PR.03-17 Problem 3-17 Business…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 2-38 (LO 2-4) Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables. Collective tax liability in 2022 $ 3,684 If Raphael and Martina get married in 2022 If Raphael and Martina get married in 2023 Recommendation: Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2022. Help Sav
Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 15, is claimed as a dependent by her parents. For 2021, she has the following income: $5,200 wages from a summer job, $1,430 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2021 tax rate schedule. a. Taylor's standard deduction for 2021 is $ Taylor's taxable income for 2021 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Journal entries
B3.
es Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Complete this question by entering your answers in the tabs below. Required A Required B $ 390 340 4,200 290 How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction
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Ratio Analyses for Victor and Maria Review the financial statements of Victor and Maria Hernandez and the financial ratios provided below. Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez, January 1, 2018 Dollars Percent ASSETS Monetary Assets Cash on hand 1,200 0.3 Savings account 4,200 1.1 Victor's checking account 2,700 0.7 Maria's checking account 3,300 0.8 Tax refund due 700 0.2 Rent receivable 650 0.2 Total Monetary Assets $ 12,750 3.3% Tangible Assets Home 192,000 49.0 Personal property 9,000 2.3 Automobiles 9,500 2.4 Total Tangible Assets $ 210,500 53.7% Investment Assets Fidelity mutual funds 4,000 1.0 Scudder mutual fund 4,500 1.1 Ford Motor Company stock 2,500 0.6 New York 2038 bonds 4,100 1.0 Life insurance cash value 5,400 1.4 IRA accounts 34,400 8.8 Real estate investment 114,000 29.1…
Problem 5-4 Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2021 and they had no other income, what is the maximum amount of their deduction for contributions to a traditional IRA for 2021? Phil Linda b. Assuming Phil's wages were $55,000 and Linda's wages were $71,000 for 2021 and they had no other income, what is the maximum amount of their deduction for contributions to a traditional IRA for 2021? Phil Linda $
PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 5. Ronel is a partner of MW Partnership and a stockholder of LG Corporation. He has the following deposit accounts in a closed bank: Ronel’s business (sole proprietorship) P350,000 Ronel’s personal savings account P500,000 Ronel and Jhun and Eff and Karla P600,000 Ronel and MW Partnership P650,000 Ronel and LG Corporation P400,000 What is the maximum deposit insurance coverage as far as Ronel is concerned?
Problem 5-65 (LO 5-6) Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to a nearby casino and play in blackjack tournaments. During 2020, she incurred $6.925 in gambling losses and $5,610 in gambling winnings. Hortencia plans to Itemize her deductions in 2020 because she purchased a home this year and has mortgage interest expense. Required: What amount could she claim on her return for other Itemized deductions for the year? Claim
Problem 3-28 (LO. 1, 8) The following information applies to Emily for 2021. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Contribution to a traditional IRA Emily's taxable income in 2021 is $ $85,000 1,100 6,000 6,000 25,000 2,500 500 40
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