Answered: Compute a schedule of deductible… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 14CE

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Please solve this question general accounting

Compute a schedule of deductible expenses related to the following hobby:
Income
$23,000
Mortgage interest and property taxes allocable to hobby $12,000
Depreciation
$4,000
Supplies and fees
$7,000
Telephone for hobby
$3,000

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Given answer accounting questions
If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance? Depreciation recapture income $21,000 Payroll tax penalty 4,200 Tax-exempt interest 5,700 Nontaxable life insurance proceeds 3,900 Insurance premiums paid (nondeductible) 2,900 Charitable contributions 17,000 a.$23,300. b.$1,300. c.$6,700. d.$27,500.
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Show me an error was discovered lands costing 80,000 net of tax was charged to maintenance and repairs expenses 2019
A. ACQUISITION COSTS Mr. Ardi acquired land at a cost of Rp4.200.000.000 on April 1, 2019. In addition to this cost, he had to pay the following expenses: a. Commission fee, 2% from the land price, Rp84,000,000 b. Land acquisition tax Rp12,000,000 c. Removal cost of old (unused) building Rp20.500.000. Mr. Ardi received Rp17.000.000 from the sales of salvage materials. d. Rpl10.000.000 to build a fence e. Rp215.000.000 to build a parking lot Instructions: Prepare the journal entries for the above transaction! (4%)

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