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- I need the answer as soon as possibleLO.2Leonard’s home was damaged by a fire. He also had to be absent from work for several days to make his home habitable. Leonard’s employer paid Leonard his regular salary, $2,500, while he was absent from work. In Leonard’s pay envelope was the following note from the employer: To help you in your time of need. Leonard’s fellow employees also took up a collection and gave him $900. Leonard spent over $4,000 repairing the fire damage. Based on the above information, how much is Leonard required to include in his gross income?T19 Two students are registered for the same class and attend independently of each other, student A 90% of the time and student B 80% of the time. The teacher remembers that on a given day at least one of them is in class. What is the probability that student A was in class that day? (Round your answer to three decimal places.)
- Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying a few items and asks for your help. Which of the transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for $1,350 a month. b. Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $900, but he hasn’t yet received the bill. c. Hugo borrowed $3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500. e. Hugo paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received. f. Hugo invested $2,300 in a mutual fund. g. Hugo’s Aunt Lydia gave him a birthday gift of $300.c. Ira recently moved to take a job. For the first month on the new job, Ira was searching for a home to purchase or rent. During this time, his employer permitted Ira to live in an apartment the company maintains for customers during the buying season. The month that Ira occupied the apartment was not during the buying season, and the apartment would not otherwise have been occupied. The use of the apartment should qualifies as and therefore is gross income.Gary Watson, a graduating business student at a small college, is currently interviewing for a job. Gary was invited by both Tilly Manufacturing Company and Watson Supply Company to travel to a nearby city for an interview. Both companies have offered to pay Gary's expenses. His total expenses for the trip were $96 for mileage on his car and $45 for meals. As he prepares the letters requesting reimbursement, he is considering asking for the total amount of the expenses from both employers. His rationale is that if he had taken separate trips, each employer would have had to pay that amount. Who are the parties that are directly affected by this ethical dilemma? multiple choice 1 Tilly Manufacturing Company Watson Supply Company Both the employers Are the other students at the college potentially affected by Gary's decision? multiple choice 2 Yes No Are the professors at the college potentially affected by Gary's decision? multiple choice 3 Yes No…
- Palmer finally decided to pick up the phone and request an urgent meeting withSands to resolve the problem. He got up enough nerve and put in the call only tobe told that Sands wouldn’t be back in the office until next week. As he put the receiver down, he thought maybe things would get better.TWO WEEKS LATERSands showed up unexpectedly at Palmer’s office and said they needed to talkabout Olds. Palmer was delighted, thinking that now he could tell her what hadbeen going on. But before he had a chance to speak, Sands told him that Olds hadcome to see her yesterday. She told him that Olds confessed that he was having ahard time working on both Crosby’s and Palmer’s projects. He was having difficulty concentrating on the auditing work in the afternoon because he was thinking about some of the consulting issues that had emerged during the morning. Hewas putting in extra hours to try to meet both of the projects’ deadlines, and thiswas creating problems at home. The bottom line was that he…3What is Schedule D net income (Capital gains and losses)? Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit. The disability plan premiums and the disability benefit payments were not included in Paul’s W-2 wages reported in paragraph 3. Schedule D =
- The following is an excerpt from a conversation between two salesclerks, Jean Moen and Sara Cheney. Jean and Sara are employed by Turpin Meadows Electronics, a locally owned and operated electronics retail store.Jean: Did you hear the news?Sara: What news?Jean: Neal and Linda were both arrested this morning.Sara: What? Arrested? You’re putting me on!Jean: No, really! The police arrested them first thing this morning. Put them in handcuffs, read them their rights— the whole works. It was unreal!Sara: What did they do?Jean: Well, apparently they were filling out merchandise refund forms for fictitious customers and then taking the cash.Sara: I guess I never thought of that. How did they catch them?Jean: The store manager noticed that returns were twice that of last year and seemed to be increasing. When he confronted Neal, he became flustered and admitted to taking the cash, apparently more than $9,000 in just three months. They’re going over the transactions of the last six months to…Felix is a property claims adjuster for a large property insurer. Janet is a policyholder who recently notified the company that the roof of her home incurred substantial damage because of a recent hailstorm. Janet owns her home and has a standard Homeowner's policy with no special endorsements. What questions should Felix ask before the claim is approved for payment by his company.Joel is an executive in the printing company in Sydney, one day he needs to visit one of his client in Canberra, He drove his car and on the way he was stopped by the police because of speeding He got speeding ticket of $450, discuss whether Joel can claim the deduction under S8-1 (General Deduction)?

