Paid 135,00 from the business funds for the repair and maintenance of his residence. Journal Entry
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Paid 135,00 from the business funds for the repair and maintenance of his residence.
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- Aa 148.Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.7 Martha has a gross income of $63,822. She can make adjustments of $10,884 for business losses, $3,672 for business expenses, and $2,983 for contributions to her retirement plan. What is Martha's adjusted gross income?
- Justine Kofos purchased a house for $700,000 in Victoria for. The stamp duty payable is : Select one: a. $2,870 b. $44,870 c. $37,070 d. $26,990Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 1,270 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance 710 6,300 1,150 800 Utilities 840 Depreciation 10,950 During the year, Natalie rented out the condo for 98 days, receiving $31,250 of gross income. She personally used the condo for 40 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.)Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0
- Victoria has the following property income in 2022/23. i) She let a house to tenants throughout the year at a monthly rate of £800. She incurred the following expenditure during the year Insurance Cleaning Boiler service Replacement of windows with improved widows Letting agent fees 600 200 350 5,250 900 ii) She let out another house for part of the year. It was first let to tenants from 1 June 2022 at a monthly rent of £950. She paid £250 to advertise the property before it was let. During the year she paid £400 insurance in respect of the property. iii) On 6 April 2022 she let out a leasehold office building. The tenant paid £12,000 for the grant of a 12-year lease, in addition to annual rental of £18,000. During the year Victoria paid £900 insurance in respect of the building. iv) Throughout the year she let out a room in the house she lives in for £9.600 per annum. The expenses relating to the room in the year were £1,200. Required: a) Calculate Victoria's property business profits…Please help meYolanda is a cash basis taxpayer with the following tranasctions during the year: Cash received from sales of products $70,000 Cash paid for expenses (except rent and interest) $40,000 Rent prepaid on a leased building for 18 monts beginning December 1 $48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year.
- Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.Hardevto pay for college, henry recjeves the following: 1,000 scholarships from the Thespian Club to pay for book, 4,000 scholorship from the elks lodge tuition, 5000 worth room and board as a dorm supervisor through a work study program
