Req A to D Complete the question by entering your answers in the tabs below. a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. a. b. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. C. d. Taxable income Req E S $ 0✔ 260✔ 650 x $ $ 1,250 Show less A

Req A to D Complete the question by entering your answers in the tabs below. a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. a. b. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. C. d. Taxable income Req E S $ 0✔ 260✔ 650 x $ $ 1,250 Show less A

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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LSG Company is a calendar year, cash basis taxpayer. On November 1, 2021, LSG paid $9,450 to the janitorial service that cleans their offices. How much of this expenditure can LSG deduct in 2021 assuming that: The expenditure is a prepayment for 6 months of cleaning services from November 2021 through April 2022? _____________________________________________________________________________________ _____________________________________________________________________________________ The expenditure is a prepayment for 18 months of cleaning services from November 2021 through April 2023? _________
Sophie is a single taxpayer. For the first payroll period in July 2022, she is paid wages of $1,100 semimonthly. Sophie claims one allowance on her pre-2020 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2022 Allowance Amount Weekly $ 83 Biweekly 165 Semimonthly 179 Monthly 358 Quarterly 1,075 Semiannually 2,150 Annually 4,300 Round intermediate computations and your final answer to two decimal places. a. Use the percentage method to calculate the amount of Sophie's withholding for a semimonthly pay period. Sophie's withholding: $ 921 X
am. 04.
For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.
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H1.
Wai Yeung is a self-employed insurance Salesperson. She started her business on January 1, 2022, and ended her first taxation year on December 31, 2022. On July 1, she purchased a car for $36,000 plus 13% HST. The car is financed with a bank loan and interest costs amounted to $1,970 from July 1 to December 31. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 400 Insurance 1,200 Gasoline 1,900 Parking while on business 500 During the period, Wai drove 16,000 Km, of which 12,000 Km were for business. Assume the car is not designated as immediate expensing property. Required: Complete the table below to answer the following questions. a. Determine the maximum amount that Wai can deduct from her business income for tax purposes in 2022. Show expenses as negative numbers. b. Calculate the maximum CCA that Wai can deduct in 2023 and 2024, assuming that business kilometres driven and total kilometres driven both remain constant and that she…
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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
M8
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Wai Yeung is a self-employed insurance Salesperson. She started her business on January 1, 2022, and ended her first taxation year on December 31, 2022. On July 1, she purchased a car for $36,000 plus 13% HST. The car is financed with a bank loan and interest costs amounted to $1,970 from July 1 to December 31. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 400 Insurance 1,200 Gasoline 1,900 Parking while on business 500 During the period, Wai drove 16,000 Km, of which 12,000 Km were for business. Assume the car is not designated as immediate expensing property. Required: Complete the table below to answer the following questions. a. Determine the maximum amount that Wai can deduct from her business income for tax purposes in 2022. Show expenses as negative numbers. b. Calculate the maximum CCA that Wai can deduct in 2023 and 2024, assuming that business kilometres driven and total kilometres driven both remain constant and that she…