Accounting question and answers for January 30, 2024
- Q What is the 2024 alternative maximum tax exemption amount for married taxpayers filing a joint return
- Q All of the following are true about bonus depreciation, except:Bonus depreciation is available for the year the property is purchased, regardless of the year placed in serviceQualified property includes tangible...
- Q 6A company soldInventory costing $60,000.The customer paid cash of $100,000.How does this transaction affect the selling company's accounting equation? Assets increase by $40,000; owners' equity increases by $40,000. Assets increase...
- Q what are housing deductions per forein employer
- Q Which of the following is not reportable as wages, salaries, tips, etc. on Form 1040, Lines 1a-i?A. Medicaid waiver payments included in earned income.B. Income of a statutory employeeC....
- Q Which of the following is not reportable as wages, salaries, tips, etc. on Form 1040, Lines 1a-i?A. Medicaid waiver payments included in earned income.B. Income of a statutory employeeC....
- Q Which statement is true regarding Social Security, benefits, benefits, or tax exempt unless the recipient receives earned income and access of a certain threshold amount, benefits, or taxable if the...
- Q The central bank of Kundakwashe enteredinto an agreement with Mbuzumai Resourcesltd on the understanding that they'll providea loan to Kalahari Mining company. However,the directors for Mbudumai advised theshareholders of the...
- Q 1.      Imagine you are the financial analyst for a small business that manufactures eco-friendly water bottles. The following financial information is available for the last quarter:• Revenue: The company sold...
- Q A similarly between American opportunity credit in the lifetime learning credit is ___? A. both apply to graduate studies be both may be refundable see both gradually face out if...
- Q Which of the following taxpayers' retirement distribution is taxable on the California tax return?Saffron received tier 2 railroad retirement.Tucker received social security.Candice received a distribution from her traditional IRA.She had...
- Q What is an example of direct materials?
- Q In an ABC system, how are the costs belonging to a cost pool identified?
- Q which of the following statements regarding record keeping requirements is true electronic storage systems have separate control and retention guidelines from hard copy books and Records when electronic storage systems...
- Q which of the following statements is correct section 179 deduction is taken after many bonus depreciations and before figuring regular depreciation under ma CRS bonus depreciation is taken after any...
- Q An example of a security control to safeguard taxpayer information is?
- Q ?Which of the following is incorrect regarding the standard deduction?A. ?Consider an individual to be age 65 ?on the day before their 65 ?th birthday.B. ?A taxpayer who claims...
- Q Which of the following is correct regarding the failure to timely file Form 1120S: a.the penalty amount is based on a per shareholder amount b.the penalty is based on a monthly basis...
- Q The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the needed changes/additions directly on the Engagement Letter. LILTS BERGER...
- Q An Auto Finance Company (AFC) is doing business for last 20 years and offers various financial products including finance lease, hire purchase and operating lease. AFC takes postdated cheques from...
- Q 35.Which of the following is true regarding an S corporation that converted from a C corporation:Â a.NOL carryforwards arising from transactions when in C status can be carried forward to a...
- Q Consider the following account starting balances and journal transactions involving these accounts.Use T-accounts to record the starting balances and organize the offsetting entries for the transactions.The starting balance of Accounts...
- Q The IRS will not postpone which of the following deadlines for taxpayers affected by a federally declared disaster?A. Filing income and employment tax returnsB. Paying income and employment taxesC....
- Q On September 1, 2024, ?Daylight Donuts signed a $148,000,8%, ?six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. ?Daylight Donuts should report interest...
- Q n which of the following situations would a debtor realize income from the discharge of debt: a.the debtor is solvent at the time of discharge b.the debtor is insolvent at the time...
- Q Which of the following is true regarding earnings and profits of an S corporation: a.there are no penalties for an S corporation having earnings and profits b.there can be severe penalties for...
- Q 46.Which of the following is correct regarding property distributions to shareholders:Â a.generally when an S corporation distributes appreciated property in a nonliquidating distribution, the distribution is treated as if the property...
- Q Examples of situations that could arise in the computation of S corporation income that would not arise for an individual include which of the following: a.distribution of appreciated property b.issuance of stock...
- Q 43.An S corporation’s Code Sec. 444 election will terminate when an S corporation does which of the following: a.liquidates b.changes its required tax year c.becomes a member of a tiered structure that does...
- Q Which of the following is a violation of the Sarbanes-Oxley Act?Giving shares of stock to employeesNot reporting financial information about a businessMerging with a competitor
- Q Which of the following is an example of a compelling reason for a corporation to obtain a fiscal year reporting authorization from the IRS under the facts and circumstances test:Â a.to...
- Q 39.Which of the following is true regarding the IRS’s view of the cash method of accounting for S corporations: a.it recommends the use of the cash method b.it is hostile to the...
- Q 38.Which of the following is correct regarding the accounting method choices available to S corporations: a.S corporations are required to use the accrual method of accounting b.if an S corporation is a...
- Q Update the balance sheet above to ?reflect the transactions below, which occur on ?January 6, 2024Borrow $55,000 ?from a bankBuy $14,000 ?worth of ?manufacturing supplies on ?creditPay $7,000 ?owed to ?a...
- Q How are foreign taxes that an S corporation pays treated:Â a.they are aggregated on Form 1120SÂ b.the shareholder deducts them as an itemized deduction of their Form 1040, Schedule AÂ c.the shareholder claims...
- Q Update the balance sheet above to reflect the transactions below, which occur on January 6, 20241. ?Buy \( \$ 15,000 \) ?worth of manufacturing supplies on credit2. ?Purchase equipment for \( \$ 48,000 \) ?in...
- Q Summarize how effective each company is in managing inventory based upon the type(s) of products the company sells and the industry in which it competes. Include discussion about whether the...
- Q Which of the following is correct regarding Code Sec. 1367(a)(2) for contributions of appreciated capital gain property by S corporations: a.the amount of the shareholder’s basis reduction will be equal to...
- Q Which of the following is correct regarding interest expense paid on investment debts of an S corporation:Â a.they are aggregated on Form 1120SÂ b.they are passed through to shareholders as a separate...
- Q 52.If an S corporation shareholder-employee is entitled to reimbursement, but opts not to be reimbursed, which of the following is correct regarding the expenses: a.they become non-deductible b.they become capital expenses c.they are...
- Q 51.Which of the following is correct regarding additional Medicare tax assessed based on the Patient Protection and Affordable Care Act of 2010:Â a.the .9 percent additional tax is assessed on all...
- Q Which of the following is correct regarding the net operating loss (NOL) deduction for 2024: a.the NOL deduction for a tax year is unlimited b.the NOL deduction is limited to the aggregate...
- Q The balance sheet value of ?a firm's inventory is ?$65,000. ?Suppose that the firm purchases supplies at ?a cost of$1,500 ?and adds them to ?inventory. A day later, the market...
- Q Bob is the sole shareholder and employee in an S corporation engaged in the landscape design business which broke even during 2024. The business paid Bob a salary of $60,000...
- Q Update the balance sheet above to ?reflect the transactions below, which occur on ?January 6, 2024Sell product for $25,000 ?with historical cost of ?$20,000Sell product for $20,000 ?with historical cost of...
- Q What is the main reason(s) some companies prefer using the LIFO inventory method? Select ALL that apply.Higher costs result in a cash tax savings.It simplifies the accounting process.It aligns with...
- Q Explain whether the total value of inventory is increasing or decreasing on the balance sheet for Coca-Cola and PepsiCo
- Q ll of the following are correct regarding fringe benefits related to S corporations except: a.fringe benefits paid to all 2-percent-or-less shareholders are deductible to the S corporation b.fringe benefits paid to all...
- Q Update the balance sheet above to ?reflect the transactions below, which occur on ?January 6, 2024Receive payment of ?$12,000 ?owed by ?a customerBuy $15,000 ?worth of ?manufacturing supplies on ?creditPurchase equipment...
- Q Even when an S corporation is not engaged in a trade or business, it may be able to deduct which of the following expenses: a.interest b.taxes c.both A and B above d.none of the...
- Q Select the correct answer0 ?General instructionsA person can get escaped from the penalties of Sec. 447 (Criminal liabilities for misstatementsOptionsTest lime left: 15.56×4monson fine int 014 ?in the prospectus) ?if he...
- Q The company is open and honest about what information we colect, how we use it and what rights individuals have. We seek to make our intentions very easy to understand...
- Q what is the maximum age a taxpayer is elgible to contribute to tradional ira
- Q What is the maximum amount of premium that a qualified plan may generally allocate to the purchase of life insurance in the plan?a. Less than 10% of the amount to...
- Q The requirements, duties, and responsibilities imposed by the companies Act ,2019Â (Act 992)Â on promoters in relation to per-incorporation transactions are onerous and unfair. Discuss giving references to the Companies Act, 2019(Act...
- Q When it seems like a client has exaggerated their income in a loan application, which type of fraud is potentialy being committed?Third-party fraud, where a clent has been defrauded by...
- Q if an individual is claimed as a dependent by anouther tax payer, qualifed tution and expenses paid by that individual during the year are instead treated as paid by tax...
- Q A taxpayer can make a one time only tax free rollover using a trustee-to-trustee transfer to an HSA from which of the following: a.an IRA b.a simplified employee pension (SEP) plan c.a SIMPLE...
- Q All of the following are correct regarding S corporations and HSAs except: a.an S corporation can make contributions to HSAs for the two-percent or more shareholder-employees b.S corporations can deduct contributions made...
- Q Which of the following is correct regarding meal and entertainment expenses for S corporations in 2024: a.generally all business meals and entertainment expenses are deductible b.generally all business meals and 50% of...
- Q When a shareholder acquires stock in an S corporation using borrowed funds in whole or in part to make the acquisition, the shareholder is required to allocate interest expense incurred...
- Q Update the balance sheet above to ?reflect the transactions below, which occur on ?January 6, 2024Sell product for $25,000 ?with historical cost of ?$20,000Sell product for $20,000 ?with historical cost of...
- Q John, an age-45 taxpayer, paid $8,000 for his health insurance coverage in 2024. If he is self-employed and had a $50,000 adjusted gross income for the year, how much of...
- Q I am buying a company for 7x revenue. Revenue is $20M. I have a 2x revenue term loan, and management is rolling $20M. There are $10M of transaction expenses. What...
- Q provide a report which evaluates the quality of taylor wimpey's 2023 risk and viability reporting with particular reference to the s172 report
- Q What is the limit generally applicable to an itemizing taxpayer’s charitable cash contributions made in2024?
- Q What is a proper security control for safeguarding taxpayer information
- Q Shirley and Bob are married, receive Social Security benefits and file a joint tax return. What is the base amount with which (1)/(2) of their net Social Security benefits plus...
- Q An individual may receive a lump sum social security payment for the current year and prior tax years Which of the following is an option for reporting this lump sum...
- Q Question 29 of 30How is a return on sales ratio derived?Select an answer:a company's sales for the year minus the cost of goods solda company's owner equity divided by sales...
- Q arry, an age 45 participant in his employer’s simplified employee pension, resigned to take a new job and received a $20,000 complete distribution from his designated Roth account in the...
- Q Question 22 of 30How is EPS calculated?Select an answer:by the costs incurred in normal business operations to generate revenueby dividing the number of outstanding shares of stock by the net...
- Q Reporting and Taxability of Unemployment CompensationQuestion 22 of 100.Matilda lost her job on June 3, 2024. She received $12,000 of unemployment compensation during the second half of the year. Her 2023...
- Q Where on schedule C can a sole proprietor deduct Compensation, they earned for providing services to the trade or business.
- Q Where on schedule c can a sole provider deduct compensation they earn for providing service to the trade or business
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