College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 1, Problem 2QY
To determine
Find the correct option, the option which indicates the correct amount of owners’ equity of PT Services.
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Anna has the following income for the quarter:
a. Professional income P80,000
b. Income from her business P30,000
c. Compensation income P40,000
d. Interest income from bank deposit P10,000.
1. What amount of income will Anna report in her quarterly income tax return?
a. P80,000
b. P110,000
c. P120,000
d. P150,000
2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR?
a. P6,400
b. P8,800
c. P9,600
d. P12,000
Use the following for the next two questions:
Your clients, who file MFJ, have a MAGI of $318,000. They recently sold their principal residence for $1,195,000, which
had a cost basis $671,500. Their total other NII is $39,000.
4) What is their total Net Investment Income?
a. $0
b. $39,000
c. $62,500
d. $107,000
5) How much NIIT do they owe?
a $1,482
b. $2,375
c. $2,584
d. $4.484
Hadiya Benzema is reviewing her assets and liabilities. What is her net worth?
Assets:
Cash in checking account, $1,000
Cash in savings account, $2,800
Current value of investments in U.S. savings bonds, $4,000
Current value of investments in stocks & mutual funds, $9,700
Current cash value of life insurance, $7,300
Current value accrued pension benefit, $25,000
Current value of house, $155,000
Current value of furniture and appliances, $8,000
Current value of jewelry, $600
Current value of automobile, $7,200
Liabilities:
Current unpaid bills, $800
Home mortgage unpaid balance, $100,000
Auto loan unpaid balance, $3,200
Property Taxes owed, $1,000
Home improvement loan balance, $1,200
Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - In July of this year, M. Wallace established a...Ch. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - P. Schwartz, Attorney at Law, opened his office on...Ch. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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