Category Archives: ACC 401

ASH ACC 401 Entire Course updated

ASH ACC 401 Entire Course updated

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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 updated

ACC 401 Week 1 Quiz updated
ACC 401 Week 1 Quiz Set 2 updated
ACC 401 Week 1 DQ 1 Basic Concepts updated
ACC 401 Week 1 DQ 2 Gross Income updated
ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 updated
ACC 401 Week 2 DQ 1 Adjusted Gross Income updated
ACC 401 Week 2 DQ 2 Itemized Deductions updated
ACC 401 Week 2 Quiz updated
ACC 401 Week 3 Assignment Chapter 6 updated
ACC 401 Week 3 DQ 1 Self-Employed Business Income & Capital Gains updated
ACC 401 Week 3 DQ 2 Rental Property & Royalties updated
ACC 401 Week 3 Quiz updated
ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49 updated
ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes updated
ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement Plans updated
ACC 401 Week 5 Final Paper Assignment updated
ACC 401 Week 5 DQ 1 Partnership Taxation updated
ACC 401 Week 5 DQ 2 Corporate taxation updated
ACC 401 All Assignments and Quizzes updated
ACC 401 Entire Course updated

 

 

 

ASH ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 updated

ASH ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 updated

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Week 1 Assignment 1

Chapter 2: Problems 32, 33 & 38
32) List the five types of filing status and briefly explain the requirements for the use of each one.
33) In which of the following cases may the taxpayer claim head of household filing status?
a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son.
b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.
c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents.
Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year
38) Julio and Martina are engaged and are planning to travel to Las Vegas during the 2009 Christmas season and get married around the end of the year. In 2009, Julio expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Julio nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2009 or on January 1, 2010. What do you recommend? Explain your answer (disregard the making work pay credit).
Chapter 3: Problems 35, 36, & 42
35) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2009 in each of the following independent cases.
A taxpayer completes $500 of accounting services in December 2009 for a client who pays for the accounting work in January 2010.
A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2009, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2009.
Same facts as (b) except that the computer is returned on January 5, 2010.
On December 18, 2009, a landlord rents an apartment for $700 per month and collects the first and last month’s rent up front. It is customary that tenants apply the deposit to their last month’s rent upon moving out.
An accountant agrees to perform $500 of tax services for an auto mechanic who has agreed to perform repairs on the car of the wife of the accountant. The mechanic repairs the car in December 2009 and the accountant starts and completes the tax work in March 2010. 
36. A taxpayer who purchases a Series EE U.S. Savings Bond must report the interest income (i.e., increase in value) on the bond on the date the bond is redeemed or the taxpayer can elect to report the interest currently in income. Under what circumstances should a taxpayer report income at maturity? Under what circumstances is it more advantageous to report income currently?
42. Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and interest income of $2,000. Except as noted, those income items are reasonably consistent from year to year. At the end of 2009, Sean is considering selling stock which would result in an immediate gain of $10,000, a reduction in future dividends of $1,000, and an increase in future interest income of $1,500. He has asked you for advice. What course of action do you recommend

 

 

ASH ACC 401 Week 1 DQ 1 Basic Concepts updated

ASH ACC 401 Week 1 DQ 1 Basic Concepts updated

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From Chapter 1, complete discussion questions 6, 9, & 10. From Chapter 2, complete discussion questions 3, 6, 9, & 10. Review Appendix E (2014 IRS Tax Forms) to see where dependents are shown on the tax return. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

 

 

ASH ACC 401 Week 1 DQ 2 Gross Income updated

ASH ACC 401 Week 1 DQ 2 Gross Income updated

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From Chapter 3, answer discussion questions 1, 2, 3, 10, 12, & 15. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

 

 

ASH ACC 401 Week 1 Quiz updated

ASH ACC 401 Week 1 Quiz updated

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QUIZ 1

1) Under the cash receipts and disbursements method, the taxpayer reports income in the year:

2) What item should not be included in income?

3) Which of the following statements is true with respect to marginal and average tax rates?

4) In terms of dollars, wage earning taxpayers will normally pay the majority of their tax liability:

5) Income may be realized in the form of:

6) Maria is 21 years of age and a full-time student living by herself. She had wages of $19,000 for 2007. Can Maria claim the exemption for herself on her tax return?

7) For tax purpose, marital status is determined as of the ……. Day of the year

8) Pedro agreed to repair a house for a client and started to work on December 30, 2006. On January 2, 2008, he completed the job and received payment from the client. Pedro must record the income in:

9) Which of the following items would not be considered as support for a dependency exemption?

10) Employers report wage income to employees on a:

 

ASH ACC 401 Week 1 Quiz Set 2 updated

ASH ACC 401 Week 1 Quiz Set 2 updated

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1. Question : What is the amount of the social security wage limitation for 2014?

2. Question : With respect to the income tax formula, which of the following statements is
3. Question : To be a qualifying child, the taxpayermust meet three general tests and five
specific tests. Which one is not part of the five specific tests?
4. Question : Which of the following would disqualify a taxpayer from filing a Form 1040EZ?
5. Question : The basic standard deduction in 2014 for a single taxpayer who is 67 years old
and not blind is:

6. Question : The basic standard deduction in 2014 for a taxpayer, 67 and not blind, filing head
of household is:

7. Question : What is the amount of the tax liability for a married couple having taxable income
of $153,500? All answers should be rounded to the nearest dollar.
8. Question : Which of the following trial courts hear tax cases?
9. Question : A 37-year-old taxpayer with a dependent child and claiming head of household
status has received $21,000 in child support payments and earned wages of
$46,000. Which is the simplest form this person canfile?

10. Question : The basic standard deduction in 2014 for a Head of Household taxpayer who is 41
years old and not blind is:

 

ASH ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 updated

ASH ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 updated

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Week 2 Assignment 2
Chapter 4, complete problem 53 and problem 55.
53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000.
a. How much of this must be reported on Linda’s tax return?
b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?
54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences?
55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year.
Chapter 5, complete problem 54, problem 61, and problem 62
54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam. 
61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable
Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009?
62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, what is her deductible transportation expense?

 

 

ASH ACC 401 Week 2 DQ 1 Adjusted Gross Income updated

ASH ACC 401 Week 2 DQ 1 Adjusted Gross Income updated

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Ch5. 
48. Mickey is a 12-year-old dialysis patient. Three times a week he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home they go 10 miles out of their way to stop at Mickey’s favorite restaurant. Their total round trip is 50 miles per day. How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2010. Explain your answer.
52. On April 1, 2010, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2010. Amy paid the full amount of property tax of $ 2,500. Calculate both Paul’s and Amy’s allowable deductions for the property tax. Assume a 365 day year.
53. In 2009 Sherri, a single taxpayer, had $3,600 in state tax withheld from her paycheck. She properly deducted that amount on her 2009 tax return as an itemized deduction that she qualified for, thus reducing her tax liability. After filing her 2009 tax return, Sherri discovered that she had overpaid her state tax by $316. She received her refund in July 2010. What must Sherri do with the $ 316 refund? Explain your answer.

 

ASH ACC 401 Week 2 DQ 2 Itemized Deductions updated

ASH ACC 401 Week 2 DQ 2 Itemized Deductions updated

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QUIZ 2

 

1) Henry graduated from university of Maryland in 2006, in 2009, to take advantage of lower interest rates, he refinanced his qualified education loans with another loan. He is not a dependent on another person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009?

2) Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore not deductible as an itemized deduction?

3) Which of the following miscellaneous itemized deduction is not subject to the 2% of adjusted gross income limitation?

4) For the deduction of self-employment taxes, which of the following statements is correct?

5) Paola is a freshman in the UC-Davis degree program in veterinary medicine. In 2008, Paola paid $3,000 in tuition, $500 for books, and $250 for supplies for class. Paola also paid room and board of $3,500. What is the total qualifying education expense for education loan for Paola in 2007?

6) Which of the following costs are deductible on Form 1040, Schedule A, as taxes?

7) Which of the following miscellaneous deductions are subjected to the 2% of adjusted gross income limitation?

8) During 2009 Shakira paid the following expenses:

What is   the total amount of medical expenses that would enter into the calculation of itemized deductions on Shakira’s 2009 income tax return?

9) The deduction for qualified tuition and related expenses included?

10)  Maria files her tax return married filing separately. She has not lived with her husband for over two years. Beginning in January 2009, by court ordered decree, she paid her husband $600 per month as separate maintenance. For 2009, how much will she be able to deduct as alimony?

 

 

 

ASH ACC 401 Week 2 DQ 2 Itemized Deductions updated

ASH ACC 401 Week 2 DQ 2 Itemized Deductions updated

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QUIZ 2

 

1) Henry graduated from university of Maryland in 2006, in 2009, to take advantage of lower interest rates, he refinanced his qualified education loans with another loan. He is not a dependent on another person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009?

2) Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore not deductible as an itemized deduction?

3) Which of the following miscellaneous itemized deduction is not subject to the 2% of adjusted gross income limitation?

4) For the deduction of self-employment taxes, which of the following statements is correct?

5) Paola is a freshman in the UC-Davis degree program in veterinary medicine. In 2008, Paola paid $3,000 in tuition, $500 for books, and $250 for supplies for class. Paola also paid room and board of $3,500. What is the total qualifying education expense for education loan for Paola in 2007?

6) Which of the following costs are deductible on Form 1040, Schedule A, as taxes?

7) Which of the following miscellaneous deductions are subjected to the 2% of adjusted gross income limitation?

8) During 2009 Shakira paid the following expenses:

What is   the total amount of medical expenses that would enter into the calculation of itemized deductions on Shakira’s 2009 income tax return?

9) The deduction for qualified tuition and related expenses included?

10)  Maria files her tax return married filing separately. She has not lived with her husband for over two years. Beginning in January 2009, by court ordered decree, she paid her husband $600 per month as separate maintenance. For 2009, how much will she be able to deduct as alimony?