Person A is the president of Success Blizzard Corporation. He is a child of Person M and Person F, along with Person B and Person S. Person A has a wife, Person W, who died years ago. Person A and Person W has children, Person C1, Person C2 and Person C3. Due to loneliness, Person A currently has a domestic partner, Person D, and they have a child, Person C4. Person D has two children in her prior marriage, Person X and Person Y. Which of the following is true? Person X is not a close family member. Person Y is not a close family member. Person C4 is a close family member. Person S is a close family member.
Q: PIZZA Parlor Co had the following available information: Accounts receivable P200,000 Accounts…
A: Current assets are those assets which are either in cash or can be converted into cash into short…
Q: a. Equipment with a book value of $79,000 and an original cost of $167,000 was sold at a loss of…
A: Purchases of physical assets, investments in securities, the sale of securities or assets are all…
Q: What is a transactions balance? the cash a firm holds to counter the uncertainty surrounding…
A: Transaction Balance is the amount held by the company to meet their day to day expenses.
Q: Which one of the following may account for an adverse labour efficiency variance? O a. Using higher…
A: Using higher-grade materials leads to lower wastage rates It will indeed reduce cost but it will not…
Q: 3. Manny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is…
A: The federal income tax means the tax that is paid on the income earned by the taxpayer. The amount…
Q: Right before his death from a terminal illness, Shing makes a gift of $615,000 cash to his church—a…
A: The gift received by a person is not taxable In the hand of the receiver however the person who…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Formula: Direct labor efficiency efficiency = ( Standard hours - Hours ) x Standard rate
Q: Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will help…
A: Relevant cost: Any cost which is relevant to decision making. These costs are avoidable. Relevant…
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Formula: Interest amount = Notes amount x Interest rate x Time period
Q: The directors of Komfwe’s Bibbentuckers are considering purchasing a new laundry machinery that…
A: Net present value =Present value of cash inflows - present value of cash outflows Pay back period=…
Q: Assume that the market for wood is perfectly competitive. Some of the world’s biggest wood mills…
A: Supply for a commodity means the quantity the suppliers of the commodity are willing to sell and…
Q: LSP pellets were made by the secret process of mixing LSD with opium in the optimum proportion of…
A: The dissimilarity between the actual and the budgeted expenses of an entity is termed as variances.…
Q: Learning Task 2:
A: Assets are resources that are controlled which results from prior transactions that are expected to…
Q: Glendale Company is using process costing system. The following were taken from the books for…
A: Formula Equivalent production for materials = Units completed + Units in process
Q: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:…
A: Introduction: Net income is the amount of revenue that remains after deducting all of a company's…
Q: Cola Tinidora, 63 years old, was treated by her grandchildr Allen, and Ellen to Max's restaurant…
A: Senior citizen in the Philippines are given 20% discount on before VAT prices and they enjoy this…
Q: Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's…
A: The first in first out method states that the beginning work in progress units are completed first…
Q: Stewart Industries sells its finished product for $8.71per unit. Its fixed operating costs are…
A: The question is based on the concept of cost accounting.
Q: Spice Inc.'s unit selling price is $46, the unit variable costs are $31, fixed costs are $106,000,…
A: Values given in the question Unit selling Price = $46 Unit variable cost = $31 Contribution per…
Q: Highlight T Strikethrough A company is preparing a tender to provide a service to a new client.…
A:
Q: Q4- Presented below is the adjusted trial balance of Risen Corporation at December 31, 2020. Debit…
A: The business entities or lenders determine financial ratios to compare different companies' outcomes…
Q: Rudy Anne wants to buy new farm equipment costing P350,000 making a down payment of P50,000. The…
A: In the context of the given question, we are required to compute the monthly amount of payments.…
Q: dvertising and Promotion Expenses ncome Tax Expense $ 264,300 56,680 44,080 nterest Expense cher…
A: The income statement is prepared to know about the profitability of the business The net income is…
Q: Jackie qualified as Head of Household for 2020 tax purposes. Jackie's 2020 taxable income was…
A: The capital loss and capital gains are adjusted against each other over the period of time.…
Q: FASB Comparability Verifiable Consistency Free Cash Flow Chart of Accounts Double-Entry System…
A: For every business, evaluation of results is very important for period end. Process of accounting is…
Q: Glendale Company is using process costing system. The following were taken from the books for…
A: Introduction: Material can also refer towards the raw material used to make finished goods.…
Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…
A: There are different methods through which the customers make the payment to the company like for the…
Q: escribe the points to consider a tax practitioner must consider while determining whether a taxpayer…
A: A tax practitioner is a person who not only prepares tax returns for his clients but also advises…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: Introduction: An organization's assets are the assets it has to manage. That property can come from…
Q: After all of the account balances have been extended to the Income Statement columns of the work…
A: Net Income/ Loss - Net Income is the amount resulted from the formula total credit minus total…
Q: On January 1, 2007, Taft Co. purchased a patent for 714,000. The patent is being amortized over its…
A: Solution We are provided with the following information Cost of patent = 714,000 Amortization time…
Q: • 2 shares in Tom Ltd for every 5 shares in Jerry Ltd. Jerry Ltd had one million shares outstanding.…
A: Journal entries are maintained with appropriate proofs of receipt, bill, etc. This is so that the…
Q: The following scenario relates to 5 questions. Bear Co has developed a new model of television. The…
A: Actual learning rate means the rate at which the labor is learning more efficiently. In simple words…
Q: Highlight F Strikethrough A company sells two products and has calculated the following information…
A: Variance is the deviation which is computed after comparing actual results and standard set for the…
Q: AllTalk Technologies manufactures capacitors for cellular base stations and other communications…
A: Static budget is prepared at a fixed and pre-decided number of units of sales whereas flexible…
Q: Given the costs to produce 30,000 units, calculate the amounts for 1.-4. below Number of units…
A: Fixed costs do not change with the volume of the production. The variable cost varies with the…
Q: In its first year of operations, Patricia Corp. earned $48,100 in service revenue. Of that amount,…
A: Cash basis of accounting : Under cash basis all those transaction are considered for which cash is…
Q: What is the total amount to be reported in gross income subject to regular tax?* a. 406,000 b.…
A: The lender means the person who lends money to other persons. The amount he lends to others is known…
Q: Problem 19-29 (Algorithmic) (LO. 3) At her death, Chow owned 55% of the stock in Finch Corporation,…
A: Goodwill: Goodwill is an intangible asset that accounts for a company's excess acquisition price.…
Q: 23 The articles of incorporation: A set forth the number of shares of stock that can be issued. B.…
A: The articles of incorporation refers to the formal documents which are filed by a company before…
Q: Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit.…
A: Total amount to be paid off shall be: = Opening Balance + Purchases - Returns Further, the said…
Q: Calculate the cost of goods available for sale using the following data: Purchase P 80,000…
A: Direct expenses = Transportation In = P3,000 Net purchases = Purchases - Purchase returns and…
Q: Komfwe’s Bibbentucke full cost statements appears as follows: Cost centre Cost (ZMW) Direct…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Which of the following statements is not correct?* a. The OSD is an amount equal to 40% of the…
A: Optional standard deduction is the one which is availed by the taxpayer to be subtracted from the…
Q: 6. Prior department costs are most similar to: A. Conversion costs that are added continuously…
A: Here discuss about the details of the prior department cost which is mostly similar to the…
Q: why net present value is considered to be superior to internal rate of return as an investment…
A: Investment- The purchase of an asset in order to generate income or capital gain is referred to as…
Q: The following information is taken from the balance sheet of Chel Corp. as of December 31, 2015:…
A: Paid in capital means the amount contributed by share holder in company as share capital Retained…
Q: Barger Corporation has the following data as of December 31, 2024: Total Current Liabilities $36,210…
A: The debt-equity ratio is a financial ratio that indicates the firm's ability to meet its outstanding…
Q: Take me to the text Forward Solutions has the following balances as at September 30, 2019- Cash…
A: In the context of the given question, we are required to prepare the balance sheet as of September…
Q: Choose the response that correctly completes the following sentence about an individual partner's…
A: A partnership firm is nothing but an association of 2 or more people working as partners. The…
Answer ASAP pls
Person A is the president of Success Blizzard Corporation. He is a child of Person M and Person F, along with Person B and Person S. Person A has a wife, Person W, who died years ago. Person A and Person W has children, Person C1, Person C2 and Person C3. Due to loneliness, Person A currently has a domestic partner, Person D, and they have a child, Person C4. Person D has two children in her prior marriage, Person X and Person Y. Which of the following is true?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Goerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles. On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after…Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1117. Devon does not want 3 to go to the Presidential Election Campaign Fund. Devons wife, Ariane, passed away in 2014. Devons son, Tom, who is age 18, resides with Devon. Toms Social Security number is 123-45-6788. Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory; the business operates as Devons Copy Shop, 422 E. Main Street, Albuquerque, NM 87131, IRS business activity code: 453990. His revenues and expenses for 2018 are as follows. Other income received by Devon includes the following. During the year, Devon and his sole proprietorship were involved in the following property transactions. Stock transactions were reported to Devon on Form 1099B; basis was not reported to the IRS. a. Sold Blue, Inc. stock for 45,000 on March 12, 2018. He had purchased the stock on September 5, 2015, for 50,000. b. Received an inheritance of 300,000 from his uncle, Henry. Devon used 200,000 to purchase Green, Inc. stock on May 15, 2018, and invested 100,000 in Gold, Inc. stock on May 30, 2018. c. Received Orange, Inc. stock worth 9,500 as a gift from his aunt, Jane, on June 17, 2018. Her adjusted basis for the stock was 5,000. No gift taxes were paid on the transfer. Jane had purchased the stock on April 1, 2012. Devon sold the stock on July 1, 2018, for 22,000. d. On July 15, 2018, Devon sold one-half of the Green, Inc. stock for 40,000. e. Devon was notified on August 1, 2018, that Yellow, Inc. stock he purchased from a colleague on September 1, 2017, for 52,500 had become worthless. Although he understood that investing in Yellow was risky, Devon did not anticipate that the corporation would declare bankruptcy. f. On August 15, 2018, Devon received a parcel of land in Phoenix worth 220,000 in exchange for a parcel of land he owned in Tucson. Because the Tucson parcel was worth 245,000, he also received 25,000 cash. Devons adjusted basis for the Tucson parcel was 210,000. He originally purchased it on September 18, 2015. g. On December 1, 2018, Devon sold the condominium in which he had been living for the past 20 years (1844 Lighthouse Lane, Albuquerque, NM 87131) and moved into a rented townhouse. The sales price was 480,000, selling expenses were 28,500, and repair expenses related to the sale were 9,400. Devon purchased the condominium for 180,000. Devons potential itemized deductions, exclusive of the aforementioned information, are as follows. During the year, Devon makes estimated Federal income tax payments of 35,000. Compute Devons lowest net tax payable or refund due for 2018 assuming that he makes any available elections that will reduce the tax. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, B, C, D, and SE and Forms 4562, 8824, and 8949. Suggested software: ProConnect Tax Online.Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.
- Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred 90,000 to her in settlement of the personal injuries she sustained. The Deans had the following expenditures for 2018: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employers pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.Margaret, age 65, and John, age 62, are married with a 23 -year-old daughter who lives in their home. They provide over half of their daughter's support, and their daughter earned $4,100 this year from a part-time job. Their daughter is not a full-time student. The daughter can/cannot be claimed as a dependent because: She cannot be claimed because she is over 19 and not a full-time student. She can be claimed because she is a qualifying child. She can be claimed because she is a qualifying relative. She cannot be claimed because she fails the gross income test.Kathy and Brett Ouray married in 2001. They began to experience marital difficulties in 2015 and, in the current year, although they are not legally separated, consider themselves completely estranged. They have contemplated getting a divorce. However, because of financial concerns and because they both want to remain involved in the lives of their three sons, they have not yet filed for divorce. In addition, their financial difficulties have meant that Kathy and Brett cannot afford to live in separate residences. So although they consider themselves emotionally estranged, they and their three sons all reside in a single-family home in Chicago, Illinois. Although Brett earns significantly more than Kathy, both contribute financially to maintaining their home and supporting their teenage sons. In one of their few and brief conversations this year, they determined that Brett had contributed far more than Kathy to the maintenance of their home and the support of their sons. Thus, Brett has decided that for the current tax year, they will file separate Federal income tax returns and that he will claim head-of-household filing status. Although they live under the same roof, Brett believes that he and Kathy should maintain separate households. Given this fact and the fact that he provides significantly more for the support of their sons, he believes that he is eligible for head-of-household filing status. Advise Brett on which filing status is most appropriate for him in the current year. His address is 16 Lahinch, Chicago, IL 60608.