Ch 5, 6, 12, 13 Excel

.xlsx
School
Waukesha County Technical College **We aren't endorsed by this school
Course
106 110
Subject
Accounting
Date
Nov 4, 2023
Pages
79
Uploaded by monkeycurtis10 on coursehero.com
1) Stock value 20,000 Economic Income 20,000 Sell? NO Amount in Gross income - Sale Price 0 Sales Commission 0 Basis 0 Gain 0 2) Stock value - Economic Income 5,750 Sell? YES Amount in Gross income 5,750 Sale Price 10,000 Sales Commission 250 Basis 4,000 Gain 5,750 3) Rental Income 2,700 Economic Income 3,450 Municipal Interest 750 Amount in Gross income 2,700 MUNI INTEREST IS NOT INCLUDED IN GROSS INCOME! 4) Money paid in current year 200 Amount in Gross income 200 Money paid in future 300 5) Face Value of Tickets 50 Amount in Gross income 400 Market Value of Tickets 400 5) Face Value of Tickets - Amount in Gross income 450 Market Value of Tickets 500 Actual Price 450 6) Barter Income Face Value of Tickets - Amount in Gross income 275 Market Value of Tickets - Actual Price - Services from Club Member 275 Services used - 7) Barter Income Face Value of Tickets - Amount in Gross income 550 Market Value of Tickets - Actual Price -
Services from Club Member 550 Services used - Credit was issued and represents a valuable right to services Even through not used still represents income 8) Barter Income Face Value of Tickets - Amount in Gross income - Market Value of Tickets - Actual Price - Services from Club Member - Services used - Credit received 450 Creit usable in ? CY or NY NY
1) Itemized Deductions 19,750 Itemized Deductions Standard Deduction 19,400 Standard Deduction Reduction in Taxable income 19,750 Refund Itemized Deductions adjusted for refund 19,330 Taxes paid Reduction in taxable income adjusted for the refund 19,400 Tax benefit due to prior deduction of refund 350 Refund to be included in Gross income 2) Itemized Deductions 10,800 Itemized Deductions Standard Deduction 12,950 Standard Deduction Reduction in Taxable income 12,950 Refund Itemized Deductions adjusted for refund 9,900 Taxes paid Reduction in taxable income adjusted for the refund 12,950 Tax benefit due to prior deduction of refund - Refund to be included in Gross income 3) Itemized Deductions 14,390 Itemized Deductions Standard Deduction 12,950 Standard Deduction Reduction in Taxable income 14,390 Refund Itemized Deductions adjusted for refund 13,490 Taxes paid Reduction in taxable income adjusted for the refund 13,490 Tax benefit due to prior deduction of refund 900 Refund to be included in Gross income 4) Itemized Deductions 19,200 Itemized Deductions Standard Deduction 25,900 Standard Deduction Reduction in Taxable income 25,900 Refund Itemized Deductions adjusted for refund 14,000 Taxes paid Reduction in taxable income adjusted for the refund 25,900 Tax benefit due to prior deduction of refund - Refund to be included in Gross income 5) Itemized Deductions 32,200 Itemized Deductions Standard Deduction 25,900 Standard Deduction Reduction in Taxable income 32,200 Refund Itemized Deductions adjusted for refund 27,000 Taxes paid Reduction in taxable income adjusted for the refund 27,000 Tax benefit due to prior deduction of refund 5,200 Refund to be included in Gross income
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