Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Ken and Susan Jones, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Ken Social Security number is 111-11-1111 and Susan is 222-22-2222. The Jones have two children: Emma, age 28, and Charlie, age 18. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively.
Ken is a commercial pilot for a small airline. His salary is $95,000, from which $19,000 of federal income tax and $8,000 of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance. $2,000 of the premium was for health insurance
Susan owns ABC Networks, a proprietorship that does network consulting. She works out of her home. During the year, Chanelle's gross revenues were $33,000. She incurred the following expenses in her business:
Liability insurance $ 700
Software rental 5,400
Journals and magazines 150
Training seminars 1,200
Supplies 1,300
Depreciation on assets acquired prior to 2013 2000
Susan purchased a laptop computer for $5000 on March 1, 2013. She chooses to elect the maximum Sec 179 expense on this computer.
Ken father passed away during the year. Ken and Susan received $100,000 from the life insurance policy. Neither Ken nor Susan paid any of the premiums.
Susan purchased 1000 shares of GE stock at $30 per share on May 1, 2003. She sold 500 shares at $45 per share on June 1 2013
Ken had to see a physical therapist for an injury this year. The $7,000 in charges was not covered by his insurance and he paid these billed this year.
Ken and Susan gave $900 to their church and, during the year, they had the following other income and expenses:
Real estate taxes $1,400
Home Mortgage interest 9,000
Credit card finance charges 2,600
Tax return preparation fees ($600 is allocable to Susan business) 1,000
Sales tax on purchases during the year 6,200
Interest from a savings account 1600
Interest from City of Boston Bonds 700
Dividend from P$G stock(Qualified) 2000
Prepare Ken and Susan tax return Form 1040 and Schedules A, B, C, D, Foem 8949, Form4562 and SE for the current year.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939636

Have any Question? 


Related Questions in Accounting Basics

Bull what does it mean to create a culture of honesty

• What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give an example from an organization with which you have been affiliated. • Codes of Conduct and Conflict of Interest Forms are often called ...

How would the auditors opinion differ if the financial

How would the auditor's opinion differ if the financial statements of a company that was a foreign private issuer were prepared in conformity with IFRS and filed with the SEC rather than prepared in conformity with U.S. ...

1 the rule that requires financial statements to reflect

1. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Going-concern a ...

Business administration managemntamp commercial sciences

BUSINESS ADMINISTRATION, MANAGEMNT& COMMERCIAL SCIENCES ACCOUNTING 512 ASSIGNMENT The purpose of an assignment is to ensure that the Learner is able to: Demonstrate an understanding of accounting principles. Systematical ...

Question 1 -jj industries is in the business of

Question 1 - JJ Industries is in the business of manufacturing large yachts. They have an agreement with one of their biggest customers that they will pay off their account of R18.5 million over the next three years, wit ...

Task- this assessment task consists of five

Task- This assessment task consists of five questions. Question 1 - Financial statement disclosures You are the financial accountant for Rainyday Ltd, and are in the process of preparing its financial statements for the ...

Describe how you would treat depreciation in the profit and

Describe how you would treat depreciation in the profit and loss account and balance sheet.

Learning outcomeson successful completion of this

Learning Outcomes: On successful completion of this assignment, students will be able to: - Recognise the laws relating to companies in Australia; and - Examine the duties, rights and responsibilities of company officers ...

Practice questionsfarmer george tractors ltd has

Practice questions: Farmer George Tractors Ltd has £500,000 to invest. The net cash flows of two possible projects are as follows: Year Project 1 Project 2   £ £ 1 80,000 90,000 2 100,000 110,000 3 180,000 190,000 4 140, ...

Write the given assignmentinstructions this assignment is

Write the given assignment. Instructions This assignment is an essay and should include an abstract, introduction, body, conclusion and bibliography. Maximum word count 1500 words not including the abstract and bibliogra ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate