Ask Question, Ask an Expert


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

Nbspexplain brieflya written representationsb internal

Explain briefly (a) written representations, (b) internal control communications, and (c) management letters. In your answer, include the general content of the communication, the parties involved with the communication, ...

Bull explain how the magnetic audit trail functionsbull are

• Explain how the magnetic audit trail functions. • Are large batch sizes preferable to small batch sizes? Explain. • Discuss why an understanding of legacy system technologies is of some importance to auditors. • If an ...

Principles of accountingyou will select a company from this

Principles of Accounting You will select a company from this list, and you will analyze the company's financial performance, highlighting accounting principles and methods learned in this course. This project requires yo ...

Enter the given transactions in the bank account in ajays

Enter the given transactions in the bank account in Ajay's ledger 1 The owner started her business with a capital contribution of N$25 000 which she deposited in the business' bank account 3. Purchased stationary, N$140 ...

Please show your work a treasury bond that matures in 7

Please show your work. A Treasury Bond that matures in 7 years has a yield of 5.15%. A 7 year corporate bond has a yield of 7.15%. Assume that the liquidity premium on the corporate bond is 0.5%. What is the default risk ...

Barriers to critical thinkinginstructions1 refer to kirby

Barriers to Critical Thinking Instructions: 1. Refer to Kirby and Goodpaster (2007), Thinking: An interdisciplinary approach to critical and creative thought, Ch. 2. 2. There are multiple categories of internal barriers ...

Titania co sells p 400000 of 12 bonds on june 1 2010 the

Titania Co. sells P 400,000 of 12% bonds on June 1, 2010. The bonds pay interest or December 1 and June 1. The due date of the bonds is June 1, 2014. The bonds yield 10% On October 1, 2011, Titania buys back P 120,000 wo ...

Problem - selected account balances for hulse company at

Problem - Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts payable $13,376 Accounts Receivable 21,288 Cash 17,093 Inventory 12,796 Hulse's sales journal for January shows a to ...

Accountingmoviesplus inc is in its third year of business

Accounting MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the ...

The assignment will require the group to undertake research

The assignment will require the group to undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that you have chosen. Elder Ltd is the ap ...

  • 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