subject
Business, 28.12.2019 03:31 delmi02bazidera

Ken is 63 years old and unmarried. he retired at age 55 when he sold his business, understock. com. though ken is retired, he is still very active. ken reported the following financial information this year. assume ken files as a single taxpayer. determine ken's gross income and complete page 1 of form 1040 for ken. a. ken won $1,200 in an illegal game of poker (the game was played in utah, where gambling is illegal).b. ken sold 1,000 shares of stock for $32 a share. he inherited the stock two years ago. his tax basis (or investment) in the stock was $31 per share. c. ken received $25,000 from an annuity he purchased eight years ago. he purchased the annuity, to be paid annually for 20 years, for $210,000.d. ken received $13,000 in disability benefits for the year. he purchased the disability insurance policy last year. e. ken decided to go back to school to learn about european history. he received a $500 cash scholarship to attend. he used $300 to pay for his books and tuition, and he applied the rest toward his new car payment. f. ken's son, mike, instructed his employer to make half of his final paycheck of the year payable to ken as a gift from mike to ken. g. ken received the check on december 30 in the amount of $1,100.h. ken received a $610 refund of the $3,600 in state income taxes his employer withheld from his pay last year. ken claimed $6,350 in itemized deductions last year (the standard deduction for a single filer was $6,300).i. ken received $30,000 of interest from corporate bonds and money market accounts.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 20:30
Abond is issued for less than its face value. which statement most likely would explain why? a. the bond's contract rate is higher than the market rate at the time of the issue. b. the bond's contract rate is the same as the market rate at the time of the issue. c. the bond's contract rate is lower than the market rate at the time of the issue. d. the bond isn't secured by specific assets of the corporation.
Answers: 1
question
Business, 22.06.2019 02:00
On january 1, 2017, fisher corporation purchased 40 percent (90,000 shares) of the common stock of bowden, inc. for $980,000 in cash and began to use the equity method for the investment. the price paid represented a $48,000 payment in excess of the book value of fisher's share of bowden's underlying net assets. fisher was willing to make this extra payment because of a recently developed patent held by bowden with a 15-year remaining life. all other assets were considered appropriately valued on bowden's books. bowden declares and pays a $90,000 cash dividend to its stockholders each year on september 15. bowden reported net income of $400,000 in 2017 and $348,000 in 2018. each income figure was earned evenly throughout its respective year. on july 1, 2018, fisher sold 10 percent (22,500 shares) of bowden's outstanding shares for $338,000 in cash. although it sold this interest, fisher maintained the ability to significantly influence bowden's decision-making process. prepare the journal entries for fisher for the years of 2017 and 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your final answers to the nearest whole dollar.)
Answers: 3
question
Business, 22.06.2019 05:30
Eliza works for a consumer agency educating young people about advertisements. instead of teaching students to carefully read advertisement claims, she encourages them to develop a strong sense of self and to keep their life goals and dreams separate from commercial products. why might eliza's advice make sense?
Answers: 2
question
Business, 22.06.2019 19:20
The following information is from the 2019 records of albert book shop: accounts receivable, december 31, 2019 $ 42 comma 000 (debit) allowance for bad debts, december 31, 2019 prior to adjustment 2 comma 000 (debit) net credit sales for 2019 179 comma 000 accounts written off as uncollectible during 2017 15 comma 000 cash sales during 2019 28 comma 500 bad debts expense is estimated by the method. management estimates that $ 5 comma 300 of accounts receivable will be uncollectible. calculate the amount of bad debts expense for 2019.
Answers: 2
You know the right answer?
Ken is 63 years old and unmarried. he retired at age 55 when he sold his business, understock. com....
Questions
question
Mathematics, 17.09.2020 04:01
question
English, 17.09.2020 04:01
question
French, 17.09.2020 04:01
question
English, 17.09.2020 04:01
question
English, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
German, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
English, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
question
Mathematics, 17.09.2020 04:01
Questions on the website: 13722367