Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the end of the year)
moved to Georgia in January of this year. Reba provides more than
one-half of Heather’s support. They had been living in Colorado for
the past 15 years, but ever since her divorce, Reba has been
wanting to move back to Georgia to be closer to her family.
Luckily, last December, a teaching position opened up and Reba and
Heather decided to make the move. Reba paid a moving company $2,010
to move their personal belongings, and she and Heather spent two
days driving the 1,426 miles to Georgia.
Reba rented a home in Georgia. Heather decided to continue living
at home with her mom, but she started attending school full-time in
January and throughout the rest of the year at a nearby university.
She was awarded a $3,000 partial tuition scholarship this year, and
Reba helped out by paying the remaining $500 tuition cost. If
possible, Reba thought it would be best to claim the education
credit for these expenses.
Reba wasn't sure if she would have enough items to help her benefit
from itemizing on her tax return. However, she kept track of
several expenses this year that she thought might qualify if she
was able to itemize. Reba paid $5,800 in state income taxes and
$12,500 in charitable contributions during the year. She also paid
the following medical-related expenses for herself and Heather:
| Insurance premiums | $ | 7,952 |
| Medical care expenses | $ | 1,100 |
| Prescription medicine | $ | 350 |
| Nonprescription medicine | $ | 100 |
| New contact lenses for Heather | $ | 200 |
Shortly after the move, Reba got distracted while driving and
she ran into a street sign. The accident caused $900 in damage to
the car and gave her whiplash. Because the repairs were less than
her insurance deductible, she paid the entire cost of the repairs.
Reba wasn’t able to work for two months after the accident.
Fortunately, she received $2,000 from her disability insurance. Her
employer, the Central Georgia School District, paid 60 percent of
the premiums on the policy as a nontaxable fringe benefit and Reba
paid the remaining 40 percent portion.
A few years ago, Reba acquired several investments with her portion
of the divorce settlement. This year she reported the following
income from her investments: $2,200 of interest income from
corporate bonds and $1,500 interest income from City of Denver
municipal bonds. Overall, Reba’s stock portfolio appreciated by
$12,000 but she did not sell any of her stocks.
Heather reported $6,200 of interest income from corporate bonds she
received as gifts from her father over the last several years. This
was Heather’s only source of income for the year.
Reba had $10,000 of federal income taxes withheld by her employer.
Heather made $1,000 of estimated tax payments during the year. Reba
did not make any estimated payments. Reba had qualifying insurance
for purposes of the Affordable Care Act (ACA).
Using the information from part a-1, Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba.
Reba Dixon's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Reba Dixon: 111-11-1111
Heather Dixon: 222-22-2222
(Input all the values as positive numbers. Use 2019 tax rules regardless of year on tax form. Round your intermediate computations and final answers to the nearest whole dollar amount.)
In: Accounting
A current UC Santa Cruz graduate student who earned their biology degree at SFSU is doing research to replicate classic experiments that investigated the inheritance patterns of traits in the sweet pea plant. In one experiment, they mated a plant with wrinkled seeds (plant A) to a plant with smooth seeds (plant B). Of the resulting 100 offspring plants, they noted that 48 had wrinkled seeds and 52 had smooth seeds. Answer the questions below and make sure you fully explain your logic.
PART 1 (3 points):
Based on the results of the experiment above, can you conclude that the wrinkled phenotype is recessive to the smooth phenotype? Why or why not?
PART 2 (3 points):
In a subsequent experiment, they crossed two of the smooth pea plants that resulted from the original cross. Of the 100 offspring, 24 plants had wrinkled seeds and 76 had smooth seeds. Can you conclude from this which of the two phenotypes is dominant? Explain your reasoning.
PART 3 (3 points):
Based on the results of both crosses (in PART1 and PART2), what were the genotypes of the original two plants (plant A and plant B)? How did you figure this out?
In: Biology
Part 1:
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2017. She is 45 years old and has been divorced for four years. Reba rents out a small apartment building in Colorado Springs, Colorado. In 2017, Reba received $30,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, in November 2016, a teaching position opened up and Reba and Heather decided to make the move.
Reba and her daughter Heather (20 years old at the end of 2017) moved to Georgia in December 2016 and purchased a home for $80,000. In 2017, Reba paid $2,000 for home mortgage interest and $1,500 in real estate taxes on this same home.
Heather decided to continue living at home with her mom, and she started attending school full-time in January 2017 at a nearby university. She was awarded a $3,000 taxabll tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition and $700 textbook cost. If possible, Reba thought it would be best to claim the education credit for these expenses.
Reba wasn’t sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $2,800 in state income taxes via withholding from her paycheck and $6,500 in cash charitable contributions during 2017. She also paid the following medical-related expenses for her and Heather:
Insurance premiums
$
$4,795
Medical care expenses
$1,100
Prescription medicine
$350
Nonprescription medicine
$100
New contact lenses for Heather
$200
A few years ago, Reba acquired several investments with her portion of the divorce settlement. In 2017, she reported the following income from her investments: $2,200 of interest income from ABC, Inc. corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba’s stock portfolio appreciated by $12,000.
Heather reported $3,200 of interest income in 2017 from corporate bonds she received as gifts from her father over the last several years. This was Heather’s only source of income for the year. Reba provides more than one-half of Heather’s support.
Reba had $10,000 of federal income taxes withheld by her employer in 2017. Reba did not make any estimated payments. Reba had qualifying insurance for purposes of the Affordable Care Act (ACA) (She is not subject to a “lack of health care insurance” penalty).
Part 2: In addition to the information in Part 1, now also assume the following for 2017:
The $19,500 of expenses associated with Reba renting out a small apartment building is comprised of the following items: $5,500 depreciation, $6,500 property taxes, $3,000 insurance, $1,000 repairs, and $3,500 utilities. Reba will report this information and the $30,000 of rental payments received from tenants on Schedule E.
Reba is a also a part-time chef who has developed a new way to prepare great tasting, low-carbohydrate meals using fresh ingredients. She teaches cooking classes during the summer months when she is not teaching and reports this activity as a sole proprietorship on Schedule C using a principal business code of 611000 in Box B. Activity for the year included: gross receipts = $15,670, food supplies = $3,850, legal expenses = $900, office expense = $410, advertising = $800, and the purchase of a portable convection oven on June 15 used 100% for business purposes = $1,300 (claim the largest depreciation deduction possible). Reba uses the cash basis of accounting for tax purposes. In addition, Reba occasionally uses her personal car for business. Assume that Reba maintains a mileage log showing that she drove her car a total of 10,000 miles during the year including 900 miles for business purposes. Reba does not maintain a home office.
Reba had two stock transactions during the year: 1) Sold 5,000 shares of LMN Corp. common stock for $110,000 on May 5. The shares were originally purchased for $60 each on August 7, 2013. Reba decided to sell the LMN stock before the market price dropped any lower. 2) Sold 900 shares of Home Depot, Inc. common stock for $150 per share on April 21, 2017. The shares were inherited from Reba’s Aunt on March 21, 1997. We will discuss in class how to determine the basis of these shares.
Reba borrowed $25,000 from a broker to purchase investment assets including stocks and bonds. During the year, she paid the broker $1,750 of interest related to this loan.
complete the spreadsheet belwo
income
salary
taxable interest
non taxable interest
business income schedule c
capital gain or loss
rental real estate
total income
less adjustments for agi
deductible part of self employment tax
adjusted gross income
itemized deductions
medical and dental
taxes
interest
gift to charity
total itemized deductions
less itemized deduction or standard deduction
less exemptions
taxable income
tax less credits
education credit
plus other taxes
self employment tax
less payments
federal income tax witheld
refund / tax due
In: Accounting
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,500 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,280 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,300 of rental
payments from tenants and she incurred $19,617 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the end of the year)
moved to Georgia in January of this year. Reba provides more than
one-half of Heather’s support. They had been living in Colorado for
the past 15 years, but ever since her divorce, Reba has been
wanting to move back to Georgia to be closer to her family.
Luckily, last December, a teaching position opened up and Reba and
Heather decided to make the move. Reba paid a moving company $2,170
to move their personal belongings, and she and Heather spent two
days driving the 1,458 miles to Georgia.
Reba rented a home in Georgia. Heather decided to continue living
at home with her mom, but she started attending school full-time in
January at a nearby university. She was awarded a $3,160 partial
tuition scholarship this year, and Reba helped out by paying the
remaining $500 tuition cost. If possible, Reba thought it would be
best to claim the education credit for these expenses.
Reba wasn't sure if she would have enough items to help her benefit
from itemizing on her tax return. However, she kept track of
several expenses this year that she thought might qualify if she
was able to itemize. Reba paid $5,960 in state income taxes and
$12,660 in charitable contributions during the year. She also paid
the following medical-related expenses for herself and Heather:
| Insurance premiums | $ | 5,955 |
| Medical care expenses | $ | 1,260 |
| Prescription medicine | $ | 510 |
| Nonprescription medicine | $ | 260 |
| New contact lenses for Heather | $ | 360 |
Shortly after the move, Reba got distracted while driving and
she ran into a street sign. The accident caused $1,060 in damage to
the car and gave her whiplash. Because the repairs were less than
her insurance deductible, she paid the entire cost of the repairs.
Reba wasn’t able to work for two months after the accident.
Fortunately, she received $2,160 from her disability insurance. Her
employer, the Central Georgia School District, paid 60% of the
premiums on the policy as a nontaxable fringe benefit and Reba paid
the remaining 40% portion.
A few years ago, Reba acquired several investments with her portion
of the divorce settlement. This year she reported the following
income from her investments: $2,360 of interest income from
corporate bonds and $1,660 interest income from the City of Denver
municipal bonds. Overall, Reba’s stock portfolio appreciated by
$12,160 but she did not sell any of her stocks.
Heather reported $6,520 of interest income from corporate bonds she
received as gifts from her father over the last several years. This
was Heather’s only source of income for the year.
Reba had $10,000 of federal income taxes withheld by her employer.
Heather made $1,000 of estimated tax payments during the year. Reba
did not make any estimated payments. Reba had qualifying insurance
for purposes of the Affordable Care Act (ACA).
a. Determine Reba’s federal income tax refund or taxes payable for the current year. Use Tax Rate Schedule for reference. (Round your intermediate computations and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
Gross Income:
Salary
Alimony received
Rental receipts
Disability insurance payments
Interest income from corporate bonds
Interest income from municipal bonds
(1)Gross income
Deductions for AGI:
Expenses for rental property
(2)Total for AGI deductions
(3)AGI
From AGI deductions:
Medical expenses
State income taxes
Charitable contributions
(4)Total itemized deductions
(5)Standard deduction
(6)Greater/Lesser of itemizied deduction or standard deduction
(7)Taxable income
(8)Tax on taxable income
(9)Credits
(10)Tax prepayments
B. Is Reba allowed to file as a head of household or single?
C. Determine the amount of FICA taxes Reba was required to pay on her salary. (Round your final answer to the nearest whole dollar amount.)
D. Determine Heather’s federal income taxes due or payable. Use Tax Rate Schedule, Dividends and Capital Gains Tax, Estates and Trusts for reference. (Round your intermediate computations and final answer to the nearest whole dollar amount.)
In: Finance
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2020. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced on 12/31/2016). Reba also rents out a
small apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the end of the year)
moved to Georgia in January of this year. Reba provides more than
one-half of Heather’s support. They had been living in Colorado for
the past 15 years, but ever since her divorce, Reba has been
wanting to move back to Georgia to be closer to her family.
Luckily, last December, a teaching position opened up and Reba and
Heather decided to make the move. Reba paid a moving company $2,010
to move their personal belongings, and she and Heather spent two
days driving the 1,426 miles to Georgia.
Reba rented a home in Georgia. Heather decided to continue living
at home with her mom, but she started attending school full-time in
January and throughout the rest of the year at a nearby university.
She was awarded a $3,000 partial tuition scholarship this year, and
Reba helped out by paying the remaining $500 tuition cost. If
possible, Reba thought it would be best to claim the education
credit for these expenses.
Reba wasn't sure if she would have enough items to help her benefit
from itemizing on her tax return. However, she kept track of
several expenses this year that she thought might qualify if she
was able to itemize. Reba paid $5,800 in state income taxes and
$12,500 in charitable contributions during the year. She also paid
the following medical-related expenses for herself and Heather:
| Insurance premiums | $ | 7,952 |
| Medical care expenses | $ | 1,100 |
| Prescription medicine | $ | 350 |
| Nonprescription medicine | $ | 100 |
| New contact lenses for Heather | $ | 200 |
Shortly after the move, Reba got distracted while driving and
she ran into a street sign. The accident caused $900 in damage to
the car and gave her whiplash. Because the repairs were less than
her insurance deductible, she paid the entire cost of the repairs.
Reba wasn’t able to work for two months after the accident.
Fortunately, she received $2,000 from her disability insurance. Her
employer, the Central Georgia School District, paid 60 percent of
the premiums on the policy as a nontaxable fringe benefit and Reba
paid the remaining 40 percent portion.
A few years ago, Reba acquired several investments with her portion
of the divorce settlement. This year she reported the following
income from her investments: $2,200 of interest income from
corporate bonds and $1,500 interest income from City of Denver
municipal bonds. Overall, Reba’s stock portfolio appreciated by
$12,000, but she did not sell any of her stocks.
Heather reported $6,200 of interest income from corporate bonds she
received as gifts from her father over the last several years. This
was Heather’s only source of income for the year.
Reba had $10,000 of federal income taxes withheld by her employer.
Heather made $1,000 of estimated tax payments during the year. Reba
did not make any estimated payments. Reba had qualifying insurance
for purposes of the Affordable Care Act (ACA).
a. Determine Reba’s federal income taxes due or taxes payable for the current year. Use Tax Rate Schedule for reference. (Do not round intermediate values. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
2020 Tax Rate Schedules
Individuals
Schedule X-Single
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 9,875 | 10% of taxable income |
| $ 9,875 | $ 40,125 | $987.50 plus 12% of the excess over $9,875 |
| $ 40,125 | $ 85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $ 85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $47,367.50 plus 35% of the excess over $207,350 |
| $518,400 | — | $156,235 plus 37% of the excess over $518,400 |
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 19,750 | 10% of taxable income |
| $ 19,750 | $ 80,250 | $1,975 plus 12% of the excess over $19,750 |
| $ 80,250 | $171,050 | $9,235 plus 22% of the excess over $80,250 |
| $171,050 | $326,600 | $29,211 plus 24% of the excess over $171,050 |
| $326,600 | $414,700 | $66,543 plus 32% of the excess over $326,600 |
| $414,700 | $622,050 | $94,735 plus 35% of the excess over $414,700 |
| $622,050 | — | $167,307.50 plus 37% of the excess over $622,050 |
Schedule Z-Head of Household
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 14,100 | 10% of taxable income |
| $ 14,100 | $ 53,700 | $1,410 plus 12% of the excess over $14,100 |
| $ 53,700 | $ 85,500 | $6,162 plus 22% of the excess over $53,700 |
| $ 85,500 | $163,300 | $13,158 plus 24% of the excess over $85,500 |
| $163,300 | $207,350 | $31,830 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $45,926 plus 35% of the excess over $207,350 |
| $518,400 | — | $154,793.50 plus 37% of the excess over $518,400 |
Schedule Y-2-Married Filing Separately
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 9,875 | 10% of taxable income |
| $ 9,875 | $ 40,125 | $987.50 plus 12% of the excess over $9,875 |
| $ 40,125 | $ 85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $ 85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $311,025 | $47,367.50 plus 35% of the excess over $207,350 |
| $311,025 | — | $83,653.75 plus 37% of the excess over $311,025 |
In: Accounting
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2018. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental.
Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather’s support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia.
Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses.
Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather:
Insurance premiums $ 5,795
Medical care expenses $ 1,100
Prescription medicine $ 350
Nonprescription medicine $ 100
New contact lenses for Heather $ 200
Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn’t able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60% of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40% portion.
A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba’s stock portfolio appreciated by $12,000 but she did not sell any of her stocks.
Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather’s only source of income for the year.
Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Reba had qualifying insurance for purposes of the Affordable Care Act (ACA).
a. Determine Reba’s federal income tax refund or taxes payable for the current year. Use Tax Rate Schedule for reference. (Round your intermediate computations and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
|
In: Accounting
My introduction to taxation professor changed the grading scale without notifying us. The syllabus has not changed at all during or towards the end of the semester. We never knew that she changed the scale until our grades for the course were published. The syllabus states that an 87% to 89% is a B+ and that percentages that are .5% will be rounded up. My final percentage earned in the class was 86.74%, which qualifies for that round up. The professor said that yes, she did round up to an 87%, but she, "believes that an 80% to 89% is a B,"(Direct Quote) and gave me a B for my course grade. I attended every single one of her lectures and always participated. I would have remembered if she said there were changes made to the grading scale during our short, 5 week course. She did not mention changes were being made at all. I realize that there's not much a difference between a B and B+, but it affects one's GPA negatively if their average is high. What can I do? Do I talk to the department head or go to the dean with this issue? Is it still possible to get a B+? Also, is this an ethical thing for a professor to do? This has never happened in my entire educational career, and I have been a student for a long time. Please help. I am unsure what to do.
Also, please do not be biased and blame it on me for not achieving a better grade. I came here for help, not to be told I didn't try hard enough, which I did. I put in more work for that class than my other 2 summer classes combined Nobody received an A for the course out of 30 students. The professor was more than unwilling to answer questions the entire semester and was generally not available for assistance. Exams were full of mistakes, assignments and projects received zero feedback, unavailable during office hours, etc. I have about 16 other students who I've spoken with that can support my statements, who all say she was the worst professor at our university hands down.
In: Accounting
The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery, follow the normal distribution. The mean yearly amount earned is $40,000 and the standard deviation is $5000.
a. What percentage of sales representatives earn between $32,000 and $42,000 per year?
b. What percentage of sales representatives earn more than $42,000 per year?
c. The sales manager wants to award the sales representatives who earn the largest commissions a bonus of $1000. He can award a bonus to 20% of the representatives. What is the cutoff point between those who earn a bonus and those who do not?
I want the solution to be solved in excel
In: Statistics and Probability
How to solve this question on Microsoft Excel
The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery, follow the normal distribution. The mean yearly amount earned is $40,000 and the standard deviation is $5000.
a. What percentage of sales representatives earn between $32,000 and $42,000 per year?
b. What percentage of sales representatives earn more than $42,000 per year?
c. The sales manager wants to award the sales representatives who earn the largest commissions a bonus of $1000. He can award a bonus to 20% of the representatives. What is the cutoff point between those who earn a bonus and those who do not?
In: Statistics and Probability
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.
| April | 1 | Nozomi invested $44,000 cash and computer equipment worth $35,000 in the company. | ||
| 2 | The company rented furnished office space by paying $1,500 cash for the first month’s (April) rent. | |||
| 3 | The company purchased $1,100 of office supplies for cash. | |||
| 10 | The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. | |||
| 14 | The company paid $800 cash for two weeks' salaries earned by employees. | |||
| 24 | The company collected $11,000 cash for commissions earned. | |||
| 28 | The company paid $800 cash for two weeks' salaries earned by employees. | |||
| 29 | The company paid $500 cash for minor repairs to the company's computer. | |||
| 30 | The company paid $1,350 cash for this month's telephone bill. | |||
| 30 | Nozomi withdrew $2,100 cash from the company for personal use. |
The company's chart of accounts follows:
| 101 | Cash | 405 | Commissions Earned |
| 106 | Accounts Receivable | 612 | Depreciation Expense—Computer Equip. |
| 124 | Office Supplies | 622 | Salaries Expense |
| 128 | Prepaid Insurance | 637 | Insurance Expense |
| 167 | Computer Equipment | 640 | Rent Expense |
| 168 | Accumulated Depreciation—Computer Equip. | 650 | Office Supplies Expense |
| 209 | Salaries Payable | 684 | Repairs Expense |
| 301 | J. Nozomi, Capital | 688 | Telephone Expense |
| 302 | J. Nozomi, Withdrawals | 901 | Income Summary |
Use the following information:
Required:
1. & 2. Prepare journal
entries to record the transactions for April and post them to the
ledger accounts in Requirement 6b. The company records prepaid and
unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b,
prepare an unadjusted trial balance as of April 30.
4. Journalize the adjusting entries for the month
and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of
April 30.
5b. Prepare the statement of owner's equity for
the month of April 30.
5c. Prepare the balance sheet at April 30.
6a. Prepare journal entries to close the temporary
accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.
In: Accounting