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DiKsa [7]
2 years ago
13

Richard and Alice are divorced and under the terms of their written divorce agreement signed on December 30, 2011, Richard was r

equired to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2018. Additionally, Richard voluntarily paid Alice $1,200 per month for 12 months of 2018, no portion of which was designated as child support. Assuming that Alice has no other income, her tax return for 2018 should show gross income of:_________.
Business
1 answer:
murzikaleks [220]2 years ago
4 0

Answer:

$10,800

Explanation:

Alice's gross income must include the money she received from Richard as part of their divorce settlement, excluding the amount set for child support:

Alice's gross income = 12 x ($1,500 - $600) = 12 x $900 = $10,800

The extra money that Richard gave Alice that was not part of the divorce settlement is not included in her gross income, since it is included in Richard's gross income.

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Jane transferred a piece of real estate to her son Christopher 6 months ago. Jane purchased the real estate for $90,000 six year
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c. Christopher will have a dual basis for income tax purposes.

Explanation:

Due to the fact that the basis of Jane in the specific property was higher than the FMV of the property on the specific date that she gave out the property, therefore, the double basis principle will apply to Christopher. In addition, Christoper will not collect any additional basis for the tax paid on the gift. The correct answer is option c.

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In a guaranty​ situation, the​ _____ contract is between the person who agrees to pay the debt if the primary debtor does not an
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3 years ago
6. If two portfolios are well-diversified with a risk-free rate of 3.11% and the S&amp;P market return for the past year has bee
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4 0
3 years ago
Assume that Beaver uses the periodic system, and the end of period ending inventory for January is 110 units. a. Prepare all nec
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Answer:

<u>Part 1 a</u>

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Credit : Revenue $640

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Credit : Revenue $1,050

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Credit : Revenue $900

jan 31

Debit ; Cost of Sales (100 x $5 + 150 x $6 + 160 x $7) $2,520

Credit :  Inventory $2,520

<u>Part 1 b</u>

<em>Gross Profit = Sales - Cost of Sales</em>

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = (100 x $5 + 150 x $6 + 160 x $7) = $2,520

Therefore,

Gross Profit = $2,590 - $2,520

                   = $70

<u>Part 2 a</u>

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Debit : Cost of Sales (80 x $5.00) $400

Credit : Revenue (80 x $8.00)  $640

Credit : Inventory (80 x $5.00) $400

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Debit : Cost of Sales (20 x $5.00 + 100 x $6) $700

Credit : Revenue (120 x $8.75) $1,050

Credit : Inventory (20 x $5.00 + 100 x $6) $700

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Debit : Cost of Sales (50 x $6.00 + 50 x $7) $650

Credit : Revenue (100 x $9.00) $900

Credit : Inventory (50 x $6.00 + 50 x $7) $650

<u>Part 2 b</u>

<em>Gross Profit = Sales - Cost of Sales</em>

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = ($400 + $700 + $650) = $1,750

Therefore,

Gross Profit = $2,590 - $1,750

                   = $840

Explanation:

<em>Hie, see the attached the full question as images below</em>

<u>Part 1</u>

Note that the question in this part requires us to use the Periodic Inventory System. In Periodic Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the <em>end of the Period</em>, in this case at the end of the month of January.

<u>Part 2 </u>

Again it is important to note that the question in this part requires us to use the Perpetual Inventory System. In Perpetual Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the <em>after each and every transaction made</em>.

<u>Overall Comment</u>

The Company use of FIFO should be considered in both the Periodic Inventory System in Part 1 and Perpetual Inventory System in Part 2. FIFO method assumes that the first goods received by the business will be the first ones to be delivered to the final customer.

That said, Cost of Sales for Part 1 are determined and recognized at the end of the period and Cost of Sales for Part 2 are determined and recognized after every sale transaction made

4 0
3 years ago
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