Jamie lee jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner!
it is the time of year again when jamie lee must file her annual federal income taxes. last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $3,350, and also opened up an ira, to which she contributed $400 last year. her savings accounts earn 2% interest per year, and she also had received an unexpected $2,300 gift from her great aunt. jamie was also lucky enough last year to win a raffle prize of $3,600, most of which was deposited into her regular savings account after paying off her credit card balance
1 answer:
Answer:
Total Gross Income is equals to $41,210
<u></u>
Explanation:
Continuation of the question: <em>Estimate Jamie Lee's current tax liability by completing the form below. Use the 2016 values for standard deduction ($6,300) and personal exemption ($4,050). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories</em>
<em />
Solution:
Calculation of Gross Income
Particulars Amount
Salary $37,800
($3,150 * 12 month)
Interest Income from $210
Saving Accounts
($160+$50)
Raffle Prize Winnings <u>$3,200</u>
Total Gross Income <u>$41,210</u>
You might be interested in
Answer:
IKIBAN INC.
Statement of cash flow using indirect method for
the year ended June 30, 2019
Particulars Amount $
Cash flow from operating activities
Net Income 145,510
<em>Adjustments to reconcile net income to net</em>
<em>cash provided by operating activities </em>
<u>Adjustment for non cash effects</u>
Depreciation 81,600
Gain on sale of equipment -4,300
<u>Change in operating assets & liabilities</u>
Increase in accounts receivable -25,500
Decrease in inventory 34,200
Decrease in prepaid expenses 3,300
Decrease in accounts payable -16,500
Decrease in wages payable -11,300
Decrease in income taxes payable <u>-2,700 </u>
Net cash flow from operating activities (A) 204,310
Cash Flow from Investing activities
New equipment purchased -80,600
Equipment sold <u>12,300</u>
Net cash Flow from Investing activities (B) -68,300
Cash Flow from Financing activities
Cash dividends paid -162,310
($31,000 + $145,510 - $14,200)
Common stock issued 83,000
Notes payable paid <u>-30,000</u>
Net cash Flow from Financing activities (C) -109,310
Net Change in cash = A+B+C $26,700
($204,310 - $68,300 - $109,310)
Beginning cash balance <u>$67,000</u>
Closing cash balance <u> $93,700</u>
