During the audit of Mr. and Mrs. Greenwood’s income tax return, the revenue agent concluded that the couple had claimed a $26,300 deduction that was not allowed by law.

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I need help with the following question please as soon as possible.. thanks in advance…

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1. During the audit of Mr. and Mrs. Greenwood’s income tax return, the revenue agent concluded that the couple had claimed a $26,300 deduction that was not allowed by law. The improper deduction reduced the couple’s tax by $19,205. The Greenwood’s total tax deficiency was $13,890.

a.Compute the penalty that the IRS agent can impose if the agent concludes that the improper deduction was attributable to negligence.

b.Compute the penalty that the IRS agent can impose if the agent concludes that the improper deduction was attributable to fraud

 
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 D Trucking uses the accrual method of accounting. Below is a reconciliation of D Trucking’s allowance for bad debts for the current year.

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I need help with the following question please help…

1. D Trucking uses the accrual

method of accounting. Below is a reconciliation of D Trucking’s allowance for bad debts for the current year.

Beginning allowance for bad debts
$61,150
Actual write-offs of accounts receivable during the year
(80,000)
Addition to allowance
88,500
Ending allowance for bad debts
$69,650

Considering the difference between the GAAP and the tax rules for accounting for bad debts, calculate D Trucking’s temporary excess of taxable income over book income.

 
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1.Mr. and Mrs. Adam moved from Chicago, IL to Detroit, MI so that Mrs. Adams could accept employment with Ultra Corporation.

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Need help with the following question please help…

1.Mr. and Mrs. Adam moved from

Chicago, IL to Detroit, MI so that Mrs. Adams could accept employment with Ultra Corporation. As part of her employment contract, Mrs. Adams received a $10,000 moving allowance. What is the effect of this $10,000 cash receipt on the couple’s AGI assuming the following?

Their deductible moving expenses totaled     $8,000.
Their deductible moving expenses totaled     $11,000

 
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TCO 2, 4, & 5) Prepare any journal entries based on the following data regarding the bank reconciliation

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TCO 2, 4, & 5) Prepare any journal entries based on the following data regarding the bank reconciliation

prepared by Titon Com for the month of April 20XX:

Part A. The unadjusted balance in the cash account on Titon’s books was $8,715.71.

Part B. The April 30 balance shown on Titon’s bank statement was $8,472.36.

Part C. A customer that owed Titon $700 on a note paid the $700, and $35 for interest directly to Titon’s bank. Titon did not know about this payment prior to receiving its bank statement.

Part D. Titon had made a deposit of $1,635.25 near the end of April that had not cleared the bank when it prepared Titon’s bank statement.

Part E. Titon discovered that a check it had written for $153.15 had been erroneously recorded in its books as $135.15. This check had been written to pay an account payable.

Part F Three checks that Titon had written during April had not cleared the bank by April 30. The amounts of these checks were $147.90, $372.15, and $209.45.

Part G. Titon has a checking account that earns interest on the minimum monthly balance. The bank statement showed that $35.12 of interest was earned during April.

Part H The bank statement showed that a check written by one of Titon’s customers was returned for NSF. The check was for $79.72. Titon did not know about the NSF check before receiving its bank statement.

Part I. The bank charged Titon a $10.00 service charge for the month of April.

REQUIRED: Prepare the necessary reconciliation entries for each part. Be sure to note which account is debited and credited. (Points : 25)

 
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