Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January

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1. Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January

1, 2012. He financed the project using his personal funds. What is the amount of the low-income housing credit that Chris may claim in 2012 (assuming a rate of 7.96%)? What is the total amount of the credit that Chris may claim as a result of the $800,000 expenditure?

2.

Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2012. What is the amount of Casey’s deduction, assuming that he had purchased the stock for $10,000 on January 3, 2012, and the stock had a fair market value of $32,000 when he made the donation? Casey’s AGI is $400,000.

A. $0  B. $10,000C. $21,000D. $32,000E.None of the above
3.

Daren has investments in two passive activities. Activity A, acquired 3 years ago, produces income in the current year of $375,000. Activity B, acquired last year, produces a loss of $475,000 in the current year. At the beginning of this year, Daren’s at-risk amounts in Activities A and B are $250,000 and $400,000, respectively. What is the amount of Daren’s suspended passive loss with respect to these activities at the end of the current year? (Points : 5)

A. $0
B.$25,000C.$50,000D.$75,000
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Alpha Company had the following inventory data for the current month.

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I need help with the following question.. thanks i only have limited time…

Questions #3`Alpha Company had the following inventory data for the current month.UnitsUnit PriceTotalInventory 12/1/1320$ 45$ 900Purchase25$ 50$ 1,250Purchase35$ 55$ 1,925Available for Sale80$ 4,075Inventory 12/31/1325Quantity Sold55Compute cost of goods sold for each of the following methods:i. Average costii. First in, first out (FIFO)iii. Last in, first out (LIFO)
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Please if anyone can help me i have limited time… thanks

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Please if anyone can help me i have limited time… thanks

Question #5In the most recent year of operations, Bertha’s Games sold merchandise costing$80,000 for $170,000. All merchandise was sold under a one-year warranty. Atthe time of sale, Bertha estimated that warranty claims would amount to 4% ofsales. During the year, she replaced defective merchandise for $3,000. Alltransactions were cash transactions.i. Prepare journal entries to record all transactions related to the warranty.ii. Based solely on the above information, determine Bertha’s Games operatingincome for the year.
 
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can anyone please help me…i have limited time thanks in advance

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can anyone please help me…i have limited time thanks in advance

Question 1.1.(TCO 1) The owner’s interest in the assets of a corporation is known as(Points : 6)common stock.stockholders equity.long-term assets.operating expenses.Question 2.2.(TCO 1) An investor wishing to assess a company’s financial position at the end of the period would probably examine(Points : 6)the balance sheet.the statement of retained earnings.the income statement.the statement of cash flows.Question 3.3.(TCO 2) An account is increased by a debit and has a normal balance of a debit. This account is a(n)(Points : 6)expense account.liability account.asset account.both an expense account and an asset account.Question 4.4.(TCO 2) When using a four-column ledger account format, the pair of columns on the far right are used to show(Points : 6)the transactions’ date and journal reference.the debit and credit amounts posted from journal entries.the names of the accounts being debited and credited.the account’s balance.Question 5.5.(TCO 3) A trial balance showed total debits of $280,000 and total credits of $28,000. This discrepancy is most likely due to which type oferror?(Points : 6)SlideMislabelingTranspositionMissing transactionQuestion 6.6.(TCO 3) Which of the following statements regarding a trial balance is correct?(Points : 6)A trial balance may be taken at any time during the accounting period.A trial balance shows that total debits equals total credits.A trial balance is a list of all accounts with their balances.All of the above.
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