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Steve files head of hosehold

Accounting

  1. Steve files head of hosehold. In 2020, he receivel & $23,000 in Social Security benefits, & 10.000 in retirement income and & 4000 in interest & dividend income. steve's toxcable Social Security benefits are? ?
  2. On January 1, 2016, Sinclair Corp. bought equipment using a $10,000,000 zero-interest-bearing bond due on January 1, 2021. The prevailing rate of interest for a note of this type at January 1, 2016 was 7%. What amount of interest expense should be included in Sinclair’s 2017 income statement?

    a.     $499,100.00

    b.     $0.00

    c.     $534,037.00

    d.     $571,419.59

  3.  The ledger of Oriole Company on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Debit Credit $ 1,800 2,800 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,100 24,000 10,800 60,000 0 14,000 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $300 per month. One-third of the unearned rent revenue was earned during the quarter. Interest totaling $600 is accrued on the notes payable for the quarter. Supplies on hand total $560. Insurance expires at the rate of $100 per month. 4. 5. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. amount is entered. Do not indent manually.) No. Date Account Titles Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31

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1.

Taxable social security benefit    
     
  combined income =(0.5 social security benefits + retirement income + incterest income)
    =(0.5*23000)+10000+4000
    25500
     
  Social security benefits 23000
  50% of social security benefits 11500
  Taxable incomes  
  Retirement income 10000
  Interest and dividend income 4000
  Total combined income 25500
     
  Limit of combined income 25000
     
  Taxable amount 500
     
  For combined income any non-taxable or exempt income is also taken into consideration'  

2. Because,zero coupon bonds are bonds that do not pay interest during the life of the bonds. Instead, investors buy zero coupon bonds at a deep discount from their face value, which is the amount a bond will be worth when it "matures" or comes due. 

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