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1)Brenda has adjusted gross income (AGI) of $65,000 for this year

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1)Brenda has adjusted gross income (AGI) of $65,000 for this year. She usually itemizes her deductions She had to undergo surgery earlier in the year for which she paid $5,700 out of pocket to meet her deductible and co-pay. It is December and she has some dental work pending, and her dentist reminded her on her last visit to get it done as soon as possible. If Brenda decides to undergo the dental treatment for a total out-of-pocket cost of $3,500 and she itemizes deductions, her AGI will be reduced by $5,700 B reduced by $5,700 + $3,500. C ? zero. D reduced by $5,700 + $3,500 - 10% of AGI.

2)Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet LO 2-2, 2-3, 2-4, 2-5 Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: $ 50,000 Land $444,000 Accounts Payable Buildings Cash 500,000 5.000 90.000 Notes Payable (long-term) Retained Earnings Supplies 966,000 Common Stock 170,000 9,000 Equipment 148,000 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $60,000 cash from a local bank, payable in four years. c. Bought a building for $166,000; paid $66,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $90,000. e. Purchased supplies for $90,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. Use the format shown in the Page 92 demonstration case. 2. Record the transaction effects determined in requirement 1 using a journal entry format. 3. Summarize the journal entry effects from requirement 2 using T-accounts. 4. Prepare a trial balance at July 31. 5. Prepare a classified balance sheet at July 31. 6. As of July 31, has the financing for B&B's investment in assets primarily come from liabilities or stockholders' equity?

3)Discuss whether the following items would meet the definition of an asset using the IFRS definitions. If so, explain with reference to the appropriate criteria. 1.A franchisee has a licence to operate a Tim Hortons restaurant. 2.The parent company has guaranteed the operating line of credit of its subsidiary, which resulted in the subsidiary obtaining a lower interest rate than it would otherwise receive. Is the guarantee an asset for the subsidiary? 3.FreshWater Inc. bottles and sells the spring water from a natural spring near its property. Is the natural spring an asset of the company? 4.Mountain Ski Resort Ltd. often has to use its snow-making machine to make snow for its hills and trails when there is not enough natural snowfall. Is the snow an asset for Mountain Ski?