1. Which is NOT an adjustment for AGI from Gross Income? Group of answer choices

Medical expenses

Student loan deduction

Contributions to Health Savings Accounts

One-half of self-employment tax

2. Sally owns a real estate flipping business. Assume she purchases a residential rental property for $535,000, plus $6,500 in closing costs, and would like to depreciate it straight-line depreciation over the 27.5 year life, what would be the first year of depreciation? (Assume a half-life convention).
Group of answer choices

$1,050.28

$0

$9,845.45

$19,690.90

3. Seth buys Bitcoin and experiences a dramatic 50% dip where he loses $10,500 in just 6 months. If he sold his position within 8 months of buying it, during the 2020 tax year, his net capital loss that he can report on his 1040 is:

Group of answer choices

$3,000 short-term capital loss.

$10,500 short-term capital loss.

$10,000 short-term capital loss.

$7,500 short-term capital loss.

4. ssuming the stock market jumps 15% last year, which equity-indexed annuity indexing method allows for the annuitant to accrue the most benefit?

Group of answer choices

Uppity-up

Point-to-point

High watermark

Ratcheting

5. Gene is 70 years of age and has a life expectancy of 16 years. He purchased a non-qualified annuity in 1999 for $80,000 and has decided to annuitize it. Payments from the annuity will be $12,000 annually. How much ordinary income will Gene report each year?
Group of answer choices

0

$7,000

$12,000

$5,000

Arapid increase in the population of a city or town is most likely to lead to which of the following? a. higher-paying jobs. b. low housing prices. c. a seller's market. d. a drop in population density. 2b2t

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

On september 12, ryan company sold merchandise in the amount of $5,800 to johnson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the non-defective merchandise, which is restored to inventory. the selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. the entry or entries that ryan must make on september 14 is (are): multiple choice sales returns and allowances 490 accounts receivable 490 merchandise inventory 350 cost of goods sold 350 sales returns and allowances 490 accounts receivable 490 sales returns and allowances 500 accounts receivable 500 sales returns and allowances 490 accounts receivable 490 merchandise inventory 343 cost of goods sold 343 sales returns and allowances 350 accounts receivable 350