Accounting?

Question

On March 1, 2004, Leo leases and places in service a passenger automobile. The lease will run for five years and the payments are $380 per month. During 2004, he uses his car 80% for business and 20% for personal activities. Assuming the dollar amount from the IRS table is $19, determine Leo’s inclusion amount.
a.$0.
b.$10.
c.$13.
d.$15.
e.$19.

3.On June 30, 2004, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 2004:
a.Jill must include all of the interest in her gross income.
b.Tina must include all of the interest in her gross income.
c.Jill must report $1,250 interest income, and Tina must report $1,250 interest income.
d.Jill must recognize $1,250 of interest income at the time of the gift.
e.Tina must recognize $25,000 of income at the time of the gift.

Answer 1

Do your own homework. These are VERY simple problems and, if you can't do them now... then you are in a REAL world of hurt when exams come around.

Answer 2

I wonder how many homework questions people are going to stick up on Yahoo!Answers now that we're getting back into school season. It'll be interesting to see if kids are as blatant as 123 or if they actually are a little more clever and make it sound like they're actually asking the question.

As it is, I did my homework years ago, I don't need to do anyone else's now.

Answer 3

If you don't know leases and bond tables for the CPA exam - you are DONE! - Best to work this one out yourself - you will be glad you learned it!