ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 2

Question 3.3. (TCOs 3, 4, 5, & 7) Dorothy holds two jobs. Her main
job is with Eggplant Corporation, and her part-time job is with Carrot
Company. On a typical workday, she drives her car as follows: home
to Eggplant, Eggplant to Carrot, and Carrot to home. Applicable
mileage is as follows
Question 4.4. (TCOs 3, 4, 5, & 7) Carrie owns a mineral property that
had a basis of $15,000 at the beginning of the year. The property
qualifies for a 22% depletion rate. Gross income from the property
was $150,000, and net income before the percentage depletion
deduction was $100,000. What is Carrie's tax preference for excess
depletion? (Points : 5)
Question 5.5. (TCOs 3, 4, 5, & 7) During the past two years, through
extensive advertising and improved customer relations, Beech
Corporation estimated that it had developed customer goodwill worth
$100,000. For the current year, determine the amount of goodwill
Beech Corporation may amortize. (Points : 5)
Question 6.6. (TCOs 3, 4, 5, & 7) Damien, not a dealer in real estate,
sold real estate with a basis of $250,000 for $500,000 cash, a note for
$250,000, and the buyer assumed Damien's mortgage on the property
of $125,000. During the year, the purchaser paid Damien $30,000
principal and $72,000 interest on the note and paid $6,000 principal
and $18,000 interest on the mortgage he assumed. The contract price
for the above transaction is what amount? (Points : 5)
Question 7.7. (TCOs 3, 4, 5, & 7) Which of the following is not an
itemized deduction allowed for AMT purposes? (Points : 5)
Question 8.8. (TCOs 3, 4, 5, & 7) Alex works as an auditor for a
major CPA firm. During the months of August and September of each
year, he is permanently assigned to the team auditing of
Hummingbird Corporation. As a result, every day he drives from his
home to Hummingbird and returns home after work. Mileage is as
follows:
Question 9.9. (TCOs 7, 8, & 9) Matt and Shanekwa, ages 45 and 44,
respectively, file a joint tax return for 2012. They provided all of the
support for their 24-year-old son, who had $2,500 of gross income.
Their 23-year-old daughter, a full-time student until her graduation on
June 14, 2012, earned $6,000, which was 45% of her total support
during 2012. Her parents provided the remaining support. Matt and