DEVRY ACCT 553 Entire Course DEVRY ACCT 553 Final Exam

DEVRY ACCT 553 Final Exam
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ACCT 553 Final Exam
1.

(TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a
single taxpayer. Items of income received by Zelda in 2011 were as follows.
Interest on savings account with Bank of America: $50
Interest on state income tax refund: $25
Gambling winnings: $2,400
Dividends from mutual life insurance company on life insurance policy: $500
Dividends from Better Auto Co. received on January 2, 2011: $875
The total dividends received on the life insurance policy do not exceed the aggregate
of the premiums paid to the company.
(a) How much should Zelda include in her 2011 taxable income as interest?
(b) How much should Zelda report as dividend income for 2011?
(c) How much should Zelda include in taxable “Other Income” for her state lottery
winnings?