ACCT324 Week 2 Quiz 2017
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ACCT324 Week 2 Quiz 2017 ACCT324 Week 2 Quiz 20 2
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Question
Question 1.1. (TCO 2) On June 30, 20X2, 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, 20X2, _____. (Points : 2)
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time ...
- Exam (elaborations)
- • 6 pages's •
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ACCT324 Week 2 Quiz 2017•ACCT324 Week 2 Quiz 2017
Preview 1 out of 6 pages
Question
Question 1.1. (TCO 2) On June 30, 20X2, 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, 20X2, _____. (Points : 2)
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time ...
Question
Question 1.1. (TCO 2) On June 30, 20X2, 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, 20X2, _____. (Points : 2)
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time ...
- Exam (elaborations)
- • 4 pages's •
-
ACCT324 Week 2 Quiz 2017•ACCT324 Week 2 Quiz 2017
Preview 1 out of 4 pages
Question
Question 1.1. (TCO 2) On June 30, 20X2, 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, 20X2, _____. (Points : 2)
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time ...