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

Pettijohn inc. the balance sheet and income statement shown below are for pettijohn inc. note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. balance sheet (millions of $) assets 2016 cash and securities $ 1,554.0 accounts receivable 9,660.0 inventories 13,440.0 total current assets $24,654.0 net plant and equipment 17,346.0 total assets $42,000.0 liabilities and equity accounts payable $ 7,980.0 notes payable 5,880.0 accruals 4,620.0 total current liabilities $18,480.0 long-term bonds 10,920.0 total debt $29,400.0 common stock 3,360.0 retained earnings 9,240.0 total common equity $12,600.0 total liabilities and equity $42,000.0 income statement (millions of $) 2016 net sales $58,800.0 operating costs except depr'n $54,978.0 depreciation $ 1,029.0 earnings bef int and taxes (ebit) $ 2,793.0 less interest 1,050.0 earnings before taxes (ebt) $ 1,743.0 taxes $ 610.1 net income $ 1,133.0 other data: shares outstanding (millions) 175.00 common dividends $ 509.83 int rate on notes payable 1. what is the firm's current ratio? (points : 6) 0.97 1.08 1.20 1.33 2. what is the firm's quick ratio? (points : 6) 0.49 0.61 0.73 0.87 3. what is the firm's total assets turnover? (points : 6) 0.90 1.12 1.40 1.68 4. what is the firm's inventory turnover ratio? (points : 6) 4.38 4.59 4.82 5.06 5. what is the firm's debt ratio? (points : 6) 45.93% 51.03% 56.70% 70.00% 6. what is the firm's roa? (points : 6) 2.70% 2.97% 3.26% 3.59% 7. what is the firm's roe? (points : 6) 8.54% 8.99% 9.44% 9.91%

Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.

Mno corporation uses a job-order costing system with a predetermined overhead rate based on direct labor-hours. the company based its predetermined overhead rate for the current year on the following data: total estimated direct labor-hours 50,000 total estimated fixed manufacturing overhead cost $ 285,000 estimated variable manufacturing overhead per direct labor-hour $ 3.80 recently, job p123 was completed with the following characteristics: total actual direct labor-hours 20 direct materials $ 710 direct labor cost $ 500 the amount of overhead applied to job p123 is closest to: