FINANCE

Scott Butterfield is a self employed cpa. He uses the cash method of accounting, and his social security number is 644-47-7833. His principal business code is 541211. Scott’s CPA praqctice is located at 678 Peso Dr., La Mesa, CA 92041.

During 2013, Scott had the following income and expenses: Fees from CPA practice $128,250
Expenses: Car Mileage (3173 business miles) 1793, Business insurance 870, office expense 3,450, rent on office space 8,400, City business license 150, Travel expense 4,100, Meals and entertainment 4,780, utilities 1,625, wages of secretary 25,700. Scott placed his car in service on January 1, 2008. This year, he commuted 2,000 miles in it and drove it 4000 miles for non business purposes. His wife has a car for personal use.

 

Complete the schedule c for Scott showing Scott’s net income from self employment.

1 A gift that is made in contemplation of death is known as a(n) ________.

 

 

2 ________ is a method of acquiring ownership, when a manufacturer purchases raw materials and then manufactures a finished good.

 

 

3 Carmen, Westbrook, and Ashton are concurrent owners of a large commercial building. Ashton executes a will that leaves all his property to his son in the event of his death. But after Ashton passes away, his ownership interest in the building was acquired by the two remaining tenants of the building. Which of the following kinds of concurrent ownership would allow such a passage of title?

 

 

4 The voluntary transfer of title to property without payment of consideration by the donee is known as a(n) ________.

 

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