7. Recognize cash flow from personal tax returns and other data APFS48. John and Mary Customer have submitted their current personal tax return that contains the following information on various forms and schedules: Wages Interest Sole proprietor income Capital losses Total tax Taxes withheld Sales proceeds Depreciation Wages Interest Sole proprietor income Capital losses Total tax Taxes withheld Sales proceeds Depreciation $130,000 6,000 10,500 2,000 14,000 14,600 $130,000 6,000 10,500 2,000 14,000 5,000 950 14,600 5,000 950 Based on the information provided, what is the couple's cash flow? A. $137,850 B. $136,450 C. $135,500 D. $130,850

7. Recognize cash flow from personal tax returns and other data APFS48. John and Mary Customer have submitted their current personal tax return that contains the following information on various forms and schedules: Wages Interest Sole proprietor income Capital losses Total tax Taxes withheld Sales proceeds Depreciation Wages Interest Sole proprietor income Capital losses Total tax Taxes withheld Sales proceeds Depreciation $130,000 6,000 10,500 2,000 14,000 14,600 $130,000 6,000 10,500 2,000 14,000 5,000 950 14,600 5,000 950 Based on the information provided, what is the couple's cash flow? A. $137,850 B. $136,450 C. $135,500 D. $130,850

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 11FPE: Effective tax planning. Denise Hughes reports the following data from her 2018 tax return. Analyze...

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