The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2014. Both Bob and Brenda are age 32 and have no dependents.
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability (gross tax)?
e. What is the amount of their tax due or (refund due)?
Definitions:
Debt-to-Equity Ratio
This ratio demonstrates the balance between debt and equity shareholders' equity in financing a company's resources.
Balance Sheet
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
Accounts Receivable
This is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
Accounts Receivable Turnover
A financial ratio that measures how efficiently a company collects revenue from its customers by comparing net credit sales to average accounts receivable.
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