Juanita, Who Is Single, Lives in an Area That Suffered

question 1851

Multiple Choice

Juanita, who is single, lives in an area that suffered a major hurricane which was declared a federal disaster. Her car sustained $6,200 in damages. Juanita does not expect to recover any of the loss from her insurance company. Juanita's 2018 AGI is $31,000, and she deducts a $3,000 loss after applying limitations on her 2018 tax return. Her other itemized deductions in 2018 exceed $12,000. In 2019, Juanita's insurance company reimburses her $2,800. Juanita's 2019 AGI is $28,000. As a result, Juanita must

• A) do nothing and simply keep the $2,800.
• B) amend 2018 to show a $200 loss.
• C) do nothing to the 2018 return but report $2,800 of income on her 2019 return.
• D) amend the 2018 return to show $0 loss and file her 2019 return to show a $200 loss.

Identify types of employee benefits and conditions affecting their provision.

Calculate the closing balance in the provision for annual leave account incorporating wage rises and leave taken.

Determine gross entitlements for employees leaving the company with untaken leave entitlements.

Recognize liabilities for short-term compensated absences based on vesting and accumulating conditions.

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Definitions:

Everyday Problem Solving

The mental process of finding solutions to practical issues encountered in daily life.

Induction

The process of reasoning from specific cases to general principles or theories.

Premises

Statements or propositions put forward as a basis for reasoning or argument, leading to conclusions.