Jim and Nora,residents of a Community Property State,were Married in Early

question 77

Multiple Choice

Jim and Nora,residents of a community property state,were married in early 2008.Late in 2008 they separated,and in 2010 they were divorced.Each earned a salary,and they received income from community owned investments in all relevant years.They filed separate returns in 2008 and 2009.

• A)In 2009,Nora must report only her salary and one-half of the income from community property on her separate return.
• B)In 2009,Nora must report on her separate return one-half of the Jim and Nora salary and one-half of the community property income.
• C)In 2010,Nora must report on her separate return one-half of the Jim and Nora salary for the period they were married as well as one-half of the community property income and her income earned after the divorce.
• D)In 2010,Nora must report only her salary on her separate return.
• E)None of the above.

Analyze the impact of omitted adjusting entries on financial statements.

Prepare adjusted trial balances and understand their role in the preparation of financial statements.

Calculate and journalize entries for payroll and related adjustments.

Understand the treatment of unearned and accrued revenues in the accounting cycle.

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