When might you use a delete query?
> Explain the process for changing column width or row height.
> What does it mean when a cell or cells in a worksheet include a series of # signs?
> Identify the difference between labels and values.
> How does the AutoFill feature of Excel help the worksheet user?
> Explain how information is entered into an Excel worksheet.
> What is the recommended procedure for printing a workbook or worksheet?
> How do you change the name of a sheet in a workbook?
> Describe the procedure used to insert a column or row into a worksheet.
> How do you change a relative reference to an absolute reference?
> Create a new What SUP Operating Cash Receipts Budget Using the ch6-02 file to start your work, create a worksheet similar to the one created in this chapter to budget operating cash receipts by month for 3 months. Place assumption information in the cell
> Why would you want to use absolute references instead of relative references?
> What are the key accounting topics addressed in this text that relate to your learning Excel?
> What is the quickest way to get help while in Excel?
> What is the Page Layout view?
> How do you modify the Quick Access Toolbar to add the Open command?
> Describe the three basic components of the Ribbon.
> What and where is the Quick Access Toolbar?
> Describe the nature of the commands found on the File and Home tabs.
> What function is used (and how is it written) to count records in a report?
> What type of control is used in a report to add values?
> Using the ch5-04 file to start your work, create a worksheet (similar to the one created in this chapter) that calculates the bond proceeds for a $2,500,000, 10-year, 4 percent stated interest bond issued when the market interest rate is 5 percent. Inclu
> How do you determine where information appears in a report?
> What do the [ ] (brackets) signify in an Access formula?
> Is it possible to group more than one item?
> When creating a report, what does the process of summarizing accomplish?
> When creating a report, what does grouping accomplish?
> Can you always add a field from any table to a report based on a query?
> Describe the process of adding lines to a report.
> Why create a report from a query? Why not just print your query results?
> Why must an existing relationship be deleted before modifying a field’s data type?
> When is the Lookup Wizard used?
> Create a new What SUP Loan Amortization Schedule Using the ch5-03 file to start your work, create a worksheet (similar to the one created in this chapter) that calculates the required annual payment for an $850,000, 7-year loan at 5 percent and includes
> Why are check box controls used on a form instead of list box controls?
> Why are calculated controls used on a form?
> Why are combo box controls used on a form?
> Why are list box controls used on a form?
> Why are text box controls used on a form?
> What is the difference between bound and unbound controls?
> What type of relationship must exist if a sub-form is used on a form?
> What view of a form is used to edit an existing form?
> What is a parameter query?
> What is an action query? Give examples.
> You are to add another depreciation chart for What SUP. Use the ch4-01_Chart_student_name workbook you created in this chapter. Add a new depreciation chart by changing the name of Sheet2 to Asset 1002. Following the steps shown in the chapter, create a
> Are the results of a calculation stored as a field in a table?
> What will compound criteria allow you to accomplish in Access?
> What are the three key comparison operators used in a query?
> Describe the process for adding to an existing query a field that exists in a table not currently included in the query.
> How and why are wildcards used in a query?
> Describe the process for using criteria in a query using the Design view method.
> Describe the difference between the Query Wizard and Design view methods of creating a query.
> What is referential integrity?
> What are input masks?
> Modify What SUP’s Sum-of-the-Year’s Digits Depreciation Schedule You are to add another depreciation schedule for What SUP. Use the ch4-01_SYD_student_name worksheet you created in this chapter. Add a new depreciation worksheet, labeled Asset 1003, using
> Why would you establish default values for a field?
> What is the process for adding a validation rule to a field?
> What do validation rules do?
> Why would you want to change the column width and/or row height of a table?
> What can you do in Access to change the structure of a database?
> Define OLE.
> What rules must be followed if referential integrity is enforced?
> Describe the process for deleting a record from a table.
> How are controls used to create forms?
> From where does most of the information in a form come?
> You are to add another depreciation schedule for What SUP. Use the ch4-01_DDB_student_name worksheet you created in this chapter. Add a new depreciation worksheet, labeled Asset 1003, using the Move or Copy Shortcut menu. The asset to be depreciated is t
> Create a trial balance for What SUP as of March 31, 2019 You are to create a trial balance in a format identical to that created in this chapter. Include a debit and credit column, totals for each column, and appropriate labels and formatting. Start with
> On June 1, 2019, Father sold land to Son for $300,000. Father reported the gain by the installment method, with the gain to be spread over five years. In May 2021, Son received an offer of $400,000 for the land, to be paid over three years. What would be
> A seller and a buyer agree that the sales/purchase price for land is $1,500,000 down and two annual payments of $1,500,000 each to be made over the next two years. The buyer intends to construct a building on the land that will be used as the buyer’s war
> Mallard Corporation was formed in December 2021 and plans to use the cash basis of accounting. Mallard incurred one-half of its organizational expenses in December 2021 and one-half in January 2022. The payment of these expenses also occurred in these tw
> What conditions cause the golden parachute rules to apply?
> Sanjay Henry calls you and asks about setting up a savings incentive match plan for his employees (SIMPLE). Prepare a memo for the tax files with your response.
> Bob is notified by the city public housing authority on May 3, 2021, that his apartment building is going to be condemned as part of a commercial development project. On June 1, 2021, Stella offers to buy the building from Bob. Bob sells the building to
> Maize Corporation (a calendar year taxpayer) was formed on April 1, 2021. Calculate the maximum deduction for organizational expenses for 2021 if these costs were: a. $4,000. b. $24,000. c. $54,000. d. $64,000. e. Using spreadsheet software such as Micro
> Green Corporation, a calendar year taxpayer, has ordinary income of $10,000 and a long-term capital loss of $12,000 in 2021. Green incurred a long-term capital gain of $2,500 in 2018 and a long-term capital gain of $5,000 in 2020. a. How much of the long
> On April 5, 2019, Gustavo was granted an NQSO for 200 shares of common stock at $50 per share. On the date of the grant, there was no readily ascertainable fair market value for the option. Gustavo exercised the options on March 31, 2020, when the stock
> Zaire Corporation granted an ISO for 250 shares of its stock to Bruno on July 20, 2020, for services rendered. The option price was $130 and the fair market value was $130 on the date of the grant. Bruno exercised the option on September 1, 2020, when th
> Samantha, an accrual basis taxpayer, subscribes to a service that updates a database used in her business. In December 2021, Samantha paid the $120,000 subscription for the period January 2021 through December 2022. What is Samantha’s deduction for 2021?
> Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2020, the FIFO cost of the ending inventory was $181,000, and the market value of the inventory was $160,000. The corporation switched to LIFO in 2021. As a re
> In 2021, Cao’s compensation before his employer’s contribution to a SEP is $66,000. Up to what amount can Cao’s employer contribute and deduct in 2021?
> Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $900,000. The contract price was $1,300,000. Costs of the contract for 2020, the first year, totaled $675,000. a. What was the gross profit reported
> Jebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for Samson, Inc., under a longterm contract. The gross contract price was $2,300,000. Jebali finished construction in 2021 at a cos
> Farhad canceled a note issued by Emma (Farhad’s niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Farhad of $30,000, a face amount of $55,000, and a fair market value of $42,000. Presuming
> In 2021, Skylar sold an apartment building for $20,000 cash and a $300,000 note due in two years. Skylar’s cost of the property was $250,000, and he had deducted depreciation of $150,000, $60,000 of which was in excess of what the straight-line amount wo
> On December 30, 2021, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years.
> For 2021, Essence Company, a calendar year taxpayer, will change from the cash method for tax purposes to the accrual method. At the end of 2020, Essence showed the following items. Accounts receivable …………………………………$200,000 Accounts payable …………………………………
> In 2021, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $25,000. The clients signed notes receivable to Chaya that have a fair market value of $22,000 at year-end. In addition, Chaya sold a 36-month s
> In 2021, Aurora received a $25,000 bonus computed as a percentage of profits. In 2022, Aurora’s employer determined that the 2021 profits had been incorrectly computed, and Aurora had to refund the $8,000 in 2022. Assume that Aurora was in the 35% tax br
> Near the end of 2021, Byron realizes that he has a net short-term capital loss of $13,000 for the year. Byron has taxable income (not including the loss) of $123,000 and is single. He owns numerous stocks that could be sold for a long-term capital gain.
> Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $131,000. What is the maximum amount that Mina can contribute? Show your answer in Microsoft Excel.
> Myers, who is single, has compensation income of $73,000 in 2021. He is an active participant in his employer’s qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct?
> Shannon owns two items of business equipment. Both were purchased in 2017 for $100,000, both have a 7-year MACRS recovery period, and both have an adjusted basis of $37,490. Shannon is considering selling these assets in 2021. One of them is worth $60,00
> On August 31, 2020, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased anot
> Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2021 for $110,000. What is the amount and character of Renata’s gain or loss?
> Omar, who is single, sold his principal residence on April 10, 2021, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence). On April 12, 2021, he purchased another principal residence, which he sells on January 12, 2
> Gary, who is single, sells his principal residence (owned and occupied by him for seven years) in November 2021 for a realized gain of $148,000. He had purchased a more expensive new residence eight months prior to the sale. He anticipates that he will o
> On February 24, 2021, Allison’s building, with an adjusted basis of $1,300,000 (and used in her trade or business), is destroyed by fire. On March 31, 2021, she receives an insurance reimbursement of $1,650,000 for the loss. Allison invests $1,550,000 in
> Elliott has the following capital gain and loss transactions for 2021: Short-term capital gain …………………………………………$ 1,500 Short-term capital loss ………………………………………….(3,600) Long-term capital gain (28%) ………………………………..12,000 Long-term capital gain (25%) …………………
> On June 5, 2021, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of $750,000). a. What must Brown do to qualify for § 1033 post
> Golf Corporation generates a $40,000 net operating loss in 2021. Leo Trees, the Golf CEO, expects to offset all of the 2022 taxable income with the NOL. Explain to Leo whether that is possible.
> Coline has the following capital gain and loss transactions for 2021: Short-term capital gain …………………………………..$ 5,000 Short-term capital loss …………………………………….(2,100) Long-term capital gain (28%) …………………………….6,000 Long-term capital gain (15%) ……………………………..2
> On May 9, 2021, Glenna purchases 500 shares of Ignaz Company stock for $7,500. On June 30, 2021, she writes a call option on the stock, giving the grantee the right to buy the stock for $9,000 during the following 12-month period. Glenna receives a call
