Module 1 Final Exam - Part I the income tax school

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Comprehensive Final Exam Module 1/ 1 Final Exam - Part I the income tax school

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Comprehensive Module 1: Final Exam 1. Bob uses the cash method of accounting. During the tax year (calendar year), he had the following income and expenses: • Interest on a savings account (credited to his account on January 2 of next year) $ 68 • Dividend received from Virginia Credit Union $814 • Interest received on a 5-year certificate of deposit (left in CD account to compound) • Penalty on the early withdrawal of the 5-year certificate of deposit $910 $...

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