ACC Part III (Week 6) Assignment – Will S. Frost and Mari N Frost

| November 28, 2016

Question
For the Part III (Week 6) assignment, you are asked to do the following:
Use the Parts I and II assignments you completed previously.
Complete the following additional paragraph items: 11 and 12.
Please also examine the bullets on requirements to add that may pertain to these paragraphs.
Save your file as Your Last Name formname (e.g., Smith-f2106.pdf), and submit it to your instructor via the Week 6 Assignments Dropbox. Professor Bender

Requirements
11. In addition to the items already noted, the Frosts had the following expenditures for 2013:
Maris contribution to her traditional IRA
Net gambling loss
Life insurance premiums

$5,500
1,000
2,700

Medical and dental expenses not covered by insurance 6,200
Taxes:
Ad valorem taxes on personal residence
State and local sales taxes

$4,800
3,200 8,000

Interest on home mortgage

4,000

Cash Contributions:
Goodwill (Sioux Falls branch)
South Dakota governors election campaign fund

1,200
300 1,500

The $1,000 net gambling loss for 2013 is the difference between the Frosts gambling winnings
of $1,200 and losses of $2,200. The life insurance premiums relate to the universal life
insurance policies that Will and Mari own. The first beneficiary on both policies is the other
spouse, with the second beneficiaries being the children. Included in the medical expenses are
$1,200 incurred in 2012, which was paid in early February 2013. The Frosts can substantiate
the $3,200 in sales taxes paid based on their purchase receipts for the year. The local sales tax
rate in Sioux Falls is 2%. [HINT: Be sure to check to see if the Optional Sales Tax Tables provide
the Frosts with a greater deduction.] Mari contributed to the governors campaign fund because
she thinks his influence is key in getting the Lincoln County land rezoned for commercial use
(see item 6 above).

12.
The Frosts maintain a household that includes their two children, Austin (age 16) and Emma
(age 19). Austin is a junior in high school and a talented wrestler. In hopes of competing at the
state tournament, all of his free time is consumed with weight training and wrestling practices.
Emma graduated from high school on June 7, 2013, and is undecided about college. Emma is
an accomplished vocalist and during 2013 earned $7,200 performing at various events (e.g.,
weddings, funerals). She placed most of her earnings in a savings account and kept only a
small amount to spend on herself.

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