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Sarah is the sole owner of Bluegrass Corporation. The basis and value of her stock investment in Bluegrass are approximately $100,000. In addition, she manages Bluegrass's operations on a full time basis and pays herself an annual salary of $40,000. Because of a recent downturn in business, she neefs to put an additional $80,000 into her corporation to help meet short-term cash-flow needs (e.g., inventory costs, salaries, and administrative expenses). Sarah believes that the $80,000 transfer can be structured in one of three ways: as a capital contribution, as a loan made to protect her stock investment, or as a loan intended to protect her job. From a tax perspective, which alternative would be preferable in the event that Bluegrass's economic slide worsens and bankruptcy results? Explain your answer.
Complete the cash budget assume that Gloria will be able to borrow as much as she needs to through a bank overdraft.
Ross Company implemented a quality improvement program and tracked the following for the five years: Quality costs Actual sales costs as a percentage of sales 2009 500,000 2,000,000 25.00% 2010 495,000 2,200,000 22.50% 2011 450,000 2,400,000 18.75%
Explain how many units of the sale item should the store stock in order to have at most a 1 percent chance of running short of the item on the day of the sale?
The net income reported on the income statement for the current year was $200,000. Depreciation recorded on plant assets and amortization of patents for the year were $30,000 and $8,000 respectively. Balances of current asset and current liability ac..
How many classes would be offered if Bo increased the number of classes offered by 100 percent? What would be total labor cost?
Discuss how a company’s board of directors can impact the operational and financial performance of the company. Determine whether or not Triarc’s acquisition of Wendy’s through a stock swap was good for either company and state your rationale.
What is the break-even point in number of phones of each option and at what level of sales (in number of phones) will it start being more profitable for Zoran to have the upgraded facilities?
What is the future value of $7,000 at the end of 5 periods at 8% compounded interest? What is the present value of $7,000 due 8 periods hence, discounted at 11%?
For each item shown below, indicate whether it is a product cost or a period cost, by placing an X in the appropriate column. For each item that is a product cost, also indicate whether it is a direct cost or an indirect cost with respect to a unit o..
Discuss how legitimacy is managed through reporting by the two companies (in Item 3 above) from the perspectives of Stakeholder Theory and Legitimacy Theory.
Victory Company uses FIFO process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 732,000 units of ..
You are the chief loan officer for Big Bank Inc. Twittergram has presented its current income statement and balance sheet to Big Bank to obtain a loan. On the balance sheet, the company has a current ratio of 2.3 and a quick ratio of 1.7. In addition..
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