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Rons sells his business accounts receivable of $100,000 to Mike for $80,000 (80% of the face value of the accounts reveivable). Mike later determines that he will be able to collect only 9000, of a 10,000 receivable. Mike's basis in the 10,000 accounts receivable is? He will have ? of ?
Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.
Should any overhead costs be added to Job Q at the end of the year?
Give an example of one accrual-based ratio and one cashbased ratio to measure these characteristics of a company:(a) liquidity, (b) solvency, and (c) profitability.
In Xan's Year 2 statement of cash flows, net cash used in financing activities should be:
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What amount of drawings was made?
Publicly traded firms are required to report to the investors using an accrual not a cash-basis approach. Do you think they should? What are the advantages? The drawbacks?
By using long term financial information and recording that information visually (sometimes) with graphs or portfolios, hospitals can keep track of how they are doing financially and make more realistic plans for future ventures? 50-100 words plea..
Which of the following should not be used as the allocation base in a company that appropriately uses a single plant wide rate?
Many years ago, Jack purchased 400 shares of Canary stock. During the current year, the stock became worthless. It was determined that the company "went under" because several corporate officers embezzled a large amount of company funds. Identify ..
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