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In june 2009, joanne invested for a 20% interest in a limited liability company in which she is a material participant. The LLC reported losses of $340,000 in 2009 and $180,000 in 2010. Joanne's share of the LLC's losses was $68,000 in 2010 and $36,000 in 2011. How much of these losses can Joanne deduct?
Samantha exchanges a truck used in her business with Phyllis for another truck. The basis of Samantha's old truck is $25,000, FMV is $33,000, and she gives Phyllis cash of $7,000. Phyllis's basis in her truck is $35,000 and its FMV is $40,000. Wha..
A check drawn by a depositor in payment of a voucher for $925 was recorded in the journal as $295. What entry is required in the depositor's accounts?
What is" balance sheet exposure". When converting a balance sheet from one currency to another currency what rate do we use? Are all balance sheet accounts adjusted as of the balance sheet date?
What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.
A firm issues $100,000 par value of bonds in which the coupon rate is 10% and the yield to maturity is 12%. Assume this firm has $20,000 in operating cash flow before the bond issue. Discuss the influence the bond issue would have on the balance s..
Explain the rules for marital status and community property income. Her address is 500 Elizabeth Street, Brownsville, Texas 78520.
The net amount required to retire a bond before maturity (assuming no call premium and constant interest rates) is the:
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.
The expected life and salvage value each are four years and $15,000 respectively. Lake Shuttle has an average cost of capital of 14%. A. Calculate the net present value of the investment opportunity.
Father, Inc., buys 80 percent of the outstanding common stock of Sam Corporation on January 1, 2011, for $680,000 cash. At the acquisition date, Sam's total fair value was assessed at $850,000 although Sam's book value was only $600,000. Also, sev..
A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?
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