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You have gone to the bank to borrow money for one year. The nominal rate is 7.5%. The real rate of interest is 4%. Over the course of the year, overall prices increased by 4%. This rate of inflation hurt the _____ because the actual rate of inflation was _____ than the anticipated rate of inflation.
a. lender; higher
b. lender; lower
c. borrower; lower
d. borrower; higher
Sam and Drew are equal partners in SD, LLC, formed on June 1 of the current year. Sam contributed Land that he inherited from his Uncle in 2005. Sam's Uncle purchased the land in 1980 for $30,000. The land was worth $100,000 when Sam's uncle died...
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others? Defend your position. Analyze the code of professional conduct, including enforceable and non-enforceable p..
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
The material price variance was 1370 favorable and find the standard price per kilogram for raw material?
Calculate Suzy's recognized gain or loss on the distributions, if any. Calculate Suzy's basis in the inventory received.
Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses.
What is the difference between internal documentation and external documentation? Examples? Which type is considered more reliable?
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
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