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Q. Bill and Ann bought a home in 1970 for $100,000. They put $20,000 down. The original $80,000 mortgage was refinanced for $200,000 on October 13, 1987 when the Fair Market Value of the home was $300,000. That refinanced mortgage of $200,000 has only 13 years left on its 30 year timeframe with a remaining balance outstanding of $100,000. They come to CNB today when the home is worth $1,200,000 looking to take cash out of $800,000.00. They are approved for the loan (6% interest) and you send them a check for the $800,000 with a total refinance of $900,000 (the first, $100,000, went to former loan pay off). They use the $800,000 proceeds to pay off $200,000 in credit card debt, $300,000 to buy that exotic Ferrari and $300,000 to buy a cigarette boat with no head, no galley and no sleeping quarters (but it is fast and burns a lot of fuel). Interest upon how much of the mortgage can they deduct for regular tax purposes and where is it deducted if it is deductible? Interest upon how much of the mortgage can they deduct for AMT tax purposes?
Effects of transactions on statement of cash flows - Indicate for each of the following what should be disclosed on a statement of cash flows (indirect method).
Calculate MAD as well as MSE
Which of the following isn't a benefit of budgeting? It promotes efficiency It deters waste It is a base for performance evaluation
Assume that variable expenses are reduced by 20% per unit, and the total fixed expenses are increased by 10%. Find the sales in units to achieve a profit of $20,000, assuming no change in selling price.
Discuss at least 3 points which support your conclusion, and 1 of these points must relate to a competitor's financial performance
Suppose that joint -product costs are allocated using the net realizable value method, what were the net costs of product Y?
Below is budgeted production and sales information for Fleming Inc. for December. Evaluate Budgeted production during the month
Impact of increase in production volume on sales, cost and income - Assuming the cost behavior patterns implied by the data in Exhibit 1 are correct, would you recommend this action be taken? What would be the impact on monthly sales, costs, and in..
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Provided these facts, the number of units of product in the starting inventory last year must have been:
Purpose the entries that fix this error. SAS usually depreciates assets like printing presses over five years.
ABC INC purchased new machinery in order to improve its production process - Give the value of the new machinery, and list the financial statement in which it will be shown at fiscal year
Given that the Alternative Minimum Tax can apply to all forms of businesses, illustrate what tax planning strategies do you think need to be utilized and why?
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