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Jimmy has fallen on hard times recently. Last year he borrowed $301,000 and added an additional $71,000 of his own funds to purchase $372,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy’s lender agreed to reduce the loan amount to $271,100. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.)
a. The real estate is worth $207,600 and Jimmy has no other assets or liabilities.
b. The real estate is worth $279,500 and Jimmy has no other assets or liabilities.
c. The real estate is worth $233,900 and Jimmy has $43,200 in other assets but no other liabilities.
If a company's bonds bear an interest rate of 8%, the tax rate is 30%, and the company's assets are generating an after-tax return of 7%, then the leverage would be a. Positive b. Negative c. Neither positive or negative d. Impossible to determin..
Calculate the amount of Rent Revenue recognized in 2012 and Show computation and prepare the adjusting entry on December 31, 2012 for PVP.
Other operating costs equaled $80,000 and their tax rate is 30%. Round final answers to the nearest dollar. What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?
Which alternative would you recommend that the company accept? Show all computations using the net present value approach. Prepare separate computations for each project.
Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)
What is the percentage change in average PCE anticipated under JIT? Define the terms cycle time and processing (manufacturing) time. How can processing time be broken down further?
Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you think S & S Airs ratio would compare to the industry average.
Income before interest and taxes is expected to be $3,500,000. The company has a 30% tax rate and has 600,000 shares of common stock outstanding prior to the new financing.
Do the three methods differ in their effect on the company's profitability?- Do they differ in their effect on the company's operating cash flows?
Will the ending inventory balance will be higher under LIFO or FIFO? Why and what is the cost of goods sold under LIFO? Show all calculations.
Compute the (1) payback period and (2) accounting rate of return for this equipment. (Record answers as percents, rounded to one decimal.)
Assume you are the CEO of Declining Corporation, How would you reply to the CEO's suggestion? Summarize your response including why you opted for or against the adoption IFRS.
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