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On December 31, 2997 the company has $7M of short term debt inthe form of notes payable to the bank due in 2008. On January 28,2008, the company enters into a refinancing agreement with the bankthat will permit it to borrow up to 60% of the gross amount of itsaccounts receivable. Receivables are expected to range between alow of $5M in May to a high of $8M in October during the year 2008.The interest cost of the maturing short term debt is 15% and thenew agreement calls for a fluctuating interest at 1% above theprime rate on notes due in 2012. The Balance sheet is issued on February 15, 2008.
Instructions:
Prepare a partial balance sheet for the company at December31, 2007 showing how its $7M of short term debt should be presented, including a footnote disclosure.
Sanchez Development Company uses the installment sales method to account for some of its installment sales.
Using the general rule calculates Martin's taxable income for 2011 from the retirement plan and distributions
Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2006 for $40,000. During 2006, CCP earns an income of $90,000, and Christie withdraws $30,000 in cash from the partnership.
You have $42,180.53 in a brokerage account, and you plan to deposit a additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 12% annually on the account. How many years will it take to reach your g..
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Under the cash basis of income determination, how much should Dart report as Revenue for 2008?
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The computation of pension expense includes all the following except a. service cost component measured using current salary levels. b. interest on projected benefit obligation.
Determine the total compensation cost pertaining to the restricted share.
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Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $60,000 from her full-time job. Compute the self-employment taxes due for 2010.
The net present value of a project's cash inflows is $9,456 at a 7 percent discount rate. The profitability index is 1.16 and the firm's tax rate is 35 percent. What is the initial cost of the project?
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