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Early in the current year, Keith meets Dan through a business associate. Dan tells Keith that he is directing a business venture that purchases poorly managed restaurants in order to turn them around and make them profitable. Dan mentions that he is currently involved in acquiring a real "gold mine", but needs to raise additional cash in order to purchase it. On the strength of Dan's representations, Keith loans Dan $30,000 for the venture. An agreement is written up between Keith and Dan, wherein Dan agrees to repay Keith the entire amount over a 5-year period plus 14% interest per annum on the unpaid balance. Later in the year, however, Keith discovers that Dan had never intended to purchase the restaurant and, in fact, had used most of the money for his own benefit. Upon making this discovery, Keith sues Dan for recovery of the money, alleging that Dan falsely, fraudulently, and deceitfully represented that the money would be invested and repaid, in order to cheat and defraud Keith out of his money. Unfortunately for Keith, he is never able to recover any amount of the loan.
Discuss the tax treatment that Keith may claim with regard to the loss.
Determine the amount of overhead and Calculate the amount of overhead that Larkspur will assign to the standard line if it uses an ABC system.
Analyze the financial condition of Bellwether Garden Supply, and interpret the result for company leaders.
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
Generate a report showing the company's activity variances for April.
Evaluate the Daniel's adjusted tax basis for his partnership interest instantly after the partnership is formed? Determine the partnership's adjusted basis for the property contributed by Daniel?
the manufacturing overhead budget at latronica corporation is based on budgeted direct labor-hours. the direct labor
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compute the company’s after- tax cost of borrowing on this bond issue stated as a percentage of the amount borrowed. Describe briefly advantage of raising funds by issuing bonds as opposed to stocks.
A government accounts for inventory on the purchases basis. Why must it offset its year end inventory asset balance with an entry to nonspendable fund balance?
What relationship might exist between the material price variance and the material usage and labor efficiency variances?
Discuss how legitimacy is managed through reporting by the two companies (in Item 3 above) from the perspectives of Stakeholder Theory and Legitimacy Theory.
caine had a starting inventory balance of 3600 on 1st april and a starting balance in accounts payable of 14800. the
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