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A manufacturing firm is seeking a loan of $ 200,000 to finance production of a newly patented production line. Owing to good reception of the product at its introductory showing, a bank had agreed to loan the firm an amount equal to 90% of the present worth of firm orders received for delivery during the next 5 years. The orders received are 25,000 for the 1st year, 20,000 for the 2nd year, 15,000 for the 3rd year, 10,000 for the 4th year, and 5,000 for the 5th year. If the product will sell for $4 each, will the present worth of the orders received justify the loan required? The interest rate is 12% compounded annually.
He also paid $14,000 in mortgage interest, $1,800 in property taxes, $300 of credit card interest, and $1400 in job hunting expenses when he tried to change jobs in March. Find out Johns income tax liability for 2009 before any allowable credits.
Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold?
Other than the construction funds borrowed, the only other debt outstanding during the year was a $1,000,000, 10-year, 9% note payable dated 1/1/2006. What is amount of interest that should be capitalized by Bass during 2012?
Is a salary that is classified as unreasonable by the IRS disallowed as a deduction to the corporation?
They can choose to get monthly checks for $325,000 each, or $250,000 per month with the extra $900,000 placed in escrow and paid to the employee, with interest, upon retirement at some future date (more than one year). What are tax implications o..
The son also works in the campus bookstore and earns spending money of $4,000. How many personal and dependency exemptions may Anita claim?
Compute taxable income as well as income tax payable for 2012. Which of the differences are temporary and which are permanent
Your firm has sales of $628,000 and cost of goods sold of $402,000. At the beginning of the year, your inventory was $31,000. At the end of the year, the inventory balance was $33,000. What is the inventory turnover rate? Show calculations.
His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. Illustrate what is Gerald's outside basis immediately after..
financial statements of the subsidiary and the parent are consolidated.
Capitalize or Revenue recognize the expenditure on Acquisition cost - The equipment has an estimated life of five years and an estimated residual value of $6,000.
Multiple choices in capital budgeting - Coffer Co. is analyzing two projects for the future.Assume that only one project can be selected.
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