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Wilma is thinking about opening up her own law firm, but she will need some capital to get the practice off the ground. She goes to a bank and borrows $100,000. The loan agreement’s terms include a 30 year maturity (she will have to pay the loan back in 30 years), and an annual interest rate of 7%. Assume that 2 years later the interest rate environment changes and rates increase to 10%. The bank now decides it would rather have $75,000 to lend out at 10% than a $100,000 loan on which it only collects 7%. So, the bank notifies Wilma that if she pays back $75,000 immediately, they will forgive her $100,000 loan. What are the tax implications to Wilma if she accepts the bank’s offer?
What amount, if any, could be reported as a liability for this contingency as of 31st December, 2010 and How could the contingency be reported in the financial statements of Shinobi Inc
should be recorded by the coy for its fiscal year ended Dec31, 2008, under each of the three methods? Note the machine will have been used for one-half of its first year of life.
A $4,000 computer to be used 100% for business located in his home. Illustrate what depreciation methods are available for the automobile and computer?
Partnership agreement of Nieto, Keller, and Pickert provides for the subsequent income ratio
Did the accountant record the transaction correctly? Why would the Board of Directors want to show the gain? Are there any ethical issues involved? Illustrate what is the correct journal entry for the sale of the stock?
Prepare a schedule showing the income statement effects for the year ended 31st December, 2012 as a result of the above facts.
What are the two kinds of implied warranties for which warranty liability can be imposed in connection with a negotiable instrument and what kind of personal defenses can he raise against enforcement of a negotiable instrument by an ordinary holde..
Find out the balance sheet inventory carrying value. D etermine the amount of the loss. (Input all amounts as positive values. Omit the "$" sign in your response.)
Land, Buildings, and Machinery - Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.
Show the likelihood of these payments being treated as constructive dividends. If a payment is deemed to be a constructive dividend, show how such a payment will be treated.
What is your estimate of the present stock price What is the target stock price in one year?
What about to Jim? Illustrate what if Jim’s loan had been $25,000 instead of $12,000 and Sally hadn’t repaid a dime before Jim decided to forgive the balance?
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