1)During the current year, Mike sells a tract of land for $800,000that he had received from Idaon March 10, 1995, when the land had a FMV of $310,000. The taxable gift was $300,000because the annual exclusion was $10,000 in 1995. Ida purchased the land on April 12, 1980,for $110,000. On the date of the gift, Ida paid a gift tax of $12,000. Mike paid a salescommission to his broker of $16,000 to sell the land.a)What is Mike’s realized gain on the sale?b)How would your answer to part (a) change, if at all, if the FMV of the gift propertywere $85,000 on the date of the gift?2)Mary received a Land Rover from her mother as a gift. Mom had purchased the Land Rovertwo years earlier for $65,000, but its fair market value at the date of the gift was only $50,000.No gift tax was paid by Mom at time of the gift.a)If Mary sells the Land Rover for $70,000, what, if any, gain or loss will she recognizeon the sale?b)If Mary sells the Land Rover for $45,000, what, if any gain or loss will she recognizeon the sale?c)If Mary sells the Land Rover for $55,000, what, if any gain or loss will she recognize? 3)Bill and Wendy Ballard had the following stock sales during the current taxable year: Gross Proceeds Basis Crispy Crunch, Inc. $ 4,000 $ 5,000 Summer Solstice, Inc. 3,5003,000Sealy
Fingen’s 12-year, $1,000 par value bonds pay 15 percent interestannually. The market price of the bonds is $1,110 and the
Fingen’s 12-year, $1,000 par value bonds pay 15 percent interestannually. The market price of the bonds is $1,110 and the market’s required yield to maturity on a comparable-risk bond is 12 percent. Compute the bond’s yield to maturity. Determine the value of the bond to you, given your required rate of return.
A. Office supplies on hand as of Dec 31 2004 is 21,000B. One-third of the unearned revenues has been earned
A. Office supplies on hand as of Dec 31 2004 is 21,000B. One-third of the unearned revenues has been earned as in dec 31 2004C. Depreciation for the year amounted to 38,000 for tge building and 123,000 dor the equipmentD. Salaries in the amount of 14,000 have accrued at year endE. The notes receivable were accepted from several customers. The notes were issued on september 1 2004 and will be settled together with a 20% interest on may 31 2005Required:JournalizeUnadjusted if none just leaveAdjusted trial balanceFinancial statements (income statement , statement of equity, and balance sheet)Journalize the closing entriesPost-closing trial balance
A trust fund is set up to make payments of $1320.00 at the end of each month for seven years.
A trust fund is set up to make payments of $1320.00 at the end of each month for seven years. Interest on the fund is 7.28% compounded monthly. a) How much money must be deposited into the fund? b) How much will be paid out of the fund? c) How much interest is earned by the fund?
On December 1, 2013, Jeff Bezos (Founder and CEO of Amazon.com) announcedon CBS’s “60 minutes” that his company plans to
Accounting Assignment Writing ServiceOn December 1, 2013, Jeff Bezos (Founder and CEO of Amazon.com) announcedon CBS’s “60 minutes” that his company plans to develop a “delivery drone” that would cut delivery time for products purchased on Amazon.com to an average of 30 minutes or less. Assume that a random sample of 50 deliveries made by a prototype of the drone had an average delivery time of 32.1 minutes with a standard deviation of 5.4 minutes.a) Test whether this sample provides sufficient evidence against Bezos’ claim at the 5% level of significance. What is the p-value of this test and how does it relate to your conclusion?b) Now use the same data to perform the same test at the 1% level of significance. Did your conclusion change? Did the p-value change? Why, why not?the solution the website show :Explanation:Standard delivery time = 60 minutesClaim : cut 30 minutes or lessNew delivery time = 60 – 30 or less = 30 or greatern = 50x̅ = 32.1s = 5.4μ = 30(a) Hypothesis :Ho : μ = 30H1 : μ
The following information relates to Questions 1-9:Mary Benn, CFA, is a financial analyst for Twin Fields Investments, located in Storrs,
The following information relates to Questions 1-9:Mary Benn, CFA, is a financial analyst for Twin Fields Investments, located in Storrs, Connecticut, USA. She has been asked by her supervisor, Bill Cho, to examine two small Japanese cell phone component manufacturers: 4G, Inc. and Qphone Corp. Cho indicates that his clients are most interested in the use of leverage by 4G and Qphone. Benn states, “I will have to specifically analyze each company’s respective business risk, sales risk, operating risk, and financial risk.” “Fine, I’ll check back with you shortly,” Cho, answers.Benn begins her analysis by examining the sales prospects of the two firms. The results of her sales analysis appear in Exhibit 1. She also expects very little price vari-ability for these cell phones. She next gathers more data on these two companies to assist her analysis of their operating and financial risk.When Cho inquires as to her progress Benn responds, “I have calculated Qphone’s degree of operating leverage (DOL) and degree of financial leverage (DFL) at Qphone’s 2009 level of unit sales. I have also calculated Qphone’s breakeven level for unit sales. I will have 4G’s leverage results shortly.”Cho responds, “Good, I will call a meeting of some potential investors for tomorrow. Please help me explain these concepts to them, and the differences in use of leverage by these two companies. In preparation for the meeting, I have a number of questions”:• “You mentioned business risk; what is included in that?” • “How would you classify the risk due to the varying mix of variable and fixed costs?” • Could you conduct an analysis and tell me how the two companies will fare relative to each other in terms of net income if their unit sales increased by 10 percent above their 2009 unit sales levels?” • “Finally, what would be an accurate verbal description of the degree of total leverage?”1. Based on Benn’s analysis, 4G’s sales risk relative to Qphone’s is most likely to be:a. lower.b. equal.c. higher.2. What is the most appropriate response to Cho’s question regarding the components of business risk?a. Sales risk and financial risk.b. Operating risk and sales risk.c. Financial risk and operating risk.3. The most appropriate response to Cho’s question regarding the classification of risk arising from the mixture of variable and fixed costs is:a. sales risk.b. financial risk.c. operating risk.4. Based on the information in Exhibit 2, the degree of operating leverage (DOL) of 4G, Inc., at unit sales of 1,000,000, is closest to:a. 1.60.b. 2.67.c. 3.20.5. Based on the information in Exhibit 2, 4G, Inc.’s degree of financial leverage (DFL), at unit sales of 1,000,000, is closest to:a. 1.33.b. 2.67.c. 3.00.6. Based on the information in Exhibit 1 and Exhibit 3, Qphone’s expected per-centage change in operating income for 2010 is closest to:a. 17.25%.b. 21.00%.c. 24.30%.7. 4G’s breakeven quantity of unit sales is closest to:a. 437,500 units.b. 625,000 units.c. 875,000 units.8. In response to Cho’s question regarding an increase in unit sales above 2009 unit sales levels, it is most likely that 4G’s net income will increase at:a. a slower rate than Qphone’s.b. the same rate as Qphone’s.c. a faster rate than Qphone’s.9. The most appropriate response to Cho’s question regarding a description of the degree of total leverage is that degree of total leverage is:a. the percentage change in net income divided by the percentage change in units sold.b. the percentage change in operating income divided by the percentage change in units sold.c. the percentage change in net income divided by the percentage change in operating income.
Dear sir i need help with below. Consider the following cash flows on two mutually exclusive projects for the Bahamas
Dear sir i need help with below. Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation (BRC). Both projects require an annual return of 17 percent.year deepwater fishing new submarine ride——————————————————–0 -$1,015,000 -$1,980,0001 435,000 1,030,0002 562,000 865,0003 485,000 880,000Based on the NPV, which project should you choose?a.Both of themb.None of themc.Deepwater Fishingd.New Submarine Ride
Answer for Business and Transfer Taxation by Banggawan 2019 editionspecifically Chapter 15(Estate Tax Payable) Multiple Choice Problems Part 1, Part
Answer for Business and Transfer Taxation by Banggawan 2019 editionspecifically Chapter 15(Estate Tax Payable) Multiple Choice Problems Part 1, Part 2 and Part 3.4.A married citizen died leaving the following net estate: Exclusive properties of the decedent 5,000,000 Common properties of the decedent 20,000,000 Total allowable deduction for LIT-common 3,800,000 Transfer for public use- exclusive 800,000 Vanishing deductions- common 500,000 The common properties include a family home worth 12,000,000. Compute for the net taxable estate. a.6,950,000 b.7,050,000 c.7,150,000 d.7,250,000
A retail store normally has three people working in the evening. All of the employees have access to the same
A retail store normally has three people working in the evening. All of the employees have access to the same cash register. For the last month, the cash count at the end of the evening has been recording losses. The losses range from $5 to $300. The manager has decided to be the only one to count the cash at the end of the evening to keep the losses from happening.Discuss if the change made by the manager is a good one. Will the losses keep happening, or will this change prevent losses due to theft? What other recommendations and changes should be considered by this manager?
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