Marvin received form 1099-c reporting canceled credit debt of $7,000. his total liabilities immediately before the cancellation were $43,000. the fmv of assets immediately before the cancellation were $38,000. what amount of canceled debt will marvin report on his return?

What happens when a bank is required to hold more money in reserve?

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.