Firm B, a calendar year, cash basis taxpayer, leases lawn and garden equipment. During December, it received the following cash payments. To what extent does each payment represent current taxable income to Firm B? (Enter "0" if there is no taxable income.)
a. $522 repayment of a loan from an employee. Firm B loaned $500 to the employee six months ago, and the employee repaid the loan with interest.
b. $600 deposit from a customer who rented mechanical equipment. Firm B must return the entire deposit when the customer returns the undamaged equipment.
c. $10,000 short-term loan from a local bank. Firm B gave the bank a written note to repay the loan in one year at 5 percent interest.
d. $888 prepaid rent from the customer described in part b. The rent is $12 per day for the 74-day period from December 17 through February 28.
Answers: 2
Business, 22.06.2019 02:30
Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?
Answers: 1
Business, 22.06.2019 14:20
Frugala is when sylvestor puts $2,000 into 10-year state bonds and $3,000 into 5-year aaa-rated bonds in steady hand hardware, inc. he buys the four state bonds at a 5 percent interest rate and the three steady hand bonds at a 6.5 percent rate. sylvestor also buys $1,500 worth of blue chip stocks, and $800 worth of stock in a promising new sportswear company that reinvests its earnings in new growth. 1. (a) what is the maturity for each of the bond groups sylvestor buys? (b) the coupon rate? (c) the par value?
Answers: 3
Business, 22.06.2019 17:00
Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.
Answers: 2
Business, 22.06.2019 17:30
Which of the following services will be provided by a full-service broker but not by a discount broker? i. research of potential investment opportunities ii. purchase and sale of stock at your request iii. recommendation of investments a. i and iii b. ii only c. iii only d. i, ii, and ii
Answers: 2
Firm B, a calendar year, cash basis taxpayer, leases lawn and garden equipment. During December, it...
Social Studies, 01.05.2021 23:10
Advanced Placement (AP), 01.05.2021 23:10
English, 01.05.2021 23:10
Mathematics, 01.05.2021 23:10
Mathematics, 01.05.2021 23:20
Mathematics, 01.05.2021 23:20
SAT, 01.05.2021 23:20
Arts, 01.05.2021 23:20
Mathematics, 01.05.2021 23:20
History, 01.05.2021 23:20
Computers and Technology, 01.05.2021 23:20