Monty loaned his friend Ned $12,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $8,400, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the $8,400 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of $3,360 and taxable income of $47,250. During the current year, Ned paid Monty $7,560 in satisfaction of the debt. Determine Monty's tax treatment for the $7,560 received in the current year.

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Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.

Western electric has 32,000 shares of common stock outstanding at a price per share of $79 and a rate of return of 13.00 percent. the firm has 7,300 shares of 7.80 percent preferred stock outstanding at a price of $95.00 per share. the preferred stock has a par value of $100. the outstanding debt has a total face value of $404,000 and currently sells for 111 percent of face. the yield to maturity on the debt is 8.08 percent. what is the firm's weighted average cost of capital if the tax rate is 39 percent?