McGraw-Hill Learning Solutions, 2009. p. 180). <vbk:0077589270#outline(4.9.1.4)> 4. On January 1, 2009, Turner, Inc., reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540,000 on that date for a 90 percent ownership in Turner. On December 31, 2011, Turner reports a Building account of $182,000 and Plaster reports a Building account of $510,000.
1,248 b. 1,238 c. 1,148 d. 1,338 4. Multiply: 4,628 x 226 a. 1,045,928 b. 1,054,848 c. 1,405,888 d. 1,045,828 5.
1. (TCO A) On July 1, 2010, an interest payment date, $60,000 of Parks Co. bonds were converted into 1,200 shares of Parks Co. common stock, each having a par value of $45 and a market value of $54. There is $2,400 unamortized discount on the bonds. Using the book value method, Parks would record (Points : 4) no change in paid-in capital in excess of par. a $3,600 increase in paid-in capital in excess of par.
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
LLC Corp. Overall tax rate 35% (4)/(1) 44.75% [(2) + (4)]/(1) 58. [LO 3] For the current year, Custom Craft Services Inc. (CCS), a C corporation, reports taxable income of $200,000 before paying salary to Jaron the sole shareholder. Jaron's marginal tax rate on ordinary income is 35 percent and 15 percent on dividend income. Assume CCS's tax rate is 35 percent.
Capital Expenditures in 1993 amounted to $450 million and working capital was 7% of revenues (which were $13,500 million). The firm had debt outstanding of $3.068 billion (in book value terms), trading at a market value of $3.2 billion and yielding a pre-tax interest rate of 8%. There were 62 million shares outstanding trading at $64 per share and the most recent beta is 1.10. The tax rate for the firm is 40%. (The treasury bond rate is 7%.)
3. You purchase 300 shares of Square Enix at $40 per share. To pay the purchase, you borrow $4,000 from your broker. The interest rate on the loan is 5%. a.
SciTronics had $ 75,000 of owners’ equity and earned $ 14,000 after taxes in 2008. Its return on equity was 18.67% an improvement from the 8.2% earned in 2005. Activity Ratios: How well does the company employ its assets? 1. Total asset turnover for SciTronics in 2008 can be calculated by dividing $ 244,000 into $ 159,000.
1) Taxpayer Limited paid $10,000 to purchase computer applications software (before apply HST) on January 31, 2013. Taxpayer Limited has a December 31 year-end. What is the maximum tax deduction that Taxpayer Limited can claim in respect of the above expenditure for its taxation year ended December 31, 2013, assuming that Taxpayer is registered to collect and remit HST? 2) CLASS 10.1 ABC Ltd. is a manufacturer with a December 31 year-end. On January 1, 2013, the undepreciated capital cost for Class 10.1 was $22,950.
Her maximum monthly loan and credit card payments should not be over $272, which is the 20 percent of her net income. Question 3 Robert Thumme owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage he has the following liabilities: Visa | $565 | MasterCard | $480 | Discover Card | $395 | Education Loan | $920 | Personal Bank Loan | $800 | Auto Loan | $4,250 | Total | $7,410 | | | Robert’s net worth (not including his home) is about $21,000. This equity is