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Hank, a calander-year taxpayer, uses the cash method of accounting for his sole proprietorship. in late December, he performed $20,000 of legal services for a client. hank typically requires his clients to pay his bill immediately upon receipt. assume his marginal tax rate is 30 percent this year and will be 40 percent next year, and that he can earn an after-tax rate of return of 12 percent on his investment.
a. what is the after-tax income if hank sends his client the bill in December?
b. what is the after-tax income if hank sends his client the bill in January? exhibit 3.1.
If the spot rate for the Swiss Franc (SF) is that 1.15 SF is equal to 1 $U.S., and the annual interest rate on fixed rate one-year deposits of SF is 1.5% and for $U.S. is 2.5%, what is nine-month forward rate for one dollar in terms of SFs? Assuming ..
The stock of Milton, Inc., is expected to return 17% annually with a standard deviation of 8%. The stock of Eaton, Inc., is expected to return 28% annually with a standard deviation of 12%. The beta of the Milton stock is 1.50, and the beta of the Ea..
budgeting involves computation of budgeted purchase.jasper company jasper company projects sales of 230000 in may
Prepare journal entries to record the June 2015 transactions for the business and post these journal entries to suitable T accounts - prepare an unadjusted trial balance as at 30 June 2015
A business achieves a constant margin of 25%. If Purchases were £480000 and Sales £560000 what has happened to inventory during the period?
A fund of $5000 is used to award a scholarship of $500 at the end of each six months for as long as possible. If the effective interest rate per 6 months is 7%, find the number of scholarships which can be awarded, and the amount left in the fund six..
During October, Dorinirl Corporation incurred $65,500 of direct labor costs and $5,100 of indirect labor costs. The journal entry to record the accrual of these wages would include a:
Determine the net present value of the investment in the machine. (Negative amount should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, intermediate and final answers to the nearest dollar amount.
Bruno's Lunch Counter is expanding and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project req..
Invoices representing $1,005 of services performed during the month have not been recorded as of June 30. Prepare the adjusting entries for the month of June.
The auditor is auditing financial statements for the year ended December 31, 2015, and is completing the audit early March 2016. The following situations have come to the auditor’s attention. The client is a bank, a major commercial loan customer fil..
Regal Products has a budget of $900,000 in 20X6 for prevention costs. If it decides to automate a portion of its prevention activities, it will save $60,000 in variable costs. The new method will require $20,000 in training costs and $150,000 in annu..
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