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Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:
49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.
Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.
With both contracts, the annual salary will be paid in one lump sum at the end of the football season.
Required:
You have been hired as a consultant to Harvey's agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.
q1 heflin company incurs these expenditures in purchasing a truck cash price 17700 accident insurance during use 1810
During 2010, the S corporation reported an $80,000 ordinary business loss and no separately stated items. Explain how much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?
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Kathleen received land as a gift from her uncle. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen’s uncle. One year later, Kathleen sold the land for $80,000. Illustrate what was her realized..
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a company assigns overhead cost to completed jobs on the basis of 112 percent of direct labor cost. the job cost sheet
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james, age 17, is claimed by her parents as a dependant, during 2011, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. how much will be James' taxable incom?
Prepare an income statement for the company using absorption costing and prepare an income statement for the company using variable costing.
On the basis of this agreement, what price should the investor offer? A normal return on the fair value of net assets in this industry is 15 percent.
Block Company issued a 20,000 10 year bond on 7/1/2008 when the market rate was 6.5%. Assume that the accounting year of Block Company ends on December. Journalize the following transactions.
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