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Question - It was a tough year for Josh and Allie. Both of the them lost their job, their principal residence along with their matching BMWs in the garage were burned to the ground in the CA wildfires, they spent all of the insurance money they received to rebuild their house, only to find it was only worth $750,000 now. They had purchased the house 4 years ago for $1,200,000 when things were going well for them. Their $1,000,000 mortgage was paid down to $925,000 when they lost their jobs and stopped making their mortgage and car payments. They literally owe easily $200,000 more than what they own. The bank foreclosed on their house and sold the house for $750,000; applying the $750,000 to their mortgage balance. Thankfully, the bank forgave the remaining $175,000 mortgage balance. How much income will Ted and Alice include in gross income this year as a result of the foreclosure and forgiveness of indebtedness?
Prepare year-end income statement and balance sheet for the business (Remember to increase/reduce equity by the amount of income/loss).
The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $56,000. Calculate the depreciation expense
In 2012, Bill and Joyce Schnappauf live in Wakefield, R.I. Bill is 53, and Joyce is 51. Bill is a district sales manager for USC Equipment Corporation
Sisters Corp expects to earn $6 per share next year. The firm's ROE is 12% and its plowback ratio is 60%. If the firm's market capitalization rate is 8%. Calculate the price with the constant dividend growth model.
What are the FS Effects of the following 12/31, year-end dividend declaration transaction,Fox Co. declares total dividends of $200,000, with 60%
Sylvester Ltd owns 40% of the shares of Tweety Pie Ltd;Discuss the potential for Tweety Pie Ltd to be classified as a subsidiary of Sylvester Ltd
Which cases must the taxpayer annualize its income for a period of less than 12 months? Zeta Corporation, a calendar-year corporation, was liquidated on Sept
Prepare schedules for expected collections from customers and expected payments for direct materials purchases for January and February.
The income tax rate is 30%, no other temporary or permanent differences exist, and taxable income is $400,000. Prepare the entry to record income tax expense on December 31, 2013.
Prepare the entry to record the interest expense at April 1, 2007. Assume that interest payable was credited when the bonds were issued
Record Christiana's purchase of the patent. Record amortization of the patent at the end of Year One and Year Two
Compute the sales level required in both dollars and units to earn $161,000 of after-tax income in 2012 with the machine installed
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