Interest free loan from us government

Assignment Help Accounting Basics
Reference no: EM13127434

Which item LEAST resembles an interest free loan from the U.S. government?

a. A deduction taken pursuant to Section 179 of the U.S. Tax Code

b. A deduction taken for bonus depreciation

c. First-time homebuyer credit for a closing that occurred in March of 2009

d. First-time homebuyer credit for a closing that occurred in June of 2008

Reference no: EM13127434

Questions Cloud

Problem associated to sole proprietorship : Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
What is the partial pressure of each gas : Nitrogen dioxide (NO2) cannot be obtained in a pure form in the gas phase because it exists as a mixture of NO2 and N2O4. At 25°C and 0.98 atm, the density of this gas mixture is 2.7 g/L.
What is the importance of the cash budget : What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
Transformation of complex numbers : Consider the transformation w = (i - z) / (i + z) . Show that the upper half plane Im z > 0 maps to the disk |w|
Interest free loan from us government : Which item LEAST resembles an interest free loan from the U.S. government?
What volume does the gas occupy at this height : A balloon filled with helium gas has a volume of 500 mL at pressure of 1 atm. The balloon is released and reaches an altitude of 6.5 km, where the pressure is 0.5 atm.
Find out the amount of bond interest expense for first yr : Determine the amount of discount to be amortized for the first semiannual interest payment period, using the interst method. Find out the amount of bond interest expense for the first year.
Explain why the amounts for premium-discount recorded : Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
Compute and interpret the mean of the random variable : Suppose a baseball player had 211 hits in a season. In the given probability distribution, the randon variable X represents the number of hits the player obtained in a game. Compute and interpret the mean of the random variable x.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Dividends received from the securities

An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..

  What are tax loopholes

What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.

  Describe why accounting rules differ from country to country

Review the convergence of United States Generally Accepted Accounting Principles and International Financial Reporting Standards.

  Demands interest on the note

Lee needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Lee will receive on the sale of the note?

  Active business income

In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..

  Prepare a balance sheet

prepare a Balance Sheet, given details attached below,  Acid Test Ratio : 2.5,  Current Ratio : 1.5, Net working capital Rs. 10, 00,000, Fixed Assets ?, Share holders fund Rs. 15, 00,000, Stock\ Inventory ?

  What is the minimum acceptable selling price of material

what is the minimum acceptable selling price of material L to the company that could use material L in its own production process?

  Compute depreciation expense using straight-line method

Lockard Company purchased machinery on January 1, 2012, for $151,840. The machinery is estimated to have a salvage value of $15,184 after a useful life of 8 years.

  Inventories reflected by accounting records

Carly Manufacturing Company's accounting records reflect the following inventories:

  Finding components of mixed overhead costs

Echeverria SA is an Argentinian manufacturing company whose total factory overhead costs fluctuate somewhat from year to year according to the number of machine-hours worked in its production facility.

  Stocks-equity and journal entries

The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..

  Computations of dividend

Reiner Wholesale Merchandise had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2003. These data apply to each of the independent situations below.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd