Reference no: EM131292281
Jimmy has fallen on hard times recently. Last year he borrowed $316,000 and added an additional $87,500 of his own funds to purchase $403,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy’s lender agreed to reduce the loan amount to $286,400.
For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.)
A) The real estate is worth $227,900 and Jimmy has no other assets or liabilities
B) The real estate is worth $294,600 and Jimmy has no other assets or liabilities
C) The real estate is worth $249,300 and Jimmy has $48,300 in other assets but no other liabilities
Amount Includible Scenario A ________ Senario B____________ Scenario C_______________
|
Draw the demand and supply curves
: Would the supply of apartments in this area be relatively inelastic or relatively elastic and draw the demand and supply curves as you have described them, showing the initial equilibrium price and quantity. Label carefully.
|
|
Why do the respondents throw food or waste food
: A 2014 report by an environmental agency in Abu Dhabi indicated that the GCC countries were among the world's top generators of food waste; and that in the UAE, food waste in a month comprises 39 per cent of an average household's organic waste.
|
|
Discuss about the organization core values
: describe cultural, research-based models and how they help clarify the organization's core values.
|
|
Strategic planning in order to improve his planning skills
: During the current year, Harry, a corp. CEO, took a two week seminar at the National Strategy Ass. on strategic planning in order to improve his planning skills. The tuition and fees totaled $14,000, which he paid out of pocket since his company does..
|
|
The value of the real estate dropped dramatically
: Jimmy has fallen on hard times recently. Last year he borrowed $316,000 and added an additional $87,500 of his own funds to purchase $403,500 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy’s lender ..
|
|
Prepare individual entries to record actual warranty costs
: Arden’s Used Cars offers a one-year warranty from the date of sale on all cars. From historical data, Mr. Arden estimates that, on average, each car will require the company to incur warranty costs of $760. The following activities occurred during 20..
|
|
Why are separate expense and revenue accounts
: Why are separate "expense" and "revenue" accounts used when all revenues and expenses could be shown directly in the retained earnings account? Discuss two limitations of financial statement analysis and discuss each limitation. In your initial respo..
|
|
Synonymous with excellence in golf balls
: Pong Golf Ball Co. is one of the largest manufacturers of quality golf balls in U.S. Recently, Pong introduced its new “Rocket” model golf ball. Pong has always been synonymous with excellence in golf balls. Pong has threatened to bring an action in ..
|
|
What are kanyes rights against all parties
: Kanye and Kim were to become engaged on Valentine’s Day. Kanye did not have the $250,000. (huge rock!) needed to purchase the engagement ring. As Kanye’s legal counsel your investigation discovers who purchased Kanye’s ring and that the purchaser, Ch..
|