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Wally and Sally want to go into business together and plan on offering a tutoring service to high school and college students. Wally proposes that they share control of the business and split profits equally and not bother with a written agreement. Sally, however, is concerned about being able to pay their debts since they will have to rent tutoring space, and purchase computers and supplies. She is also concerned about parents and students who may sue if their test scores do not improve. She tells Wally that she just bought a new boat and car, and that she does not want her assets to be in jeopardy. She tells Wally that they should form a corporation to shield their personal assets. Wally, however, tells their personal assets are not in danger with his proposal because they are a business and that, furthermore, forming a corporation would even result in tax being imposed twice.
What type of arrangement did Wally propose with his suggestion that they share control of the business and split profits equally, not bothering with a written agreement?
Discuss how a taxpayer’s tax basis in property received in a property transaction will be affected based on whether a property transaction results in gain exclusions or gain deferral.
Bando Corporation has a $300,000 balance in Accounts Receivable and a $4,000 debit balance in Allowance for Doubtful Accounts. Credit sales for the period totaled $1,800,000.
What is the effective annual rate of a savings account that pays an APR of 3% and compounds quarterly? Answer in percent and round to two decimal places.
Which of the two projects should be chosen based on the net present value method? Assume a cost of capital of 10 percent.
If two mutually exclusive projects with unequal lives have equal NPVs, which project will have the higher equivalent annual annuity? Why?
Using information in chart 6-11 compute a moving average forecast for months 4 through 12 using weights of 3, 5,9 What is the MAD for this forecast?
If you want to find out the probability that a randomly picked student has scored 85 or above, what is the z value that you should look up on the normal distribution table? Show work
The 8% of 20YY's have a market price of $11,617.05. Note that this bond matures in 14 years. Assume that the next coupon payment is exactly six months away.
The late 1990s saw the rise of corporate valuations arising from ownership of various forms of intellectual property, rather than the traditional value arising from production and sale of goods or services.Discuss this issue and prepare a 6 page m..
EAR versus APR. Ricky Ripov's Pawn Shop charges an interest rate of 13.7 percent per month on loans to its customers.
Evaluate the consequences to a publically traded company when there is a lack of quality within financial accounting and reporting.
Knoxville Accountants LLP consumes 100,000 packets of plain copier paper yearly. The usage is roughly steady throughout the year. The carrying expenses of this inventory is $2.00 per unit average inventory per year.
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