Kent "flounder" dorfman is a full-time student at faber college. he is a senior and a member of delta tau chai fraternity. the deltas awarded kent a $35,000 scholarship called "the dean wormer double secret probation memorial scholarship". in the current year, kent pays the following amounts to attend faber college: tuition - $26,000; required lab fees - $300;

required books and supplies - $1,000; room and board - $7,500. how much of the scholarship, if any, is taxable for federal income tax purposes?

explain how you arrived at your answer and cite at least one section of the internal revenue code to support your answer.

how much of the scholarship, if any, is not taxable for federal income tax purposes?

explain how you arrived at your answer.

Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from s1 to s2. the price the seller receives for the product after paying the tax is

Suppose the following items were taken from the balance sheet of nike, inc. (all dollars are in millions.) 1. cash $ 2,316.7 7. inventory $ 2,245.6 2. accounts receivable 2,786.2 8. income taxes payable 80.3 3. common stock 2,841.1 9. equipment 1,783.8 4. notes payable 291.2 10. retained earnings 6,162.5 5. buildings 3,959.7 11. accounts payable 2,624.6 6. mortgage payable 1,092.3 perform each of the following. classify each of these items as an asset, liability, or stockholders’ equity, and determine the total dollar amount for each classification. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) cash accounts receivable common stock notes payable buildings mortgage payable inventory income taxes payable equipment retained earnings accounts payable assets $ 13092 liability $ 4088.4 stockholders’ equity $ 9003.6 etextbook and media determine nike’s accounting equation by calculating the value of total assets, total liabilities, and total stockholders’ equity. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) total assets = total liabilities + total stockholders’ equity

The following information relates to the pina company. date ending inventory price (end-of-year prices) index december 31, 2013 $73,700 100 december 31, 2014 100,092 114 december 31, 2015 107,856 126 december 31, 2016 123,009 131 december 31, 2017 113,288 136 use the dollar-value lifo method to compute the ending inventory for pina company for 2013 through 2017.