Business, 25.01.2021 21:00 kyrabrown33
Scott Bennett is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having difficulty classifying six items and asks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items?
a. Scott rents a house for $1,350 a month.
b. On June 21, 2016, Scott bought diamond earrings for his wife and charged them using his MasterCard. The earrings cost $900, but he hasn’t yet received the bill.
c. Scott borrowed $3,500 from his parents last fall, but so far, he has made no payments to them.
d. Scott makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500.
e. Scott paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received.
f. Scott invested $2,300 in some common stock.
Answers: 2
Business, 22.06.2019 12:20, KindaSmartPersonn
Bdj co. wants to issue new 22-year bonds for some much-needed expansion projects. the company currently has 9.2 percent coupon bonds on the market that sell for $1,132, make semiannual payments, have a $1,000 par value, and mature in 22 years. what coupon rate should the company set on its new bonds if it wants them to sell at par?
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In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?
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Scott Bennett is preparing his balance sheet and income and expense statement for the year ending Ju...
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