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Verizon [17]
3 years ago
13

Sparkman Co. filed a bankruptcy petition and liquidated its noncash assets. Sparkman was paying forty cents on the dollar for un

secured claims. Bailey Co. held a mortgage of $150,000 on Sparkman’s land which was sold for $110,000. The total amount of payment that Bailey should have received is calculated to be
Business
1 answer:
Alecsey [184]3 years ago
8 0

Answer:

At least the 110,000

The deficiency will be based on jurisdictions and the state at which the bankruptcy occur.

Explanation:

Baily will receive the 110,000 as the mortgage collateral was the real state. Once it was sold, Baley received the 110,000.

Sparkman offer is for unsecured claims, the mortage is secured, as the mortage is secured through mortgage origination.

Once Sparkman filed bankruptcy, the lender which is Bailey executed foreclosure to take ownership of the property and sell it to pay off the loan.

After foreclosure, Mailey has little to no resources for the remaining debt.

It will depend heavily on jurisdictions if Baily can force Sparkman to pay the 40,000 remaining.

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A coupon is an example of:
Lelu [443]

<u>Answer:</u>

<em><u>an incentive</u></em>

<em><u /></em>

<u>Explanation:</u>

A coupon is an example of <em><u>an incentive.</u></em> A coupon is usually a piece of paper that states a costumer can get a discount on a certain product. When someone finds a coupon that allows them to save money on a desired product, they will be encouraged to buy it. Therefore, the coupon acts as incentive to get costumers to buy more products.

3 0
3 years ago
An increase in appraisal costs will probably lead to a decrease in internal failure costs and an increase in external failure co
ivanzaharov [21]

Answer:

False

Explanation:

An increase in appraisal costs will probably lead to a decrease in internal failure costs and an increase in external failure costs is a false statement as costs associated with measuring, evaluating or auditing products or services to assure great quality is the appraisal costs.

Internal Failure Costs: Costs emanating of products or services not corresponding to demands or consumer/user requirements. You would willingly have this outside of the failure costs

External Failure Costs: Costs occurring from products or services not adhering to demands or consumer/user requirements AFTER shipment or consignment of the goods.

3 0
3 years ago
What is the most popular method of filing in nepal why?
Bumek [7]

Answer:

classification

Explanation:

4 0
2 years ago
Read 2 more answers
Nicky receives a car for Sam as a gift. Sam paid $48,000 for the car. He had used the car for business purposes and had deducted
VMariaS [17]

Answer:

A.Basis for depreciation=$38,000 gain

Loss basis =$33,000 (Fair market value)

B.Realized gain$ 1,000

C. Realized loss($ 6,500)

Explanation:

A. Calculation for basis for depreciation

Basis for depreciation =$48,000-$10,000

Basis for depreciation=$38,000 gain

Loss basis =$33,000 (Fair market value)

B.Calculation for her recognized gain or loss

Amount realized$32,500

Less Adjusted basis 31,500

( $38,000 - $6,500)

Realized gain$ 1,000

C. Calculation for her recognized gain or loss?

Amount realized$20,000

Less Adjusted basis $26,500

( $33,000 - $6,500)

Realized loss($ 6,500)

8 0
3 years ago
Chartworth Associates' financial statements indicated that the company had EBITDA of $3,145,903. It had depreciation of $633,000
creativ13 [48]

Answer:

$822,512

Explanation:

For this question, the tax rate is as per schedule below

Tax Rate Taxable Income 15% $0 to $50,000 : 25% 50,001 - 75,000 :34 % 75,001 - 100,000:  39% 100,001 - 335,000 :34% 335,001 – 10,000,000: 35% 10,000,001 - 15,000,000: 38% 15,000,001 - 18,333,333 35

EBITDA represents earnings before interest, depreciation, and tax.

The amount to be taxed will be the EBITDA minus depreciation and the interest amount.

The interest to be paid is 7.5 % of $1,25 million

=7.5% x 1,250,000

=$93,750

taxable amount will be

=$3,145,903 - $93,750 - $633,000

=$2,419,153

According to the tax schedule, the rate applicable is 34%

The tax amount will be 34% of $2, 419,153

=34/100 x $2, 417,153

=.34 x $2,419,153

=$822,512.02

6 0
3 years ago
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