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vovikov84 [41]
3 years ago
5

Which of the following statements regarding personal and/or rental use of a home is false? Multiple Choice A day for which a tax

payer rents a home to an unrelated party for less than the property's fair market value is considered to be a personal-use day. A day for which a taxpayer rents a home to a relative for full fair market value is considered to be a rental use day (home is not the relative’s principal residence). A day for which an unrelated nonowner stays in the home under a vacation exchange arrangement is considered to be a personal-use day. A day for which the home is available for rent but is not occupied does not count as a personal-use or a rental use day.
Business
1 answer:
evablogger [386]3 years ago
5 0

Answer:

A day for which a taxpayer rents a home to a relative for full fair market value is considered to be a

rental use day.

Explanation:

Personal use property can be regarded as type of property/ asset that is not been used by individual for purpose of business or investment purpose. personal use portion of interest on mortgage as well as property taxes is been passed on to the owners. In the case, whereby the the property qualifies as a residence, whereby the property is been rented like less than 15 days within the year, the rental income cannot be taxed

It should be noted that some instances of personal and/or rental use of a home are;

✓ A day for which a taxpayer rents a home to an unrelated party for less than the property's fair market value is considered to be a personal-use day.

✓ A day for which an unrelated nonowner stays in the home under a vacation exchange arrangement is considered to be a personal-use day.

✓A day for which the home is available for rent but is not occupied does not count as a personal-use or a rental use day.

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Cost ConceptOn February 3, Clairemont Repair Service extended an offer of $360,000 for land that had been priced for sale at $40
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The land should be recorded in Clairemont Repair Service’s records at $380,000

Explanation:

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3 years ago
Kevin Morales invests $14,963.72 now for a series of $2,200 annual returns beginning one year from now. Kevin will earn a return
4vir4ik [10]

Answer:

Answer= 9 years

Explanation:

Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate

14,963.72=2200[1-(1.06)^-n]0.06

14,963.72=36,666.67[1-(1.06)^-n]

1-(1.06)^-n=(14,963.72/36,666.67)

(1.06)^-n=1-(14,963.72/36,666.67)

(1/1.06)^n=0.591898545

Taking log on both sides;

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3 years ago
Prepare a pro forma balance sheet, assuming a sales increase of 15 percent, no new external debt or equity financing, and a cons
xeze [42]

Answer:

pro forma Balance sheet

                             old increased

   

assets    

non current assets   37800 43470

net PPE                   37800 43470

Current assets   15400 17710

Inventory          9000 10350

Accounts receivable  3900 4485

cash                      2500  2875

   

total assets           53200 61180

   

Equity & Liabilities    

common stock    15000 15000

retained earnings   6800 13930

total                           21800 28930

Liabilities    

long term debt   24000 24000

   

Current liabilities   7400 7760

Accounts payable   2400 2760

notes payable   5000 5000

   

total                             53200 60690

EFN = 61180 - 60690 = 490

PAYOUT RATIO = dividends / net income

additions to retained earnings = net income less dividends

Explanation

Retained earnings = old retained earnings plus additions to retained earnings = 6800 + 7130 =13930

Missing parts of the Question

Consider the following income statement for the Heir Jordan Corporation:

 

HEIR JORDAN CORPORATION

Income Statement

 Sales     $ 48,500  

 Costs      34,500  

 Taxable income     $ 14,000  

 Taxes (35%)      4,900  

 Net income     $ 9,100  

     Dividends $ 2,900      

     Addition to retained earnings  6,200      

 

The balance sheet for the Heir Jordan Corporation follows.

 

HEIR JORDAN CORPORATION

Balance Sheet

Assets  Liabilities and Owners’ Equity  

 Current assets      Current liabilities    

   Cash $ 2,500      Accounts payable $ 2,400  

   Accounts receivable  3,900      Notes payable  5,000  

   Inventory  9,000        Total $ 7,400  

     Total $ 15,400    Long-term debt $ 24,000  

 Owners’ equity    

 Fixed assets        Common stock and paid-in surplus $ 15,000  

   Net plant and equipment $ 37,800      Retained earnings  6,800  

     Total $ 21,800  

 Total assets $ 53,200    Total liabilities and owners’ equity $ 53,200  

   

1.Prepare a pro forma balance sheet, assuming a 10 percent increase in sales, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

2.Calculate the EFN. (Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

8 0
3 years ago
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