Homework Answers
Ans. In 2016, Gerald loaned Main Street Bakery $52,500. In 2017, he learned that he would probably receive only $5,775 of the loan. In 2018, Gerald received $2,625 in final settlement of the loan. Gerald's possible deductions with respect to the loan for 2016, 2017 and 2018 are as follows:
| Deductions | |
| 2016 | Nil |
| 2017 | $46,725 ($52,500 - $5,775) |
| 2018 | $3,150 ($5,775 - $2,625) |
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Problem 6-40 (LO 6-5) In 2016, Gerald loaned Main Street Bakery $52,500. In 2017, he learned...
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In 2015, Gerald loaned Main Street Bakery $55,000. In 2016, he learned that he would probably receive only $6,400 of the loan. In 2017, Gerald received $3,000 in final settlement of the loan. Calculate Gerald’s possible deductions with respect to the loan for 2015, 2016, and 2017. 2015: 2016: 2017:
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Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
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former husband (divorced in 2016). Reba also rents out a small
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payments...
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Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
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