Deb has found it very difficult to repay her loans. Because of these difficulties, the bank...
Deb has found it very difficult to repay her loans. Because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $65,000. After the loan was discharged, Deb had total assets of $319,000 and her remaining loans totaled $269,000. What amount must Deb include in her gross income?
Homework Answers
ANSWER
SHE SHOULD ADD $0 IN HER GROSS INCOME
EXPLAINATION
GROSS INCOME IS THE INCOME WHEN A PERSON EARN FROM A BUSINESS HE OR DO .BUT HERE SHE HAD A INCOME FROM LOAN WAVIE OFF WHICH WILL BE A PART OF NET INCOME IT WILL GO IN OTHER INCOME AS DEBT FORGIVENESS.
Add Answer to:
Deb has found it very difficult to repay her loans. Because of
these difficulties, the bank...
Sena invests $250,000 in a city of Louisville bond that pays 7 percent interest. Alternatively, she...
Sena invests $250,000 in a city of Louisville bond that pays 7 percent interest. Alternatively, she could have invested the $250,000 in a bond recently issued by Microsoft, Inc. that pays 9 percent interest with similar risk as the city of Louisville bond. Assume that Sena's marginal tax rate is 24 percent. What is Sena's after-tax rate of return on the city of Louisville bond? 5.32 percent 9.00 percent 6.84 percent 7.00 percent None of the choices are correct Aimee...
1. What is the rationale for making the bankruptcy discharge of student loans very difficult? 2....
1. What is the rationale for making the bankruptcy discharge of student loans very difficult? 2. Petitioner argued that she should be able to use a postdischarge event (the auto accident) as a basis for establishing that she could not maintain a “minimal” standard of living, and thus she should get a retroactive discharge of her student loans. What benefit is there to her if she could successfully make the argument, given that she could—as the court noted—file for Chapter...
Adirondack Savings Bank (ASB) has $1 million in new funds that must be allocated to home...
Adirondack Savings Bank (ASB) has $1 million in new funds that must be allocated to home loans, personal loans, and automobile loans. The annual rates of return for the three types of loans are 5% for home loans, 13% for personal loans, and 8% for automobile loans. The bank’s planning committee has decided that at least 40% of the new funds must be allocated to home loans. In addition, the planning committee has specified that the amount allocated to personal...
Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS (Note: This is...
Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / through 4.) Sps Kate was a little worried about some of the practices of Fred Abbott, the CEO of Sentimente cided that an association with Sentiments could damage the reputation of her own company. Ka concerned that her business be viewed as socially responsible and any damage to her reputatie early stage could...
as a new manager at Bracelets Unlimited. In the past the company has done very little you have decided to prepar...
as a new manager at Bracelets Unlimited. In the past the company has done very little you have decided to prepare a comprehensive You have just been hired in the way of budgeting. Since you are well trained in budgeting master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family ...
Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such...
You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little i...
You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little in the way of budgeting. Since you are well rained in budgeting you have decided to prepare a comprehensive master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
Nursing Facilities Case: Mary Mary is a resident in a nursing facility—and has been for the...
Nursing Facilities Case: Mary Mary is a resident in a nursing facility—and has been for the past 5 of her 87 years. Most of the time, she is withdrawn into her own little world, although she shows occasional signs of being alert to her surroundings, sometimes appearing to be confused by them. Her physical appearance is generally good. She is neat and clean, more due to the care and effort of the facility staff than to her own efforts. Her...
44085 BANK Scenario-Renal/Urinary Disorder or K.B. is a 32 year old woman who recently visited her...
44085 BANK Scenario-Renal/Urinary Disorder or K.B. is a 32 year old woman who recently visited her primary care physician a couple days ago for a for a urinary tract infection (UTI) and obtained a prescription for azithromycin. She reports that she has finished 3 of the 7 days treatment. int is now She now presents to the hospital with complaints of fatigue and dehydration and is being admitted to the medial floor with AKI from dehydration. While taking her history,...
Case Study 2 Master Budgeting and Pro-Forma Financial Statements You have just been assigned to a...
Case Study 2 Master Budgeting and Pro-Forma Financial Statements You have just been assigned to a new manager who believes you have exceptional budgeting skills. Since you began your job last summer, you have been showing management your latest spreadsheets and how you use your new-found knowledge of Managerial Accounting to make sound business decisions. Your new manager is responsible for the nationwide distribution of designer handkerchief sets (HCS) and, through multiple franchise agreements, sales have grown very rapidly, and...
Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / through 4.) Sps Kate was a little worried about some of the practices of Fred Abbott, the CEO of Sentimente cided that an association with Sentiments could damage the reputation of her own company. Ka concerned that her business be viewed as socially responsible and any damage to her reputatie early stage could...
as a new manager at Bracelets Unlimited. In the past the company has done very little you have decided to prepare a comprehensive You have just been hired in the way of budgeting. Since you are well trained in budgeting master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little in the way of budgeting. Since you are well rained in budgeting you have decided to prepare a comprehensive master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
44085 BANK Scenario-Renal/Urinary Disorder or K.B. is a 32 year old woman who recently visited her primary care physician a couple days ago for a for a urinary tract infection (UTI) and obtained a prescription for azithromycin. She reports that she has finished 3 of the 7 days treatment. int is now She now presents to the hospital with complaints of fatigue and dehydration and is being admitted to the medial floor with AKI from dehydration. While taking her history,...
Most questions answered within 3 hours.
-
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 1 minute from now -
1. Mini Case Study: Suppose that, in the future, most jobs will
be bid upon by...
asked 9 minutes ago -
After reading the Primary Care scenario in the Allied Health
Community, what could have been implemented...
asked 2 minutes ago -
Plantinga argues for the view that there is no solution to the
problem of moral evil....
asked 5 minutes ago -
For this Discussion, you examine a case study of
hearing-impaired children who developed their own language...
asked 9 minutes ago -
A solution is prepared by dissolving 11.60 g of a mixture of
sodium carbonate and sodium...
asked 7 minutes ago -
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 8 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 9 minutes ago -
The moment of inertia of a disk rotating about its axis of
symmetry is Icm=1/2MR^2
The...
asked 16 minutes ago -
When using a relational database what makes data
formatting so important and critical to the functions...
asked 27 minutes ago -
The following temperatures show the (fictional) daily low
measured at O'Hare airport every January 1st from...
asked 47 minutes ago -
Your friend is interested in the characteristics of fast tree
planters. He searched through the records...
asked 54 minutes ago