When Bennett lists his house on his personal statement of financial position, it should be calculated...
When Bennett lists his house on his personal statement of financial position, it should be calculated at
actual purchase price
actual value less debt
insured value
fair market value
Homework Answers
fair market value
The house should be listed at the fair market value. Any debts should be listed separately under liabilities.
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When Bennett lists his house on his personal statement of
financial position, it should be calculated...
when Marcus sent his daughter to college he purchased a house near campus for $95,000 empty...
when Marcus sent his daughter to college he purchased a house near campus for $95,000 empty lots in the area soul for approximately $10,000 at the time after she graduated Mark has decided to keep the house for use as rental. the fair market value at the time at the convertion was 160,000 and the price of the land had rising to 20,000. the basis for depreciation of the house is
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his ho...
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...
Construct a PERSONAL (not business) income statement and a balance sheet. MS Excel is recommended for...
Construct a PERSONAL (not business) income statement and a balance sheet. MS Excel is recommended for this work, but it is acceptable to submit a Word document if you are more comfortable using it. The income statement should: Include at least one source of income and least six different expense items. Income and expenses should each be totaled and the difference between income and expenses should be shown as the "bottom line." The balance sheet should include: At least five...
The primary purpose of the statement of financial position of a business is to reflect A....
The primary purpose of the statement of financial position of a business is to reflect A. The fair value of the entity’s assets at some moment in time. B. The status of the entity’s assets in case of forced liquidation. C. The entity’s potential for growth in stock values in the stock market. D. Items of value, debts, and net worth. (correct answer) A. Assets are reported in the balance sheet using various measurement attributes, including but not limited to...
Tim bought a house for $500,000 in 2005 in California. When his daughter Mary got married...
Tim bought a house for $500,000 in 2005 in California. When his daughter Mary got married in August 2014, he gave the house to Mary as a gift. The fair market value of the house was $800,000. Mary and her husband Jerry have lived in the house since then. The house is Mary and Jerry’s community property (True or False) How much is the taxable gift? If Mary and Jerry sell the house for $900,000 in April 2019: What is...
3:40 Safari < 349441_Group Assignment_Ques... QUESTION 6 Condensed statement of financial position and statement of profit...
3:40 Safari < 349441_Group Assignment_Ques... QUESTION 6 Condensed statement of financial position and statement of profit or loss data for Orange Berhad appear below: Orange Berhad Statements of financial position December 31 2017 (RM2016 (RM)2015 (RM) Plant and equipment 0,000 370,0 35,000 Invest Other 90.000 95.000.000 Account receivable (net) 25,000 20,000,000 Share capitalcediny, RM10.000 35.000 Reading 145.000 12.000 11.2000 Non-current liabilities 70,000 5,000,000 Orange Berhad Statements of profit or loss for the year December 31 2017 (RM6RME Sales revenue LowRewards...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020:...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year,...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year, 2020: BRAMBLE CORPORATION Statement of Financial Position December 31, 2020 Current assets $523,800 Current liabilities Investments 691,200 Long-term liabilities Property, plant, and equipment 1,857,600 Shareholders' equity Intangible assets 286,200 $3,358,800 $410,400 1,036,800 1,911,600 $3,358,800 The following additional information is available: 1. The current assets section includes the following: cash $162,000; accounts receivable $183,600, less $10,800 allowance for doubtful accounts; inventory $194,400; and unearned revenue...
Question Liquidity ratio Josh Smith has compiled some of his personal financial data in order to...
Question Liquidity ratio Josh Smith has compiled some of his personal financial data in order to determine his liquidity position. The data are as follows: Account Cash Marketable securities Checking account Credit card payables 1,090 840 1,270 830 Josh's liquidity ratio. b. Several of Josh's friends have told him that they have liquidity ratios of about 1.8. How would you analyze Josh's liquidity relative to his friends? a. Josh'sliquidity ratio is(Round to two decimal places.) b. Several of Josh's friends...
TRUE/FALSE 1. When control is obtained through a stock acquisition, combined financial statements automatically result for...
TRUE/FALSE 1. When control is obtained through a stock acquisition, combined financial statements automatically result for future periods. 2. Tax loss carryovers are generally transferable in a business combination and may be recorded as an asset. 3. In all business combinations, one company gains control over the assets and liabilities of another company. 4. Regardless of the purchase price, the current assets, liabilities, and long-term investments (not including equity method investments) are recorded at fair market value in a business...
Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property...
3:40 Safari < 349441_Group Assignment_Ques... QUESTION 6 Condensed statement of financial position and statement of profit or loss data for Orange Berhad appear below: Orange Berhad Statements of financial position December 31 2017 (RM2016 (RM)2015 (RM) Plant and equipment 0,000 370,0 35,000 Invest Other 90.000 95.000.000 Account receivable (net) 25,000 20,000,000 Share capitalcediny, RM10.000 35.000 Reading 145.000 12.000 11.2000 Non-current liabilities 70,000 5,000,000 Orange Berhad Statements of profit or loss for the year December 31 2017 (RM6RME Sales revenue LowRewards...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year, 2020: BRAMBLE CORPORATION Statement of Financial Position December 31, 2020 Current assets $523,800 Current liabilities Investments 691,200 Long-term liabilities Property, plant, and equipment 1,857,600 Shareholders' equity Intangible assets 286,200 $3,358,800 $410,400 1,036,800 1,911,600 $3,358,800 The following additional information is available: 1. The current assets section includes the following: cash $162,000; accounts receivable $183,600, less $10,800 allowance for doubtful accounts; inventory $194,400; and unearned revenue...
Question Liquidity ratio Josh Smith has compiled some of his personal financial data in order to determine his liquidity position. The data are as follows: Account Cash Marketable securities Checking account Credit card payables 1,090 840 1,270 830 Josh's liquidity ratio. b. Several of Josh's friends have told him that they have liquidity ratios of about 1.8. How would you analyze Josh's liquidity relative to his friends? a. Josh'sliquidity ratio is(Round to two decimal places.) b. Several of Josh's friends...
TRUE/FALSE 1. When control is obtained through a stock acquisition, combined financial statements automatically result for future periods. 2. Tax loss carryovers are generally transferable in a business combination and may be recorded as an asset. 3. In all business combinations, one company gains control over the assets and liabilities of another company. 4. Regardless of the purchase price, the current assets, liabilities, and long-term investments (not including equity method investments) are recorded at fair market value in a business...
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