Several years ago John Johnson, who is in the lending business, loaned Sara $30,000 to purchase an automobile to be used for personal purposes. In August of the current year, Sara filed for bankruptcy, after paying back $1,000 of the loan to John. John was notified by the bankruptcy court that he could not expect to receive more than an additional $4,000. John has contacted you about the possibility of taking a bad debt deduction for the current year.

Following is stanley black & decker’s income statement for 2016 (in millions): stanley black & decker, inc. income statement for the year ended december 31, 2016 ($ millions) sales $11,406.9 cost of goods sold 7,139.7 gross profit $ 4,267.2 selling, general and administrative expenses 2,602.0 other operating expenses 268.2 operating income 1,397.0 interest and other nonoperating expenses 171.3 income before income tax 1,225.7 income tax expense 261.2 net income $ 964.5 compute stanley black & decker’s gross profit margin.

Bear, inc. estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year. they have, and desire, a 25% ending inventory of finished goods. each unit sells for $35. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. the remainder is received in the quarter following sale. cash collections for the third quarter are budgeted at

Partnerships are the most common type of business firms in the world. t/f