Deerwood Corporation lends its principal shareholder, Lafayette, $500,000 on July 1 of the current year. The loan is interest-free and payable on demand. On December 31, the imputed interest rules are applied. Assume that the Federal rate is 3%, compounded semiannually. What are the tax consequences of this loan?
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Business, 22.06.2019 09:40
As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?
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Business, 22.06.2019 16:30
Why is investing in a mutual fund less risky than investing in a particular company’s stock?
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Business, 22.06.2019 19:40
Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.
Answers: 3
Business, 22.06.2019 22:10
Scoresby co. uses 6 machine hours and 2 direct labor hours to produce product x. it uses 8 machine hours and 16 direct labor hours to produce product y. scoresby's assembly and finishing departments have factory overhead rates of $240 per machine hour and $160 per direct labor hour, respectively. how much overhead cost will be charged to the two products? a. product x = $1,440; product y = $2,560 b. product x = $1,760; product y = $4,480 c. product x = $3,200; product y = $9,600 d. product x = $800; product y = $800
Answers: 1
Deerwood Corporation lends its principal shareholder, Lafayette, $500,000 on July 1 of the current y...
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