Several courses of appeal are available to taxpayers who disagree with an IRS ruling on their tax return audit.

Cross Clothiers invested $200,000 in a debt security that it properly classified as a trading security on 12/20/17. At 12/31/17, this trading security had a fair value of $201,500. Record the journal entries needed for this investment assuming this is the first and only trading debt security for Joss

What will be an ideal response?

Assume the following facts about a firm:

Sales(this year) $100,000 Net income(this year) $10,000 Assets(this year) $50,000 Current liabilities(this year) $2,000 Anticipated growth rate 12% Proposed dividend payout ratio 60% The firm's external funding requirement for next year is (Hint: You don't have to remember the EFR formula. Just realize that the funding requirement is the growth in assets less that in current liabilities less next year's retained earnings.) A) $1,280 B) ($960) C) $1,760 D) $800