Arnold bought a machine for use in his business on 1 November 2004. He gave the supplier a cheque for $11,570 and traded in an old machine. The supplier allowed him $4,430 in part exchange for the old machine. Arnold depreciates machinery on the reducing balance basis at a rate of 20% per annum. The old machine had cost $12,000 and had been depreciated by $5,856. What is the book value on the new machine for the year to 31 October 2007? a. $2,560 b.  $3,200 c. $8,192 d. $2,048

Luis and rosa, citizens of costa rica, moved to the united states in year 1 where they both lived and worked. in year 3, they provided the total support for their four young children (all under the age of 10). two children lived with luis and rosa in the u. s., one child lived with his aunt in mexico, and one child lived with her grandmother in costa rica. none of the children earned any income. all of the children were citizens of costa rica. the child in mexico was a resident of mexico, and the child in costa rica was a resident of costa rica. how many total exemptions (personal exemptions plus exemptions for dependents) may luis and rosa claim on their year 3 joint income tax return? a. 6 b. 5 c. 4 d. 2

Chip wilson has hired goldman sachs, an investment banking company, to assist him with a hostile takeover of lululemon. wilson's goal is to hire a new board of directors because he believes there is a need for a more long-term focus. goldman sachs is a proven firm at making a profit in every move that they make. if the hostile takeover does not pan out, what could be another motive for investors?

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance