Noelle’s diamond ring was stolen in november 2017. she originally paid $8,000 for the ring, but it was worth considerably more at the time of the theft. noelle filed an insurance claim for the stolen ring, but the claim was denied. because the insurance claim was denied, noelle took a casualty loss for the stolen ring on her 2017 tax return. in 2017, noelle had agi of $40,000. after noelle threatened legal action, in early 2019, the insurance company had a "change of heart" and sent noelle a check for $5,000 for the stolen ring. determine the proper tax treatment of the $5,000 noelle received from the insurance company in 2019.

•broussard skateboard’s sales are expected to increase by 15% from $8 million in 2016 to $9.2 million in 2017. its assets totaled $5 million at the end of 2016. broussard is already at full capacity, so its assets must grow at the same rate as projected sales. at the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. the after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. use the afn equation to forecast broussard’s additional funds needed for the coming year

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.