Identify which of the following statements is false.
a. debt basis is restored before stock basis.
b. randy is a shareholder in an s corporation. his stock basis is $10,000 and his basis in a loan he made to the corporation is $3,000. randy's share of the corporation's ordinary loss for the current year is $11,000. ignoring the atminus−risk and passive activity limitations, randy can deduct the loss in full.
c. a shareholder's ratable share of the s corporation's ordinary loss reduces the adjusted basis of his/her s corporation stock. once the basis of the stock is reduced to zero, any loss minus−passthrough that remains reduces the basis of s corporation debts that are owed to the shareholder.
d. a shareholder's s corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness.

Long-distance providers are becoming increasingly concerned about certain activities within their industry. various companies come together voluntarily to implement new standards of social responsibility that members must abide by. what seems to be the primary motivation in this case for an increased interest in social responsibility? - because corporations are creations of society, they are responsible for giving back to the communities in which they operate.- these companies have realized it is in their best interest to increase their social responsibility before they are once again subject to stricter regulations.- these companies are using social responsibility as a means to increase their profitability, both short term and long term.- long-distance providers have started taking pride in their industry and its record for social responsibility.- they feel a responsibility to their stockholders, employees, the government, investors, and society as a whole.

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

Synovec co. is growing quickly. dividends are expected to grow at a rate of 24 percent for the next three years, with the growth rate falling off to a constant 7 percent thereafter. if the required return is 11 percent, and the company just paid a dividend of $2.05, what is the current share price? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)