Business, 26.03.2021 23:20, itsyagirlbella
On January 1, Justin, Kevin, and Stan form a partnership. The contributions of the three individ-uals are listed below. Justin received a 30% partnership interest, Kevin received a 60% partner-ship interest, and Stan received a 10% partnership interest. They share the economic risk of loss from recourse liabilities according to their partnership interests. Individual Asset Basis to Partner FMVJustine Accounts receivable $ –0– $ 60,000Kevin Land 30,000 58,000 Building 45,000 116,000Stan Services ? 20,000Kay has claimed $15,000 of straight-line MACRS depreciation on the building. The land and building are subject to a $54,000 mortgage, of which $18,000 is allocable to the land and $36,000 is allocable to the building. The partnership assumes the mortgage. Susan is an attorney, and the services she contributes are the drawing-up of all partnership agreements. a. What amount and character of gain, loss, or income must each partner recognize on the formation of the partnership?b. What is each partner’s basis in her partnership interest?c. What is the partnership’s basis in each of its assets?d. What is the partnership’s initial book value of each asset?
Answers: 2
Business, 22.06.2019 01:30, sophie5064
How will firms solve the problem of an economic surplus a. decrease prices to the market equilibrium price b. decrease prices so they are below the market equilibrium price c. increase prices
Answers: 3
Business, 22.06.2019 07:10, Derienw6586
Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.
Answers: 3
On January 1, Justin, Kevin, and Stan form a partnership. The contributions of the three individ-ual...
Chemistry, 29.12.2019 14:31
Mathematics, 29.12.2019 14:31
History, 29.12.2019 14:31
Mathematics, 29.12.2019 14:31
Mathematics, 29.12.2019 14:31
English, 29.12.2019 14:31