18. Erica and Brett decide to form their new motorcycle business as an LLC. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members' contributions, their LLC will obtain a $51,000 nonrecourse loan from First Bank at the time it is formed. Brett contributes cash of $5,500 and a building he bought as a storefront for the motorcycles. The building has an FMV of $46,000 and an adjusted basis of $31,000 and is secured by a $36,000 nonrecourse mortgage that the LLC will assume. What is Brett's outside tax basis in his LLC interest

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?

Kcompany estimates that overhead costs for the next year will be $4,900,000 for indirect labor and $1,000,000 for factory utilities. the company uses direct labor hours as its overhead allocation base. if 100,000 direct labor hours are planned for this next year, what is the company's plantwide overhead rate?

The servers at gerry frasier's busy ice cream shop decided that putting more ice cream in the sundaes and cones would bring back more customers. after three months, gerry was surprised to discover that his profit had