Answer:
Puffin’s E & P after taking into account the distribution of the car is $6,000.
Explanation:
E & P will be decreased by the higher of the adjusted basis or the fair market value of the distributed property, net of any liabilities. The distribution losses will not be taken into consideration when determining E & P. Thus the current E & P of Puffin’s $30,000 is reduced by $24,000 ($30,000 basis of the car minus the liability amount). The remaining after the distribution current E & P will be $6,000.
Therefore, Puffin’s E & P after taking into account the distribution of the car is $6,000.
Answer:
c) $222,500 $313,500
Explanation:
Calculation for cost-to-retail ratio
COST
Beginning inventory $ 30,000
Add: Purchases $190,000
Add: Freight-in $2,500
Cost=$222,500
RETAIL
Beginning inventory $ 45,000
Add: Purchases $260,000
Add: Net markups $8,500
Retail = $313,500
Therefore the cost-to-retail ratio will be $222,500 $313,500
Answer: C. General agent
Explanation: A general agent is a person appointed to act on his behalf in a variety of activities such as home activities,business transactions etc this type of agent is usually contracted to do this kind of Activities especially when the person expected to carry out these sets of Activities will not be available for a given period. A general agent can be an organisation or an individual or group of persons who carry out tasks as specified by the principal.
Answer:
Yes
Explanation:
You need to inform people of your business and what they do!
