A) This is an example of how objectively undefinable needs are.
Explanation:
The adjusting entry is shown below:
On December 31
Salaries expense A/c $132
To Salaries payable A/c $132
(Being salary is adjusted)
The salaries expense is computed by
= Total five days × number of days ÷ total number of days
= $330 × (2 ÷ 5)
= $132
The two days includes Monday and Tuesday so we considered only 2 days out of 5 days
Answer:
8,000
Explanation:
Calculation to determine what Brinks' initial basis in Dex is:
Carryover Basis of Land Contributed by Brinks $12,000
Less Mortgage Assumed by the Partnership ($5,000)
Add Mortgage percentage Kept by Brinks $1,000
(.20 x $5,000)
Brink's Initial Basis $ 8,000
($12,000-$5,000+$1,000)
Therefore Brinks' initial basis in Dex is: $8,000
The answer to the question
