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e-lub [12.9K]
3 years ago
7

Newland and Palermo form a partnership. Newland contributes land with a book value of $50,000 and a fair value of $60,000. Newla

nd also contributes equipment with a book value of $52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should be the balance in Newland’s capital account upon formation of the partnership?
Business
1 answer:
katrin2010 [14]3 years ago
7 0

Answer:

$97,000

Explanation:

The computation of capital account balance is shown below:-

capital account balance = Fair market value of Land + Equipment fair market value - Mortgage on the land

Capital account balance = $60,000 + $57,000 - $20,000

= $97,000

Therefore for computing the balance of capital account we simply added the fair market value of land and equipment fair market value and deduct the mortgage on the land and we ignore the book values as its not relevant to compute the balance of capital account.

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Cyclical unemployment is BEST described as unemployment arising from
Ira Lisetskai [31]

Answer:

Contraction cycle or Recession

Explanation:

The cyclical unemployment is due to the cycles of economy ( expantion:Grow and contraction: recession) Under these circumstances unemployment is considered normal as the economy cannot sustain itself always in an expansion cycle.

3 0
3 years ago
For 2014, Taxpayer (TP) wants to recognize a deduction. The deduction involves a statute that has not changed since enacted in 1
Vesna [10]

Answer:

Option c. is correct

Explanation:

Under the Golsen rule, the Tax Court must follows the Court of Appeals such that the court of appeals has direct jurisdiction over the taxpayer. The Court is said to reach a decision without calculating the tax when a Tax Court decision is said to be entered under Rule 155.

In this question, The Golsen rule applies here and weakens the legal justification for the deduction

4 0
3 years ago
Ж I NEED HELP!
IgorC [24]

The process you need to to start a fashion clothing brand.

  • Fist step is to recognized the fashion need in the market.
  • Create your business plan.
  • Know your specific audience.
  • Start drawing and then designing the cloth
  • look for a good clothing maker
  • Choose and Make a brand name, logo, etc.
  • Set a target price and start marketing/distribution process..

<h3>What is Clothing Brand?</h3>

This is known to be that key Identification that pertains to a given Manufacturer and it is one that is only used in the line of business such as manufacturing, distributing, etc., of clothes.

Note that by flowing the steps above, one can make a great fashion brand in the long run.

Learn more about clothing brand from

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7 0
1 year ago
g a machine with a cost of $148,000 and accumulated depreciation of $103,000 is sold for $59,000 cash. the amount that should be
krek1111 [17]

In a condition wherein a machine costing $148,000 and accumulates depreciation of $103,000 is sold for $59,000 cash, then the amount that should be reported as a source of cash under the cash flows from investing activities will be $59,000. Therefore, the option C holds true.

Cash flows from investing activities include the amount(s) spent by an organization over investing in different classes of assets with a view to pursue monetary returns. They include the amounts that are received or sent as cash at the time of purchase or sales of an asset of an organization.

Learn more about cash flows here:

brainly.com/question/15021405

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Complete question

g a machine with a cost of $148,000 and accumulated depreciation of $103,000 is sold for $59,000 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:

a. Zero.

b. This is a financing activity.

c. $59,000.

d. $14,000.

e. This is an operating activity.

f. $45,000.

5 0
1 year ago
Locust has 657 million shares outstanding with a market price of $83 a share.
UNO [17]
Total number shares * value per share = total market value

657,000,000 shares * $83/ share = 54, 531, 000, 000 or 54, 531 million

4 0
3 years ago
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