Answer and Explanation:
a. A partner can report his share of the loss of partnership on his personal income tax return to the base limit during his or her partnership interest.
Its partnership interest is based on $45,000 and its share of loss of the partnership is $24,000
So W can report all of the $24,000 partnership loss on his personal income tax return.
b. W's partnership loss reported on his income tax return, and the cash distributed by the partnership to him will reduce his partnership interest base.
Now,
W's basis in his partnership interest at the end of 2014 is
= W's basis in his partnership interest - Partnership loss reported by W on his income tax return - Cash distributed to W by the partnership
= $45,000 - $24,000 - $12,000
= $9,000
Answer:
Correct option is G
Explanation:
Since required return on investment =10%
Thus discount factor = 1.1
Present value of stock = 2.2/1.1 + (14.6 + 2.4)/1.1^2
= $16.04
Perhaps, life expectancy... That may be your answer.
Answer:
D. Sales.
Explanation:
Account receivable: Account receivable is that account in which the goods and services are given on a credit basis not on credit basis by the company to the customers. It is shown under the balance sheet in the current asset side.
Since the client may have overstated account receivable balance. So, this will entry would be recorded in the sales journal As, the credit sales are made, so, it is recorded in the sales journal only. No other journals would be used