Answer:
$153,000
Explanation:
With regards to the above, ending balance of equity
= Beginning equity + Sales during the year - Expenses(including taxes) during the year - dividends + proceeds from the issuance of stock
= $76,000 + $617,000 - $561,000 - $14,000 + $35,000
= $153,000
<u>The grant available to third-or fourth-year college student:</u>
The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant) is the grant given to the third or fourth year college students who want to do major in scientific or mathematical fields like physical, life, engineering, mathematics, medical, languages, etc.
To apply for the SMART grant students apply through free application of federal student aid and then if they receive the grant they can do their higher studies in their preferable fields which come under SMART grant.
Encouraging private ownership, protecting and encouraging competition, enforcing contracts, and keeping business cost low.
Answer:
a. $222,000
b. $22,000
c. $158,000
Explanation:
a. FMV of rental property = FMV of land received + Received cash
= $200,000 + $22,000
= $222,000
b. FMV of land received $200,000
Cash boot received $22,000
Less: Basis of rental property $158,000
Realized gain $64,000
Recognized gain (Boot) $22,000
this transaction qualify for a like-kind exchange under section 1031 When no gain or loss is recognized on an exchange but on Boot received. But recognized gain will be lower of boot amount of realized gain.
c. Carryover basis of original assets = FMV of rental property - Realized gain
= $222,000 - $64,000
= $158,000
Answer:
See explanation section.
Explanation:
June 1 Petty Cash $450
Cash $450
To record opening of petty cash.
12 Cash $11,381
Cash short and Over $14
Sales $11,367
To record the sales and finding the cash short and over.
30 Store Supplies $50
Merchandise Inventory $108
Office Supplies $106
Miscellaneous Administrative Expense $146
Cash Short and Over $6
Cash $416
To record the expenses cash short and over.
30 Cash $21,860
Cash Short and Over $19
Sales $21,879
To record the sales and finding the cash short and over.
30 Petty Cash $113
Cash $113
To record the increase of petty cash.
