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Ray Of Light [21]
3 years ago
11

Roberta transfers property with a tax basis of $400 and a fair market value of $500 to a corporation in exchange for stock with

a fair market value of $350 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $150 on the property transferred. What is the amount realized by Roberta in the exchange?
(A) $500
(B) $400
(C) $350
(D) $250
Business
1 answer:
trapecia [35]3 years ago
7 0

Answer: the correct answer is A. $500

Explanation:

Amount realized is the amount received from the sale of an asset. The money received for Roberta is $500.

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Amazing Industries began 2018 with accounts​ receivable, inventory, and prepaid expenses totaling $ 48 comma 000 and its total c
seropon [69]

Answer:

Net Cash flow from operating $55,000

Explanation:

<em>To determine the net cash flow from operating activities. We will adjust the net income as follows; all decrease in assets and increase in liabilities are added and all increase in assets and decrease in liabilities are subtracted.</em>

                                Amazing Industries  2018

Cash flow from operating activities

                                                      $

Net Income                                48,000

<em>Adjustments:</em>

less gain on sale of land                (4,000)

Add depreciation expense       7.000

increase in current asset           (1,000)           i,e  <em>(49,000 -48,000)</em>

Increase in current liabilities       <u>5000</u>         i.e  <em>(42,000 -37,000)</em>

Net Cash flow from operating      <u>55,000</u>

All decrease in assets and increase in liabilities are added. All increase in assets and decrease in liabilities are subtracte<u>d.</u>

8 0
3 years ago
You borrow $2,500. you are to pay back the loan in 36 monthly payments of $79.50. what true annual interest are you paying to th
Pepsi [2]

Answer:

4.8%

Explanation:

36months*$79.50=$2862

$2862-borrowed 2,500=362

362/3 years=$120 2/3

this means that the interest is 120 2/3 /2500, which is 0.048266, or 4.82, or in your case 4.8%

4 0
3 years ago
Read 2 more answers
How to write a reimbursement cheque in Quickbooks?
Aleks04 [339]

Answer:

Click the Employees tab.

Select the employee name.

In the Pay section, click Edit.

Under Additional pay, select the Reimbursement checkbox. ...

Click Edit and enter a recurring amount or give the pay type a unique name (optional).

Click Save.

Explanation:

Hope that helps!

8 0
3 years ago
Automobiles are often leased, and there are several terms unique to auto leases. Suppose you are considering leasing a car. The
kotegsom [21]

Answer:

a. 6.36%

b. $378.02

Explanation:

a. The computation of Annual percentage rate is shown below:-

Annual percentage rate = Lease factor × 2,400

= 0.00265 × 2,400

= 6.36%

b. For computation of monthly lease payment first we need to find out the depreciation charge, finance charge and tax which is shown below:-

Depreciation charge = (Base cost + Other cost - Down payment - Residual value) ÷ Number of lease payment

= ($27,600 + $1,050 - $3,000 - $17,000) ÷ 36

= $8,650 ÷ 36

= $240.27

Finance charge = (Base cost + Other cost - Down payment - Residual value) × Lease factor

= ($27,600 + $1,050 - $3,000 - $17,000) × 0.00265

= $42,650 × 0.00265

= $113.0225

now,

Tax = (Depreciation charge + Finance charge) × Tax rate

= ($240.27 + $113.0225) × 7%

= $353.2925 × 7%

= $24.73

Monthly Lease payment = Depreciation charge + Finance charge + Tax

= $240.27 + $113.0225 + $24.73

= $378.02

3 0
3 years ago
Adair Valley issued $20,000,000 of general obligation bonds to construct a multipurpose arena. These bonds will be serviced by a
Arlecino [84]

Answer: Please see explanation column for answer.

Explanation:

a) Journal entry to record the budget

Account                                           Debit                     Credit

Estimated   Revenues         $2,500,000

Appropriation                                                        $2,000,000

Budget fund                                                           $500,000

Calculation    

Budget fund= Estimated Revenues-Appropriation   = $2,500,000- $2,000,000= $500,000

b) Journal entry to record the  the expenditure when the interest comes due for payment.

Account                                           Debit                     Credit

Expenditure Interest              $2,000,000

Matured Interest payable                                            $2,000,000

7 0
3 years ago
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