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LuckyWell [14K]
3 years ago
8

Two individuals who were previously sole proprietors form a partnership. Property other than cash that is part of the initial in

vestment in the partnership is recorded for financial accounting purposes at theA)Proprietors' book values of the property on the date of the investment.B)Proprietors' book values or the property's fair value on the date of the investment, whichever is higher.C)Proprietors' book values or the property's fair value on the date of the investment, whichever is lower.D)Property's fair value at the date of the investment.
Business
1 answer:
UNO [17]3 years ago
7 0

Answer:

D) Property's fair value at the date of the investment.

Explanation:

When new business is formed from closing the old one, all assets are recorded at fair value.

Thus, all the assets other than cash shall be recorded at their respective fair values in the new business which is a partnership, as the cost or historical value will not display their proportional contributions properly.

Therefore, correct statement is

D) Property's fair value at the date of the investment.

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On its income statement for a recent year, American Airlines Group, Inc., the parent company of American Airlines, reported a ne
just olya [345]

Answer:

Find explanations below:

Explanation:

It must be understood that cash flow does not necessarily imply profit or loss.

A company may have been experiencing positive cash flows due selling mostly on a cash basis,  whereas the price charged is lower than cost of per unit,hence it would have high amount of cash, whereas the bottom-line is nothing to write home about.

The cash paid on retirement which is $411,000 would impact financing activities as an outflow.

The $3000 unamortized discount would be deducted from net income

3 0
4 years ago
A July sales forecast projects that 7,300 units are going to be sold at a price of $11.80 per unit. The management forecasts 15%
lana66690 [7]

Answer:

Budgeted sales= $86,140

Explanation:

Giving the following information:

A July sales forecast projects that 7,300 units are going to be sold at a price of $11.80 per unit.

<u>The budgeted sales are calculated by multiplying the sales in units with the selling price per unit:</u>

Budgeted sales= 7,300*11.8= $86,140

6 0
4 years ago
How is a business plan like the outline of a paper?
zavuch27 [327]

Answer:

Explanation:

To make the best impression on banks and investors, your plan should be presented using the standard business plan outline format. Here's how to do it.

...

Simple business plan outline:

1 Executive summary. Write this last. ...  

2 Opportunity. ...  

3 Market analysis summary. ...  

4 Execution. ...  

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7 0
3 years ago
Read 2 more answers
Multiple Product Planning with Taxes
PilotLPTM [1.2K]
I have a feeling its B or D.. not so sure (:
3 0
4 years ago
The Bureau of Labor Statistics counts as employed people who work part-time, but would prefer to work full-time. Suppose the peo
Dafna1 [17]

Answer:

The labor participation rate would not change because it counts the labor force as a percentage of the total adult population, and the labor force includes both the number of people employed and the number of people unemployed, so, even if those working part-time were counted as unemployed by the BLS, they would still be part of the Labor Force.

The labor participation rate formula is:

Labor Participation Rate = (Labor Force / Total Adult Population) x 100

The unemployment rate would indeed change, because it counts the number of unemployed as a percentage of the labor force. If those working part-time were counted as unemployed by the BLS, the number of people unemployed would obviously spike.

The formula is:

Unemployment Rate = (Number of Unemployed / Labor Force) x 100

7 0
3 years ago
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