If person A and B are well informed and intelligent player, A have available choices :

kristen and harrison are equal partners in the kh partnership. the partners formed the partnership 5 years ago by contributing c

Sauron [17]

Answer: Harrison will acknowledge a gain equal to the difference between his basis and the distribution . This is because he receives only money in the distribution and the amount transcend his basis in KH. He further allot his entire basis in KH to the basis in the money received resulting in $0 basis in KH after the distribution.

∴ <em>The capital gain will be $6000 i.e. (50000 - 44000) and $0 basis.</em>

4 0

3 years ago

Terrance has just signed a contract with a bank to get a loan to buy a new house. What is TRUE about this contract? A. Both the

borishaifa [10]

Answer: C. Both parties now have an obligation to their agreement.

Explanation:

When parties get into a contract, they have a legal obligation to each other to fulfill their part of the agreement or the other party will be able to seek redress in a court of law.

Terrance and the bank are now parties to an agreement to provide Terrence with a loan to buy a house. The bank will have to fulfill this obligation by giving Terrence the loan and Terrence will fulfill his side of the agreement by making payments as stipulated in the loan covenant.

5 0

3 years ago

A group of 2-year-old infants are selected for a special program because their iq scores are very low. five years later, most of

Gennadij [26K]

The special program that they have conducted to the infants worked. The experiment was a success. And because of this, they could conduct more, special programs and even in a larger amount of infants they can conduct this. This special program is really beneficial to each and every one of them.

3 0

3 years ago

Marsha and Antonio make a contract in which Marsha agrees to sell Antonio an expensive and rare piece of art. In the contract, M

kramer

Marsha and Antonio's statements are examples of representations and warranties, as in a contract for the purchase and sale of a work of art there must be agreements that protect and benefit the parties.

<h3 /><h3>Features of a contract</h3>

Corresponds to a formal and consensual document that must be based on legality to identify an economic transaction between two or more parties, establishing the rights and obligations of both.

Therefore, for it to be valid, the parties must be in full capacity and competence, in addition to the need for autonomy of will, the obligation and supremacy of public order.

The correct answer is:

B. Representations and warranties

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5 0

2 years ago

Diane Bernick opened Bernick's Consulting. Transactions for the month of January and trial balance at January 31 are shown. Jan.

padilas [110]

1. The preparation of the Income Statement for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Income Statement </h3>

For the Month Ended January 31, 20--

Consulting Fees 401 $1,700

Wages Expense 511 1,400

Rent Expense 521 750

Phone Expense 525 65

Utilities Expense 533 115

Miscellaneous Expense 549 40 $2,370

Net income $670

2. The preparation of the Owner's Equity for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Owner's Equity</h3>

As of January 31, 20--

Diane Bernick, Capital 311 $11,000

Diane Bernick, Drawing 312 (450)

Net loss (670)

Owner's equity $9,880

3. The preparation of the Balance Sheet for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Balance Sheet</h3>

As of January 31, 20--

<h3>Assets:</h3>

Cash 101 $9,730

Office Supplies 142 200

Office Equipment 181 1,300

Total assets $11,230

<h3>Liabilities and equity:</h3>

Accounts Payable 202 $1,350

Owner's equity 9,880

Total liabilities and equity $11,230

Bernick’s Consulting

<h3>Trial Balance</h3>

January 31, 20--

ACCOUNT TITLE ACCOUNT NO. DEBIT CREDIT

Cash 101 $9,730

Office Supplies 142 200

Office Equipment 181 1,300

Accounts Payable 202 $1,350

Diane Bernick, Capital 311 11,000

Diane Bernick, Drawing 312 450

Consulting Fees 401 1,700

Wages Expense 511 1,400

Rent Expense 521 750

Phone Expense 525 65

Utilities Expense 533 115

Miscellaneous Expense 549 40

Totals 14,050 14,050

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4 0

2 years ago