Answer:
Explanation:
a. . What gain or income, if any, will the parties recognize on the transfer?
It should be noted that a gain or a loss will not be recognized when a property is being transferred to a company in order for the said property to be exchange for a stock. Therefore, none of the parties that are involved will get any gain or income.
b. What basis do Ann and Bob have in the stock in Robin Corporation?
Based on the question, Ann will have a basis of $150,000 while Bob will get ($30,000 + $15,000) = $45,000 in the stock in Robin Corporation.
c. What is Robin Corporation's basis in the property and services it received from Ann and Bob?
Robin Corporation's basis in the property and services it received from Ann and Bob is a value of $150,000 for the assets of Ann and $30,000 for Bob's asset.
Answer:
Business-facing processes
Explanation:
As we know that preparation of the financial statements is necessary for all the types of the organization whether small or large, private or public company, etc.
The preparation of the financial statement is done by the accounting and finance department of the organization.
The functions like creating financial statements, paying accounts payable, and collecting accounts receivables are done by business organizations so that no problem will exist in the future.
Such types of business organization are called legal organization who are conducting their business activities in an ethically manner
<span>agreement to modify an existing contract </span>
The correct answer is $300,000.
The company will report the actual amount of the sale - $300,000. The cost of goods sold is subtracted from the net sales on the income statement at the end of the fiscal period.
