How does a lender use a credit report?

Kevin and Bob have owned and operated SOA as a C corporation for a number of years. When they formed the entity, Kevin and Bob e

S_A_V [24]

Answer:

Assets FMV Adjusted Basis Built-in Gain

Cash $200,000 $200,000 $0

Inventory $80,000 $40,000 $40,000

Land and Bldg $220,000 $170,000 $50,000

total $500,000

A) Since SOA is making a liquidating distribution, it will be taxed as if they sold their assets at fair market value:

distribution of the inventory results in a $40,000 ordinary gain = $40,000 x 30% = $12,000 in taxes
distribution of the land and building results in a $50,000 Sec. §1231 gain = $50,000 x 30% = $15,000 in taxes

total recognized gain = $90,000 (= $40,000 + $50,000)

B) After taxes are paid, SOA's total assets = $500,000 - $27,000 = $473,000 which must be divided equally between Kevin and Bob. Each owner should receive $236,500.

So Kevin's gain = $236,500 - $100,000 = $136,500

8 0

2 years ago

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the fi

Mekhanik [1.2K]

Answer:

Cost of goods transferred out $71,061.012

Value of closing inventory = $17,540.98

Explanation:

Cost per equivalent unit = Cost /total equivalent unit

<em>Material </em>

Equivalent unit = (100%×6,240) +( 100%× 3,000) = 9240

Cost per equivalent unit = $36,960/9,240 units= 4

<em>Labour</em>

Equivalent unit = (100%×6,240) + ( 25%× 3,000)= 6990 units

Cost per equivalent unit = ( 21,400 + 30,242)/6990 = 7.387982833

Cost of goods transferred out= (6,240× 4) + (7.38×6,240)=71,061.012

Value of closing inventory = (3,000× 4) + (7.38× 25%*3000)= 17,540.98

Cost of goods transferred out $71,061.012

Value of closing inventory = $17,540.98

8 0

2 years ago

In recent years, the Federal government’s top three uses of funds were approximately _____ % for income security and pensions, _

Basile [38]

Answer:

The correct numbers for the blank spaces are: 23; 21,7; 18,8.

Explanation:

According to the Congressional Budget Office, in 2009 the United States Government destined 18,8% of the national budget to national defense, 23% for social security (retirement benefits), 21,7% in health care (Medicaid and Medicare), 5,3% in Interest of Federal Debt, and 33,8% in other spending such as education, public transportation, and housing.

6 0

2 years ago

In material requirement planning calculations, gross requirements for finished products are taken from ________________________.

Ipatiy [6.2K]

Answer:

Forecasted sales

Explanation:

In the production process amount of inventory purchased for producing goods must be carefully calculated.

This avoids waste incurred from buying excess of materials needed for operation. Also when there is shortage of materials time and resources are wasted getting more materials.

So when calculating material requirements for finished products it is important that we consider sales forecasts.

Materials purchased based on this will just adequately meet the demand for product.

This reduce cost of storage of excess materials.

7 0

3 years ago

Kapcom Telecom wants to implement an on-the-job training program for the sales staff who are unaware of the technical aspects of

leva [86]

Answer:

situational restraints

Explanation:

Based on the information provided within the question it seems that this scenario is illustrating situational restraints. These are factors that act as barriers preventing certain behaviors or performances. Which is the case since the company wants and needs a training program but they do not have the personnel or the money to hire professional IT trainers. Therefore placing a barrier on the knowledge and skills that are needed from the training program.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0

3 years ago