Answer:
The answer is:
Net purchases = $336,100
Cost of goods purchased = $352,900
Explanation:
Net purchases equals purchases minus purchase returns and allowances minus purchase discount.
Purchases = $355,300
Purchase returns = $10,200
Purchase discount = $9,000
Therefore, net purchase is:
$355,300 - $10,200 - $9,000
= $336,100
Cost of goods purchased equals net purchase plus freight in.
Freight in = $16,800
So cost of goods purchased is:
$336,100 + $16,800
=$352,900
Answer:<u><em> The amount and character of Daniela's gain or loss from the distribution will be $0.</em></u>
Explanation:
Given : Daniela is a 25% partner in the JRD Partnership, liquidating distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and accounts receivable with a fair value of $8,000.
<u><em>Here, Daniela will not recognize any gain or loss on the distribution. She will instead reduce the basis of the inventory she receives in complete liquidation of her interest.</em></u>
Based on the scenario above, when this happens, the customer
is likely to be engaging or to have a traded down. The trading down is being
defined as having the quality of the product to be reduced in means of being
able for the price to be suited for its consumers.
