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Reptile [31]
3 years ago
6

Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $15,000 cash and inventory with a fair valu

e of $20,000 (inside basis of $10,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $27,000. What is the amount and character of Randolph's gain or loss on the distribution?
Business
1 answer:
Naya [18.7K]3 years ago
7 0

Answer:

$2,000 capital loss

Explanation:

Randolph recognizes a $2,000 capital loss because RD distributes only cash and inventory and the adjusted bases of the property distributed is less than his basis in RD.

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(D) Carrying amount / Carrying amount

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12345 [234]

Answer:

$24135.72

Explanation:

Given pmt 320, r 9% n 5 years

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6 0
3 years ago
Read 2 more answers
A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is
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Answer:

Time ticket

Explanation:

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3 0
3 years ago
How do price ceilings and price floors restrict the free exchange of prices?
Yuki888 [10]
Price ceilings are the limit of the prices to go high above the given ceiling while the price floor limit the prices to go below the given amount. The two restrict the free exchange of prices by putting a range of prices allowable only for a certain product. The prices are already limited between the price floor and the price ceiling.
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Why are adjusting entries necessary?
qwelly [4]

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The accounting accrual is an accounting method, it means that the company must record the revenues and expenses in the moment that the transactions occur and not when the payment is done.

By this method is always necessary to make adjustment entries to the accounting system if not it's impossible reflect all the transactions occured at this moment.

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