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abruzzese [7]
3 years ago
14

Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distributed is a car (basis of $3

0,000; fair market value of $20,000) that is subject to a $6,000 liability which Bonnie assumes. Puffin has no accumulated E & P and $30,000 of current E & P from other sources during the year. What is Puffin’s E & P after taking into account the distribution of the car?
Business
1 answer:
Svetllana [295]3 years ago
5 0

Answer:

Puffin’s E & P after taking into account the distribution of the car is $6,000.

Explanation:

E & P will be decreased by the higher of the adjusted basis or the fair market value of the distributed property, net of any liabilities. The distribution losses will not be taken into consideration when determining E & P. Thus the current E & P of Puffin’s $30,000 is reduced by $24,000 ($30,000 basis of the car minus the liability amount). The remaining after the distribution current E & P will be $6,000.

Therefore, Puffin’s E & P after taking into account the distribution of the car is $6,000.

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The composition of the Fingroup Fund portfolio is as follows:_________.
exis [7]

Answer: $10.49

Explanation:

Net Asset Value is the equity of the portfolio divided by the number of shares outstanding.

Equity = Assets - Liabilities

So,

Net Asset Value = (Assets - Liabilities) / No. of shares outstanding

Assets = (200,000 * 35) + (300,000 * 40) + (400,000 * 20) + (600,000 * 25)

= $42,000,000

Liabilities will be the accrued management fee.

Net Asset Value = (42,000,000 - 30,000) / 4,000,000

= 10.4925

= $10.49

6 0
2 years ago
_____ buy goods or services they want or need.
strojnjashka [21]

Answer:

Consumers buy goods or services they want or need.

Explanation:

With the alternatives given above, only a customer buys goods or services they want or need while producers produces goods and supply consumers at a specific price. Consumers buys from the producers at a particular price

4 0
3 years ago
What is equilibrium wage?
slavikrds [6]

Answer:

This means that the equilibrium wage rate and employment will be determined by the intersection of the horizontal labour supply curve, and the downward sloping MRP (D) curve. The wage rate is determined by the whole market, and this sets the wage rate for all firms in the market.

Explanation:

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3 0
1 year ago
Read 2 more answers
Anne Mullens is the bookkeeper for DWG Refrigeration Repair. One afternoon while she was preparing the bank deposit, a customer
vesna_86 [32]

Answer:

Anne Mullens committed embezzlement.

Explanation:

Embezzlement is defined as misappropriation of funds by someone with whom funds have been entrusted.

It is a theft as the money does not belong to the perpetrator. The perpetrator is only entrusted with funds.

One of the conditions for embezzlement is an existence of a fiduciary (trust) relationship between parties.

In the given case, Anne Mullens pocketed $57 cash from recorded amount instead of recording 57$ customer's payment via check. Instead she included the customer's check in the money to be taken to bank.

This is embezzlement of funds by Anne.

7 0
3 years ago
1. What is the advantage of offering more choices for something?
Alika [10]
Know that giving customers too many choices can overwhelm and lead to fewer sales the benefit of limited sharing options
6 0
3 years ago
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