Answer:
The amount is $4,000 and Brain character reflects the capital gain.
Explanation:
Partnership: In partnership, there are two or more partners who are ready to share the profit or losses in their profit-loss sharing ratio.
The computation is shown below:
= Brain's basis - the inside basis
= $16,000 - ($20,000 - $8,000)
Since the brain basis show excess amount than inside basis which reflects the capital gain
.
The inside basis is not relevant in the computation part. Hence, it is ignored.
Answer:
The Pennsylvania State University,
College of Agriculture, Extension Service,
University Park, Pennsylvania
Mushroom farming consists of six steps, and although the divisions are somewhat arbitrary, these steps identify what is needed to form a production system.
The six steps of mushroom farming:
Phase I
1. Composting
Phase II
2. Composting
3. Spawning
4. Casing
5. Pinning
6. Cropping
Answer:
Answer is a) debit, actual
Manufacturing Overhead account has a debit balance and applied manufacturing overhead is greater than the actual manufacturing overhead
Explanation:
Overheads are applied to product costs using budgeted overhead rates. Budgeted rates are used because the delays in obtaining actual overhead affects timeous product valuation for profit purposes
Over applied situation occurs when the applied overheads exceeds the actual manufacturing overhead.
<em>The Manufacturing Overhead Account will have the following entries:</em>
Transfer to work in Progress figure - credit (with applied overheads)
Bank - debit (actual overhead)
Balancing figure or shortfall - debit (over-applied)
Answer:
The amount of cash and cash Equivalents reported on December 31, 2017.
$8,698,231
Explanation:
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
