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photoshop1234 [79]
3 years ago
9

An equal partnership is formed by Rita and Gerry. Rita contributes cash of $10,000 and a building with a fair market value of $1

50,000, adjusted basis of $55,000, and subject to a liability of $60,000. Gerry contributes cash of $100,000. What is Rita's basis in her partnership interest immediately after formation of the partnership?
Business
1 answer:
erastova [34]3 years ago
7 0

Answer:

Rita's basis in her partnership interest is $35000

Explanation:

given data

cash = $10,000

fair market value = $150,000

adjusted basis = $55,000

liability = $60,000

to find out

Rita's basis in her partnership interest

solution

we know both Rita and Gerry half of total liability

we get here 50% share on debt that is

50% share on debt = 50% × liability

50% share on debt = 0.50 × $60,000

50% share on debt = $30000

so basis on interest is here as

basis on interest = cash + adjusted basis - 50% share on debt

basis on interest = $10000 +  $55000 - $30000

basis on interest = $35000

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Explanation:

A branch circuit consists of the conductors between the final over current safety equipment and the exhaust system(s).It consists of drivers between the final over current protection equipment (OCPD) and the receptacle outlets, the illumination outlet(s).

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Calculate total GDP for this economy given the following components of supply. Round your answer to the nearest tenth and enter
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Answer:

<em>The GDP Rounded to the answer to the nearest ten = $21 trillion</em>

Explanation:

What Is GDP?

<em>Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health. </em>

<em>Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.</em>

<em></em>

<em>Using the The Expenditure Method - Aggregate Demand (AD) the formula for GDP is: </em>

GDP = C + I + G + (Ex - Im),

where “C” equals spending by consumers,

“I” equals investment by businesses,

“G” equals government spending and

“(Ex - Im)” equals net exports, that is, the value of exports minus imports.

GDP =

C = 3.8 + 2.7 + 12.2 = $18.7 trillion

I = 2.1 + 0

GDP = 18.7 + 2.1 = <em>$20.8 trillion </em>

<em>GDP = $20.8 trillion </em>

<em />

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8 0
3 years ago
Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net co
Charra [1.4K]

Answer:

The correct answer is B

Explanation:

The net cost of goods is computed as if the paid in the discounting period:

Net Cost of goods = Inventory cost - (Inventory cost × Discounting percentage)

where

Inventory cost is $9,000

Discounting percentage is 2%

Putting the values above:

Net Cost of goods = $9,000 - ($9,000 × 2%)

Net Cost of goods = $9,000 - $180

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Therefore, the amount of $8,280 will be paid by the company if paid within the discounting period and avail the discount of $180.

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The differences between career and non career​
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Asper Corporation has provided the following data for February. Denominator level of activity 7,700 machine-hours Budgeted fixed
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Answer:

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Budgeted fixed manufacturing overhead cost = $266,420.

Actual fixed manufacturing overhead costs  = $259,960

The budget variance for February is calculated as below:

Budget Variance = Actual Fixed Manufacturing Overheads - Budgeted Fixed Manufacturing Overheads

Budget Variance =$259,960 - $ 266,420.

Budget Variance = -$6,460

Budget Variance = $6,460 Favorable

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