Answer:
Option (a) is correct.
Explanation:
Total income:
= Ordinary Income + Tax-exempt income + Portfolio income
= $20,000 + $8,000 + $4,000
= $32,000
Gray is a 50% partner,
Share of Gray in income = 50% of Total income
= 50% × $32,000
= $16,000
Therefore, the Gray's tax basis in Fabco on December 31, year 4 is as follows:
= Gray's tax basis in Fabco on January 1, year 4 + Share of Gray in income
= $5,000 + $16,000
= $21,000
The shift to steam power contributed to the growth of cities in many way. Firstly, it provides a continuous source of power to industries, which leads to high level of productivity. The availability of jobs in the industries makes the people in the rural areas to migrate to the cities in search of greener pastures. Steam power also created a new and efficient means of transportation which make it possible to move people and goods over long distances in record time.
Answer:
a. Interest Expense 6,000 Interest Payable 6,000
Explanation:
Adjusting entries are accounting journal entries that convert a company's accounting records to show when the money changed hands and to convert your real-time entries to entries that reflect your accrual accounting system.
In Allenson Brick Company, the accrued expenses entry is made to record interest expense in the year that has not been paid yet by the entry:
Interest Expense 6,000
Interest Payable 6,000
The justification was that the superior financing of the KKR bid would require less gutting of the company to pay off debts
<h3>What is
debts?</h3>
Debt is an obligation that requires one party, the debtor, to pay another party, the creditor, money or other agreed-upon value. Debt is a delayed payment or series of payments that differs from an immediate purchase.
Student loans, mortgages, and business loans are examples of "good" debt, which is defined as money owed for things that can help build wealth or increase income over time. "Bad" debt is defined as credit card or other consumer debt that does little to improve your financial situation. These are exaggerations.
In accounting, debt is classified as a liability. Debt can refer to a variety of different numbers on the balance sheet, ranging from wages payable to tax payable.
To know more about debts follow the link:
brainly.com/question/1957305
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