The resources in the input market come from

Huey sold a warehouse with an original cost of $150,000 for $230,000 to an S corp where he owns a 51% interest. The S corp will

MAVERICK [17]

Answer:

$2,700

Explanation:

First, we need to determine the value of the warehouse at sale.

Current value = $150,000 - $40,000

= $110,000

The gain or loss = Selling price - Current value

= $230,000 - $110,000

= $120,000.

We will also determine the partnership interest amount, which is;

= 51% × $230,000

= $117,300

This means that the interest value of $117,300 will be used to buy off the warehouse.

Hence, Huey's gain and taxable gain will be;

= $120,000 - $117,300

= $2,700

6 0

2 years ago

Marigold Corp. bought a machine on January 1, 2011 for $806000. The machine had an expected life of 20 years and was expected to

lidiya [134]

Answer: Marigold should record $134,750 as an impairment loss on July 1, 2021

Explanation:

Given that

Cost of the machine= 806,000

Expected life= 20 years

Time between January 1, 2011 and July 1 2021 = 10 1/2years

salvage value $76000.

Fair value= $288, 000

We know that the

Carrying amount /Book Value of machine = Cost of the machine- (Cost of the machine-salvage value)/expected life x time (ie from 2011 and 2021)

Carrying amount of machine =806,000 - [(806,000-76,000)/20 x 10.5 years]

=806,000 -383,250=$422,750

Asset is impaired when the Book value is more than net realizable value,

Here, The Book Value of $422,750 is greater than net realizable value,$395000.

Therefore loss on Impairment= Carrying amount - Fair value

$422,750-$288000

=$134,750

5 0

2 years ago

How do you actually do this? On there template and save it or make my own template.? So confused.

Elodia [21]

Answer:

The answer is in the picture, Thanks

Explanation:

7 0

3 years ago

Famous Foods is a fast-food chain restaurant famous for its hot coffee (its coffee temperature is a bit higher than that of the

ASHA 777 [7]

Answer: 1. a. The existence of a no-fault law.

2. d. $17,000

Explanation:

1. For Jane to prove that Famous was indeed negligent, she definitely does not need the No - Fault law. This is a law that is mostly applicable to motor vehicle accidents and means that the individual parties are responsible for whatever injuries they sustain and the person who actually caused the accident is irrelevant. The main aim of this is to reduce the damages claims that one can be put on Insurance which increase insurance premiums.

If this law was to be applied here, Jane would be responsible for her own injuries and her suit would fail.

2. Jane missed 2 weeks of work and in each week she earns $5,000.

She also had medical expenses of $4,000 and estimated pain and suffering of $3,000.

The general damages therefore are the two weeks she missed plus the medical expenses and the pain and suffering.

= 5,000 ( 2) + 4,000 + 3,000

= 10,000 + 7,000

= $17,000

7 0

2 years ago

The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:

Marizza181 [45]

Answer:

Adjusted bank account balance = Adjusted cash book balance = $34,500

Explanation:

Note: The correct requirement of this question is actually as follows:

Prepare a bank reconciliation.

It is not the ones erroneously stated in the question.

The bank reconciliation can now be prepared as follows:

Wolfpack Bread Inc.

Bank Reconciliation

August 31, 20Y9

Statement of Adjusted Bank Account Balance

Details Amount ($)

Cash balance according to bank statement 33,580

Add:

Deposit in transit, not recorded by bank 14,260

Less:

Checks outstanding (13,340)

Adjusted bank account balance  34,500 

Statement of Adjusted Cash Book Balance

Details Amount ($)

Cash balance according to Wolfpack 34,437

Add:

Check error ($762 - $276) 486

Less:

Bank service charges (144)

Other reconciling items (w.1) (279)

Adjusted cash book balance 34,500

Working:

w.1: Other reconciling items = Cash balance according to Wolfpack + Check error ($762 - $276) - Bank service charges - Adjusted bank account balance = $34,437 + 486 - 144 - $34,500 = $279

7 0

2 years ago