Answer:
A. No gain or loss
B. Cash $9,000
Land $12,000
C. $63,000
Explanation:
A. Based on the information given he RECOGNIZES NO GAIN OR LOSS
B. Based on the information given his basis in the distributed property will be basis of $9,000 cash and basis of $12,000 land
C. Calculation to determine his ending basis in his partnership interest
Ending basis=$84,000 - $9,000 - $12,000
Ending basis =$63,000
Therefore his ending basis in his partnership interest will be $63,000
A drug class that are comprised of chemicals that emit harmful vapors would be called (A) inhalants.
Inhalants are generally not intended to be breathed in, but often times, people abuse this class of drug for recreational purposes. Some examples of this class of drug include <em>toluene</em> (found in fast-drying glue) and <em>nitrous oxide </em>(found in whipped cream).
Answer:
appreciates and buys more Chinese goods
Explanation:
Nominal exchange rate is the rate at which one unit of currency can be exchanged for another unit of currency.
If exchange rate is 1 dollar for 6 Chinese yuan , it means that 1 dollar would buy 6 Chinese yuan.
If exchange rate now becomes 1 dollar for 7 Chinese yuan , it means that 1 dollar would buy 7 Chinese yuan.
One dollar is now buying more Chinese yaun (7>6). It means that the dollar has appreciated and the Yaun has depreciated.
Currency appreciation is when the a currency increases in value.
As a result the dollar would buy more Chinese goods.
I hope my answer helps you
Answer:
Option C is correct.
The correcting entry is <u>Cash 450 Accounts Receivable 270 Unearned Service Revenue 720</u>
Explanation:
1. Cash received is $ 720 and the amount booked is $ 270,
Hence, Cash Balance of $ 720 - $ 270 which is $ 450 is recorded.
2. Accounts Receivable Account was wrongly credited and hence is debited to reverse the effect.
3. Unearned Service revenue account was not recorded and hence is now recorded.
Answer:
Total cash receipts 194,760
Explanation:
We will calculate base on the budget number provided.
We will multiply the month sales revenue by the amount expected to be colelcted on september
The receipts from account receivable on september:
<u>60% of previous month:</u>
60% of August: 198,000 = 118,800
<u>36% from the second month:</u>
36% of July: 211,000 = <u> 75,960 </u>
Total cash receipts 194,760