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igomit [66]
3 years ago
13

Laura's father, Albert, gave Laura a gift of 500 shares of Liba Corporation common stock in 2017. Albert's basis for the Liba st

ock was $4,000. At the date of this gift, the fair market value of the Liba stock was $3,000. If Laura sells the 500 shares of Liba stock in 2018 for $2,000, her basis is ________.A. $4,000
B. $3,000
C. $2,000
D. $0
Business
1 answer:
Vikentia [17]3 years ago
7 0

Answer:

B) $3,000

Explanation:

Since Laura acquired this property (stocks) by gift, her basis for loss will be $3,000 which is equal to the fair market value at the time she received the gift. If she had made a gain with this transaction, her basis for gain would have been the $4,000 of her father's basis.

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17. On September 1, 2017, Hyde Corp., a newly formed company, had the following stock issued and outstanding: I. Common stock, n
deff fn [24]

Answer:

Hyde Corp. equity report - September 1, 2017

<u>Stocks outstanding:</u>

common stocks outstanding (5,000 stocks¹)                              $5,000

preferred stock outstanding (1,500 stocks²)                                $15,000

<u>Additional paid-in capital: </u>

common stocks outstanding (5,000 stocks³)                              $70,000

preferred stock outstanding (1,500 stocks⁴)                                $22,500

Total additional paid-in capital                                                      $92,500

¹ common stocks are reported at par value: $1

² preferred stocks are reported at par value: $10

³ additional pain-in capital for every common stock = $15 - $1 = $14

⁴ additional pain-in capital for every preferred stock = $25 - $10 = $15

4 0
3 years ago
Which type of bank account is most likely to pay you interest on the money in the account?
vichka [17]

Answer: A. A savings account

Explanation:

Hi, a savings account is a type of bank account that allows you to deposit money and earn interests for your deposits.

There are different interest rates offered, depending on the bank chosen.

Money kept in a savings account isn’t quite as accessible as cash kept in a checking account.

Feel free to ask for more if needed or if you did not understand something.  

6 0
3 years ago
Suppose the u.s. house of representatives is debating a bill to fund construction and maintenance for the nation's highway syste
barxatty [35]

The answer is a rider.

A rider is an additional provision added to a piece of legislation. They may or may not relate to the subject of the legislation that they are attached to. Riders are usually created as a tactic to pass a controversial provision that would not pass as its own bill.

3 0
4 years ago
At the beginning of the recent period, there were 1,050 units of product in a department, 35% completed. These units were finish
White raven [17]

Answer:

Answer for the question:

At the beginning of the recent period, there were 1,050 units of product in a department, 35% completed. These units were finished and an additional 5,500 units were started and completed during the period. 1,000 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were__________.

Is given in the attachment.

Explanation:

3 0
4 years ago
​Syrio's Snowboards uses the perpetual inventory system. At year end the general ledger indicated that the company had a balance
Tanzania [10]

Answer:

The correct answer to the following question is that the Syrio's snowboards should debit the cost of goods sold account and credit the inventory account by $5000.

Explanation:

It is given that in the books , the inventory amounts to $24,000 but physically on $19,000 of inventory is present. Which means there is shortage in the inventory , that means the company would have to decrease the amount of inventory in the books. For that they will debit the cost of goods sold account and credit the inventory account by $5000 ( $24,000 - $19,000 ).

4 0
4 years ago
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