Answer:
Therefore, The amount and character of Randolph's gain or loss on the distribution is $11,000.
Explanation:
Randolph recognized capital gain or loss on distribution
= $37,000 - $26,000
= $11,000
This is a loss since he received only cash in the distribution and the amount is less than his basis in his partnership interest.
Therefore, The amount and character of Randolph's gain or loss on the distribution is $11,000.
Answer: Specialty Product
Explanation: Blue bell cookie represents a typical example of a specialty product to Gwen, because the cookie bears a special place in her heart.
A specialty product is a product that is very special to a consumer and the consumer can go to any length to purchase them.
Answer:
The Tadeo's net income for the month of September is $14,350
Explanation:
Net income : The net income show the difference between the revenue and expenses
In mathematically,
Net income = Revenues - expenses
In this question
Revenues is fees earned while expenses is Miscellaneous Expense , Rent Expense, and Wages Expense
So
Revenue = $53,000
And, Expenses = $16,800 + $4,000 + $17,850 = $38,650
Hence, the net income is = $53,000 - $38,650 = $14,350
Thus, the Tadeo's net income for the month of September is $14,350
In the given list accounts payable is a current liability. Thus, the correct answer is C.
<h3>What is liability?</h3>
The legal debts incurred by a firm to third-party stakeholders are referred to as liabilities. Accounts payable, notes payable, and bank debt are examples of these types of liabilities.
Accounts payable is used to indicate the money owing to suppliers for products or services that were purchased on credit.
Therefore, option C accounts payable is the correct answer.
Learn more about Liability, here:
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