1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lbvjy [14]
3 years ago
11

Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and p

rofits interest in the partnership.
Basis Fair Market Value Harry:
Cash $30,000 $30,000
Land $100,000 $120,000
Totals $130,000 $150,000
Sally:
Equipment used in business $200,000 $150,000
Totals $200,000 $150,000
a. How much gain or loss will Harry recognize on the contribution?
b. How much gain or loss will Sally recognize on the contribution?
c. Should Sally consider selling the property to the partnership rather than contributing it?
A. Yes
B. No
Business
1 answer:
Marina CMI [18]3 years ago
6 0

Answer:

a) $0

Generally, partners recognize gain on property contributed to a partnership only when the cash they are deemed to receive from debt relief exceeds their basis in the partnership prior to the deemed distribution. Harry did not have any debt relief.

b) $0.

Partners may never recognize loss when property is contributed to a partnership even when they are relieved of debt.

c) Sally should consider selling the property to the partnership rather than contributing it. By selling the property, she could recognize the $50,000 built-in loss on the equipment.

You might be interested in
Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account t
OleMash [197]

Answer:

<u>Scholarship Amount would be $45.68</u>

Explanation:

Deposits into an endowment account that pays 12% per year

Year 0 Deposit $100

Year 1 Deposit $90

Year 2 Deposit $80

Year 3 Deposit $70

Year 4 Deposit $60

Year 5 Deposit $50

Year 6 Deposit $40  

First find the present worth of the gradient deposits.  

P = 100 + 90(P/A, 12%, 6) - 10(P/G, 12%, 6) = $380.69  

A = 380.69 (0.12)

A= $45.68

3 0
3 years ago
Question
Crank

In the evolution of the internet e-commerce allows people to make transactions online is the event occurred most recently.

<h3>Why e-commerce has grown up so much?</h3>

Today ecommerce has very vast market online and people are likely to sell and purchase the things online rather than going to physical market.

The increase in e-commerce has brought the emergency of online payment of the goods and services in the ecommerce.

Thus, option A is correct.

For more details about  e-commerce, click here:

brainly.com/question/14157556

#SPJ1

7 0
2 years ago
Select the correct answer. Which utility applies to a company that educates customers about its products' features? OA form util
insens350 [35]

Answer:place utility

Explanation:

7 0
3 years ago
Tara's company has launched a new style of lightweight running shoe. The company recently received some bad publicity. Tara is p
pogonyaev

Incomplete question. The remaining part reads;

<u>Identify the sales promotion technique based on the given scenario.</u>

Answer:

<u>Loyalty Points to Customers.</u>

Explanation:

An important sales promotion technique that fits well into this technique is the sales promotion technique. This technique involves providing some incentives that motivate your aggrieved customers to reconsider coming back to you.

For example, Tara could offer her customers loyalty points which they can redeem as discounts for every pair of the new style of lightweight running shoe. By so doing, she may be able to regain the trust of her customers.

6 0
2 years ago
Incorrect answer icon Your answer is incorrect. The total estimated manufacturing overhead of $264,000 was comprised of $168,000
AlexFokin [52]

Under activity-based costing (ABC), the amounts of materials handling costs assigned to the following units are:

(a) One mobile safe $210 per unit .

(b) One walk-in safe $168 per unit.

<h3>What is activity-based costing?</h3>

Activity-based costing is the costing method that assigns overhead and indirect costs to products and services based on consumption of activities.

<h3>Data and Calculations:</h3>

Materials handling costs = $168,000

Purchasing activity costs = $96,000

Total estimated manufacturing overhead = $264,000 ($168,000 + $96,000)

The following figures are assumed:

<u>Activities</u>:

Materials handling cost $168,000

Total hours of materials handling = 40,000 hours

Activity rate = $4.20 ($168,000/40,000) per hour

Purchasing activity cost = $96,000

Number of units purchased = 30,000

Activity rate = $3.20 ($96,000/30,000)

<u>Consumption of activities</u>:

                                    Material Handling hours     Number of Units used

Mobile safe per unit              50 hours                      3 units

Walk-in safe per unit            40 hours                       2 units

<u>Overhead assigned</u>:

                                    Material Handling

Mobile safe per unit    50 hours x $4.20 = $210

Walk-in safe per unit   40 hours x $4.20 = $168

Thus, under activity-based costing (ABC), the amounts of materials handling costs assigned to the following units are as indicated above.

Learn more activity-based costing at brainly.com/question/6654166

5 0
2 years ago
Other questions:
  • You just purchased a three-month BP call option (exercise price $75) and a three-month BP put option (exercise price $75). The c
    11·1 answer
  • New cola alternatives (Mecca Cola, Muslim Up, Arab Cola, and ColaTurka) sprang up after the military conflicts in the Middle Eas
    15·1 answer
  • In an establishment that serves alcohol for on premise consumption and gets less than 50% of its gross receipts from alcohol sal
    14·1 answer
  • Suppose that a worker in Country A can produce either 25 bananas or 5 tomatoes cach year. Country A has 200 workers. Suppose a w
    14·1 answer
  • The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows:
    13·1 answer
  • LoRider Wheels sells high-quality bicycles and accessories. The store is known for a pleasant environment, friendly salespeople
    9·1 answer
  • Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1,200 boxes of apples in
    12·1 answer
  • Zola is very skilled with Microsoft and Apple, and she knows different methods of programming. This knowledge will help make Zol
    8·2 answers
  • Abby's Designer Wear is a large boutique of designer clothes. Over the past year, the business slowed down, and the boutique sta
    9·1 answer
  • All accounting systems ______. (Select all that apply.) Multiple select question. record and summarize financial effects of tran
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!