Answer:
$13,000
Explanation:
Given that:
Jeremy operates a business as a sole proprietorship which uses a cash method of accounting. Now he is planning transfer them into a new corporation in exchange for its stock.
The assets are :
$10,000 of accounts receivable with a zero basis
have a basis of $20,000 and an FMV of $40,000
Liabilities
payable of $12,000
The note payable on medical equipment is $7,000.
Therefore , Jeremy's basis for his stock is : $20,000 -$7,000 = $13,000
since that will reduce the basis by amount of the note payable.
The liabilities payable will be deducted and taken care of by the corporation.
Answer:
Budgeted financial statements
Explanation:
Answer:
"Structural Unemployment"
Explanation:
According to my research on the different types of unemployment that exist in the United States, I can say that the unemployment type described in the question is called "Structural Unemployment". This is an unemployment type that is caused by industrial reorganization, usually this happens when the industry adds new technology that can do certain employees jobs the same or better than them
unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.
Answer:
Void
Explanation:
Void is the term of law, which is defined as the contract is not valid currently, and the parties of the contract are not held to its terms. The void contract is the one which is generally unenforceable.
The contract could be void because of many reasons like the contract need one party to perform that act which is impossible or in that case, where one party is not mentally incompetent.
So, in this case, the contract is most likely to be void as the contract with the party who is mentally incompetent, though the party has not been adjudged through court.
Answer:
Annual
Explanation:
The ANNUAL compounding periods will yield the lowest effective annual rate given a stated future value at year 5 and an annual percentage rate of 10 percent
