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ioda
3 years ago
11

Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contrib

utes $18,000 of cash and land with an FMV of $63,000. Her basis in the land is $28,000. Andrew contributes equipment with an FMV of $20,000 and a building with an FMV of $41,000. His basis in the equipment is $16,000, and his basis in the building is $28,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew
Business
1 answer:
zloy xaker [14]3 years ago
7 0

Answer:

$0

Explanation:

Given that

Sue contributed amount = $18,000

FMV of land = $63,000

Basis in land = $28,000

Andrew contributed amount = $20,000

FMV of Building = $41,000

Basis in equipment = $16,000

Basis in building = $28,000

Based on the above information, the gain that would be recognized is $0 as Partnerships recognize no gain on receiving contributed valued property. At the disposal of the asset, the constructed-in benefit or constructed-in loss will be revealed. For this, the partnership basis property i.e being acquired should be based on a carryover basis.

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During 2022, Crane Company entered into the following transactions.
Anastasy [175]

Answer:

Assets = Liabilities + Stockholders' Equity = $206,670

Explanation:

Note: See the attached excel file for the analysis of the tabular analysis of the effect of each transaction on the accounting equation.

From the attached excel file, we have:

Assets = = – $172,670 + 68,620 + $310,720 = $206,670

Liabilities = $68,620

Stockholders' Equity =  $138,050

Liabilities + Stockholders' Equity = $68,620 + $138,050 = $206,670

Therefore, we have:

Assets = Liabilities + Stockholders' Equity = $206,670

Download xlsx
4 0
3 years ago
Teamwork processes have a moderate positive effect on ________ and a strong positive effect on ________.
Salsk061 [2.6K]

Teamwork processes have a moderate positive relationship with team performance and a strong positive effect on team commitment.

<h3>What is team relationship?</h3>

This is a relationship that exist within a team which brings about progress to an organization.

An effective team work would create an enabling work environment hence enables team member become more effective and efficient.

Hence, teamwork processes have a moderate positive relationship with team performance and a strong positive effect on team commitment.

Learn more about team relationship here : brainly.com/question/26491505

5 0
2 years ago
Brazil is one of the world’s lowest-cost producers of ethanol and soybeans. Japanese corporations have heavily invested in Bra
guapka [62]

Answer: The Japanese companies invest in Brazil in order to cut cost.

Explanation:

Since Brazil is one of the world's lowest-cost producers of ethanol and soybeans. Japanese corporations investing heavily in Brazil to lease large tracts of land to grow soybeans for export to Japan, are doing this in order to minimize their cost.

Growing soyabeans in Brazil is cheaper since there's a lower cost of producing it when compared to the higher cost of producing it in Japan. This in turn, helps the Japanese companies reduce their cost as the cost of factor Input is reduced and also the Japanese companies can make more profit.

8 0
3 years ago
When the marginal revenue curve intersects the horizontal axis A. demand is relatively inelastic. B. demand is perfectly elastic
konstantin123 [22]

Answer:

D. demand is unitary elastic.

Explanation:

A unitary elastic demand means that the quantity demanded will change proportionally to any change in the price of the product or service. E.g. price decreases by 10%, then quantity demanded will increase by 10%.

The marginal revenue curve represents the additional revenue generated by selling one more unit. As the marginal revenue curve approaches 0, it means that selling one additional unit generates lower revenues.

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3 years ago
1. Zehra is an employee of Claire. It is payday, but Claire does not have the money to pay Zehra right away, so she signs a simp
ira [324]

Answer:

e. An "I Owe You" - just evidence of a debt owed.

Explanation:

AN IOU IS simply defined as a memorandum, promise or the acknoledgemet of an individual  to refund or pay a debt,it can be  signed  especially in a paper stating the specific amount owed and  usually bears the letters IOU (I OWE YOU).It  cannot be stated as the same as a  promissory note due to the fact that there is no direct expression of the promise to pay.

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3 years ago
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