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hoa [83]
3 years ago
9

Barry owns a 50 percent interest in B&B Interests, a partnership. His brother, Benny, owns a 35 percent interest in that sam

e partnership, and the remaining 15 percent is owned by an unrelated individual. During 2016, Barry sells a rental property with a basis of $60,000 to B&B Interests for $100,000. The partnership intends to hold the rental as inventory for resale. What is the amount and nature of Barry’s gain or loss on this transaction?
Business
1 answer:
omeli [17]3 years ago
5 0

Answer:

$10,000 loss

Explanation:

Barry bought a property for $60,000. He sells it for $100,000 to a company he owns 50% of. 50% of $100,000 = $50,000. He bought it for $60,000 and sold it for $50,000... that's a $10,000 loss. But they did say they are keeping the property for resale so there still may be hope :D

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A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On N
elixir [45]

Answer: A $304

Explanation: LIFO means last in first out. It means it is the older inventory that is sold off first.

On November 1, total value of inventory = $20 × 5 =$100

On November 2, total value of inventory = $100 + ( $22 × 10) = $320

On November 6, total value of inventory = $320 +($25×6) = $470

On November 8, 8 units of inventory was sold. This would be taken from the older stock of inventory. These inventories are the those from November 1 and 2.

The remaining inventory after the sale = (7 × 22) + 150 = $304

6 0
3 years ago
4. You have determined that Company X estimates bad debt expense with an aging of accounts receivable schedule. Company X's esti
MariettaO [177]

Answer:

a. $180

Explanation:

Bad debt expenses is generally classified as Administrative expense and hence it is included in the expense section of the income statement before the calculation of the Net Income.

From the question it is evident that the write offs during the period were $180 and hence the expense recorded in the Income statement as bad debt expense would be $180 because they are unrecoverable for the current period.

Hope this helps.

Thanks buddy.

4 0
3 years ago
Read 2 more answers
Nursing faculty at Walnut Valley Community College must possess a​ master's degree in nursing from a regionally accredited colle
pantera1 [17]

Answer:

Job Specification

Explanation:

Based on the information provided within the question it can be said that these requirements would most likely be stated on the Job Specification. This is a form that specifies the requirements that an individual must have in order to be chosen as an option for the hiring company. These requirements may include educational qualifications, years of experience, health requirements, specific skills, etc.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
2 years ago
As a member of a team project at​ school, you are meeting with your teammates to determine what tasks are required to complete t
grigory [225]
To keep the team on​ schedule, you propose that members use a​ LOG so the project will be completed on time.
4 0
3 years ago
Bond Valuation and Changes in Maturity and Required Returns Suppose Hillard Manufacturing sold an issue of bonds with a 10-year
g100num [7]

Answer:

It will be sold at $1,186.71

Explanation:

We will calculate the present value of the cuopon payment and the maturity at the new market rate of 7%

<u>The coupon payment will be calcualte as the PV of ordinary annuity</u>

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C $50 (1,000 x 10%/2 as there are 2 payment per year)

time    16 (8 years x 2 payment per year)

rate     0.035 (7% rate / 2 payment per year)

50 \times \frac{1-(1+0.035)^{-16} }{0.035} = PV\\

PV $604.7058

<u>The maturity will be calculate as the PV of a lump sum</u>

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  1,000.00

time         8 years

rate  0.07

\frac{1000}{(1 + 0.07)^{8} } = PV  

PV   582.01

<u>The market price will be the sum of both:</u>

PV cuopon $604.7058

PV maturity  $582.0091

Total $1,186.7149

6 0
3 years ago
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