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Angelina_Jolie [31]
3 years ago
15

Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $43,000 of cash. The PPZ Partnership h

as borrowed $14,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest?
a. $47,200
b. $14,000
c. $57,000
d. $52.800
Business
1 answer:
jolli1 [7]3 years ago
4 0

Answer:

The right answer is a.

Explanation:

In order to calculate Daniel's basis in his partnership interest, first we have to calculate daniel share of the partnership liabilities.

According to the details, Daniel acquires a 30% interest in the PPZ Partnership from Paolo, and The PPZ Partnership has borrowed $14,000 of recourse liabilities as of the date Daniel bought the interest, hence

daniel share of the partnership liabilities = 14,000 * 30% = $4,200

Hence, Daniel's basis in his partnership interest= 43,000 + 4,200 = $47,200

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The rate established prior to the beginning of a period that uses estimated overhead and an allocation factor such as estimated
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This is the Predetermined overhead rate

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Who has given general principle of management?​
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3 years ago
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Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 23,000 Oct. 31 Goods finished X 31 Di
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Answer:

b.$220,800

Explanation:

Calculation to determine what was the amount of factory overhead applied in October

Finished goods during October $ 329,500

Add: Balance of work in progress on October 31 $203,500

Less: Balance of work in progress on October 1 (23,000)

Less: Direct Materials $(94,300)

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2 years ago
On March 15, Year 1, Kathleen Corp. adopted a plan to accumulate $1,000,000 by September 1, Year 5. Kathleen plans to make 4 equ
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B) $195,700

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  • Future value of $1 at 10% for 4 periods  = 1.46
  • Future amount of ordinary annuity of $1  at 10% for 4 periods  = 4.64
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Since Kathleen Corp. is depositing the money in advance, she must use the future amount of annuity in advance = 5.11 in order to determine the future value of the 4 deposits:

$250,000  x 5.11 = $1,277,500

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$684,930  x 5.11 = $3,499,992

$215,500 x 5.11 = $1,101,205

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