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olganol [36]
3 years ago
13

Rosalie owns 50% of the outstanding stock of Salmon Corporation. In a qualifying stock redemption, Salmon distributes $80,000 to

Rosalie in exchange for one-half of her shares, which have a basis of $100,000.
Compute Rosalie’s recognized loss, if any, on the redemption.
Business
1 answer:
lesya692 [45]3 years ago
4 0

Answer:

Rosalie’s recognized loss is $20,000.

Explanation:

Calculate the person R’s recognized loss:

Person R's recognized loss = Amount distributed -Basis of share

= $80,000-$100,000

= $20,000

Therefore, person R’s recognized loss is $20,000.

Person R’s recognized loss is $20,000.

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Entry to close the income summary account at the end of the year:


At the time of closing the Income Summary account, the Income Summary account is debited and Retained earnings account is credit with the amount of Net Income. Net Income can be calculated as follows:


Net income =  Revenue – Expenses  = 201,000-111,700 = $89,300


Hence the entry to close the income summary account at the end of the year shall be as follows;


Income Summary Debit  $89,300

Retained earnings Credit $89,300





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3 years ago
What determines the value of an item?
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Answer:

the resources consumed in production

Explanation: answer for ed2020

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Based on the Taylor Rule use the following information to calculate the target federal funds rate.
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Look at the sales prices change that is being suggested. In particular, Winetki talks about one of the product's prices as doubl
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The calculation of a revised break-even point in units for the firm as a whole, using the weighted-average contribution margin approach is 1,155,556 units.

<h3>What is the weighted-average contribution margin?</h3>

The weighted-average contribution margin shows the average amount that a group of products or services contribute to meet the fixed costs.

The weighted-average contribution margin can be computed as Aggregate sales - Aggregate variable expenses) ÷ Number of units sold.

<h3>Data and Calculations:</h3>

Aggregate sales revenue = $1,800,000

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Aggregate contribution margin = $675,000 ($1,800,000 - $1,125,000)

Total units sold = 1,500,000

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Weighted average contribution margin = $0.45 ($675,000/1,500,000)

Break-even point in units = 1,155,556 units ($520,000/$0.45)

Thus, the calculation of a revised break-even point in units for the firm as a whole, using the weighted-average contribution margin approach is 1,155,556 units.

Learn more about break-even analysis at brainly.com/question/21137380

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