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Natali5045456 [20]
3 years ago
11

Arthur is a 30 percent partner in the CAR Partnership. At the beginning of the tax year, Arthur's basis in the partnership inter

est was $60,000, including his share of partnership liabilities. During the current year, CAR reported net ordinary income of $40,000. In addition, CAR distributed $5,000 to each of the partners ($15,000 total). At the end of the year, Arthur's share of partnership liabilities increased by $20,000. Arthur's basis in the partnership interest at the end of the year is:a. $60,000.b. $120,000.c. $87,000.d. $75,000.e. None of these choices are correct.
Business
1 answer:
laila [671]3 years ago
3 0

Answer:

c. $87,000

Explanation:

The computation of the Arthur's basis in the partnership interest at the end of the year is shown below:

= His share of partnership liabilities + net operating income share + increased share in liabilities - distributed amount

= $60,000 + $12,000 + $20,000 - $5,000

= $87,000

Net operating income share is

= $40,000 × 30%

= $12,000

We simply applied the above formula

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Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater
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Answer:

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a) Statement of Cost of Goods Manufactured:

Direct materials cost                 $90,000

Direct labor                                  25,000

Factory overhead                        37,000

Work in process, March 1           22,000

Work in process, March 31        (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales                                                                    $257,000

Finished goods inventory, March 1    $21,000

Cost of goods manufactured             150,500

Finished goods inventory, March 31  (30,000)

Cost of goods sold                                              $141,500

Gross profit                                                          $115,500

Sales and administrative expenses                      79,000

Net Income                                                          $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31              $8,000

Work in process, March 31                   23,500

Finished goods inventory, March 31   30,000

Total inventory                                    $61,500

Explanation:

a) Data and Calculations:

Purchases     $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1   $6,000

Purchases                                    92,000

Materials inventory, March 31       8,000

Direct materials cost                 $90,000

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