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Rama09 [41]
2 years ago
14

At the end of last year, Cynthia, a 20% partner in the five-person CYG partnership, has an outside basis of $23,000 including he

r $8,500 share of CYG debt. On January 1 of the current year, Cynthia sells her partnership interest to Roger for a cash payment of $16,000 and the assumption of her share of CYG's debt. CYG has no hot assets. What is the amount and character of Cynthia's recognized gain or loss on the sale?
a. $1,500 capital gain.
b. $7,500 ordinary income
c. $7,000 ordinary loss
d. $7,000 capital loss.
Business
1 answer:
jok3333 [9.3K]2 years ago
5 0

Answer:

a. $1,500 capital gain.

Explanation:

Cynthia basis is 23,000 including a 8,500 dollars debt in the partnership.

She is selling at 16,000 cash + transferring her debt of 8,500

in total is selling for 24,500 dollars

proceeds - basis = result

24,500 - 23,000 = 1,500 capital gain

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Answer: positive cross elasticity of demand.

   

Explanation: In simple words, cross elasticity refers to the degree of change in the demand of a good with respect to change in the price of another goods.

In case of substitute goods, one good can easily be used in the place of another good. Thus, if the price of one good increases the demand for its substitute good also increases.

Hence from the above we can conclude that substitute goods have positive cross elasticity.

3 0
3 years ago
When julie is focused on measuring performance and correcting as necessary, she is focusing on which of these managerial functio
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6 0
3 years ago
Producer surplus directly measures a. the well-being of buyers and sellers. b. the well-being of society as a whole. c. the well
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Answer:

c. the well-being of sellers.

Explanation:

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Producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.

On the other hand, consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Hence, an export subsidy will increase producer surplus.

In conclusion, producer surplus directly measures the well-being of sellers.

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2 years ago
On May 1, 2018, Varga Tech Services signed a $75,000 consulting contract with Shaffer Holdings. The contract requires Varga to p
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Answer:

Varga should recognize $50,000 revenue in 2018.

Explanation:

Revenue = $75,000 × 8/12 months

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Therefore, Varga should recognize $50,000 revenue in 2018.

7 0
3 years ago
Assume that the market for pencils is perfectly competitive. The market equilibrium price is $0.50 and Perry's Pencil Company ha
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The marginal revenue is $0.5 which is being earned if the company sells one more pencil.

<h3>What is total revenue?</h3>

Total revenue is the amount being obtained by the firm after selling the goods and services in the market.

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Quantity sold: 10,000 units

Marginal quantity: 10,001 units

Equilibrium price: $0.50

Computation of marginal revenue earned:

\rm\ Marginal \rm\ revenue=\frac{ \rm\ Additional \rm\ revenue-\rm\ Total \rm\ revenue}{\rm\ Total \rm\ quanitiy - \rm\ Additional \rm\ quantity} \\\rm\ Marginal \rm\ revenue=\frac{ 10,001 \times\ \$0.50 - 10,000 \times\ \$0.50}{10,001-10,000} \\\rm\ Marginal \rm\ revenue=\frac{\$5,000.50-\$5,000}{1} \\\rm\ Marginal \rm\ revenue=\$0.50

Therefore, when the company sells one more pencil then it earned a marginal revenue of $0.50.

Learn more about the marginal revenue in the related link:

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6 0
1 year ago
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