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Norma-Jean [14]
3 years ago
15

Tyler and Josie formed a partnership. Tyler received a 25 percent interest in partnership capital and profits in exchange for la

nd with a basis of $40,000 and a fair market value of $60,000. Josie received a 75 percent interest in partnership capital and profits in exchange for $180,000 of cash. Three years after the contribution date, the land contributed by Tyler is sold by the partnership to a third party for $76,000. How much taxable gain will Tyler recognize from the sale
Business
2 answers:
Brilliant_brown [7]3 years ago
8 0

Answer:

$24000

Explanation:

Section 704(C)(1)(A) requires that any pre contribution gain must be allocated entirely to Tyler. Therefore, Tyler is allocated the $20,000 pre contribution gain and 25% of 76000-60000= 16000 post contribution gain

20000 + 4000

$24000

8090 [49]3 years ago
4 0

Answer:

Taxable gain  =   $76,000 - $60,000 =  $16,000

Explanation:

At the time of receiving the land from the partnership the market value is $60,000 aa gaianst the cost of $40,000.   The partners would have valued the land at market value before giving it to Tyler. therefore the cost of land to Tyler will be $60,000 and not $40,000.

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Answer:

wages expense   1,300 debit

        wages payable     1,300 credit

--------------------------------

interest expense      200 debit

             interest payable     200 credit

--------------------------------

account receivable      2,400 debit

          service revenue       2,400 credit

----------------------------------

Explanation:

we recognize the wages expense for the current period and the liability that arise from that.

interest: principal x rate x time

time and rate should be in the same metric so we express the time in portion of a year.

From July 1st to July 31th a month has past so 1/12 of a year:

20,000 x 12% x 1/12  = 200

this will be the accrued interest for the period

we must record service revenue. As it is not collected it goes int oaccount receivable

6 0
2 years ago
Jackson company has the following financial information for their most recent fiscal year: Revenues Cost of Sales Interest Expen
irinina [24]

Answer:

The calculations are shown below

Explanation:

The computations are shown below:

But before that, first we have to prepare the income statement so that the values could come    

Particulars Amount  

Revenues $99,700  

Less: Cost of sales -$64,700  

Gross profit $35,000  

Less: Interest expenses -$1,800  

Earnings before tax $33,200  

Less: Taxes -$11,620  

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So, the calculations are shown below:

1. Earnings per share = Net income ÷ Common stock outstanding  

= $21,580 ÷ 16,000 shares    

= $1.35 per share

2. Price earnings ratio = Stock price per share ÷ Earnings per share  

= $22 ÷ $1.35    

= 16.3 times  

3. Long term debt to equity ratio  = Long term debt ÷ Total equity  

= $45,800 ÷ $120,000    

= 0.38 times  

4. Total market value = Number of shares outstanding × Market price per share

= 16,000 shares  × $22    

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4 0
2 years ago
A group of 2-year-old infants are selected for a special program because their iq scores are very low. five years later, most of
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The special program that they have conducted to the infants worked. The experiment was a success. And because of this, they could conduct more, special programs and even in a larger amount of infants they can conduct this. This special program is really beneficial to each and every one of them.
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3 years ago
¿sí se vende mercancía en que tipo de cuenta debe registrar el IVA de dicha compra?
poizon [28]

Answer:

the answer is cost of buying or cost of production

la respuesta es el costo de compra o el costo de producción

Explanation:

i speak Spanish and business is pretty easy

8 0
3 years ago
1. [6 points] Consider the Ricardian model with two economies (Mexico and the U.S.A.) and two commodities (goods and services).
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Answer:

The Ricardian Model as described by David Ricardo is a model which explains  trade between two countries and the products which they are most likely to export. The answer to your problem is given below.

Explanation:

(a) Calculate the autarky price of Goods in both countries: pG, and p*G.

The autarky price here means a price at which there will be no trade between the two countries:

Data:

The marginal product of labor in service industry of home country:

MPLS = 1

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MPLG = 1

The marginal product of labor in service industry of foreign country:

MPLS* = 1/4

The marginal product of labor in goods industry of foreign country:

MPLG* = 1/2

The price of services in home country is:  

Ps = $2

The price of goods in foreign country is:

Ps* = 12 Pesos

As per current exchange rate, the value of 12 Pesos is equal to $0.63.

source: https://mxn.currencyrate.today/usd/12

Thus,

Ps* = $0.63

The autarky price of goods in both countries are calculated as follows:

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2/PG = 1/1

PG = $2

And,

Ps*/PG* = MPLS*/MPLG*

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PG* = $1.26

7 0
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