Can anyone help me finish this 8. 9. 10.

Brian is a 25% partner in the BC Partnership. On January 1, BC distributes $20,000 cash and land with a $16,000 fair value (insi

pentagon [3]

Answer:

The amount is $4,000 and Brain character reflects the capital gain.

Explanation:

Partnership: In partnership, there are two or more partners who are ready to share the profit or losses in their profit-loss sharing ratio.

The computation is shown below:

= Brain's basis - the inside basis

= $16,000 - ($20,000 - $8,000)

Since the brain basis show excess amount than inside basis which reflects the capital gain .

The inside basis is not relevant in the computation part. Hence, it is ignored.

6 0

3 years ago

Click the links to open the resources below. These resources will help you complete the assignment. Once you have created your

Vedmedyk [2.9K]

Answer:

Steps for submitting your homework

Explanation:

5 0

3 years ago

On January 1, 2021, Tabitha Designs purchased a patent for $384,000 giving it exclusive rights to manufacture a new type of synt

Elena L [17]

Answer:

$61,750

Explanation:

Amortization expenses per year = Purchase Cost of Patent/Useful life of the Assets

Amortization expenses per year = $384,000/8 years

Amortization expenses per year = $48,000

Net Value for Depreciation = Purchase Cost of Machine - Salvage Value

Net Value for Depreciation = $149,000 - $39,000

Net Value for Depreciation = $110,000

Depreciation per year = Net Value for Depreciation/Useful life of the Assets

Depreciation per year = $110,000 / 8 years

Depreciation per year = $13,750

The amount to expense in 2024 related to the patent and equipment should be:

Amortization expenses = $48,000

Depreciation expenses = $13,750

Total $61,750

7 0

3 years ago

ndicate whether each of the following costs should be classified as a product cost or as an SG&A cost in accordance with GAA

Leokris [45]

Answer:

Explanation:

The product cost is a combination of direct material cost, direct labor cost, and the manufacturing overhead cost. The manufacturing overhead cost is an indirect cost which is related to the factory expenses.

And, the SG&A cost is a sales, general ,and admin costs incurred to advertise the company's products so that it can accomplish its sales targets which can build a good reputation in the market.

So, the categorization is shown below:

Direct materials used in a manufacturing company. = Product cost

Indirect materials used in a manufacturing company. = Product cost

Salaries of employees working in the accounting department. = sales, general ,and admin costs

Commissions paid to sales staff. = sales, general ,and admin costs

Interest on the mortgage for the company’s corporate headquarters. = sales, general ,and admin costs

Indirect labor used to manufacture inventory. = Product cost

Attorney’s fees paid to protect the company from frivolous law suits. = sales, general ,and admin costs

Research and development costs incurred to create new drugs for a pharmaceutical company. = sales, general ,and admin costs

The cost of secretarial supplies used in a doctor’s office. = sales, general ,and admin costs

Depreciation on the office furniture of the company president. = sales, general ,and admin costs

4 0

3 years ago

At the end of the accounting period, Isaac Company had a balance of $4,000 in its common stock account, additional paid in capit

Annette [7]

This answer is A 10,000!!!

4 0

3 years ago

Can anyone help me finish this 8.9.10.