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Zinaida [17]
3 years ago
8

During the current year, Ecru Corporation is liquidated and distributes its only asset, land, to Kena, the sole shareholder. On

the date of the distribution, the land has a basis of $250,000, a fair market value of $650,000, and is subject to a liability of $500,000. Kena, who takes the land subject to the liability, has a basis of $120,000 in the Ecru stock. With respect to the distribution of the land, Which of the following is correct?
a. Kena recognizes a gain of $530,000
b. Ecru Corporation recognizes a gain of $250,000
c. Kena recognizes a gain of $30,000
d. Kena has a basis of $250,000 in the land
Business
1 answer:
statuscvo [17]3 years ago
4 0

Answer:

c. Kena recognizes a gain of $30,000

Explanation:

cash  650,000 debit

  land 250,000 credit

  gain at disposal 350,000 credit

liabilities 500,000 debit

        cash        500,000 credit

Then, the company will close all account and leave kena account with a capital of 150,000 to mathc the remaining 150,000 cash

as her basis is 120,000 there will be a gain for 30,000

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Technical skills: A. help you understand the potential and the limitations of information technology. B. help you work with end
Lera25 [3.4K]

Answer:  A. help you understand the potential and the limitations of information technology

Explanation: Helping you understand some, if not all of the potential and limitations of information technology is among the usefulness of technical skills which are skills, abilities, knowledge or expertise that are needed to perform complex tasks, processes or actions that are computational, mechanical, scientific or relating to information technology. Examples include the knowledge of programming languages, mechanical tools, design programs etc.

3 0
3 years ago
Jmes Graham Manufacturing is a small manufacturer that uses machine-hours as its
IgorLugansk [536]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Company - Job 62 - Job 63

Direct materials: $60,000 - $4,500 - $7,100

Direct labor: $25,000 - $2,500 - $4,200

overhead costs $72,000

Machine hours: 90,000 - 1,350 - 3,100

During 2019, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000. Job 62 consisting of 1,000 units and Job 63 consisting of 2000 units were completed during the month.

A) To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 72,000/90,000

Estimated manufacturing overhead rate=  0.8 per machine-hour

B) Total manufacturing cost= direct material + direct labor + allocated overhead

Job 62:

Total manufacturing cost= 4,500 + 2,500 + 0.8*1,350

Total manufacturing cost= $8,080

Job 63:

Total manufacturing cost= 7,100 + 4,200 + 0.8*3,100

Total manufacturing cost= $13,780

C) Unitary cost= total cost/ number of units

Job 62:

Unitary cost= 8,080/1,000= $8.08

Job 63:

Unitary cost= 13,780/2,000= $6.89

D) First, we need to apply overhead for the company as a whole:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.8*95,000

Allocated MOH= $76,000

Now, we can calculate the over/under applied overhead:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 71,000 - 76,000

Overapplied overhead= $5,000

E) Job 62= 14,000

Job 63= 18,000

Gross profit= sales - cost of goods sold

Job 62:

Gross profit= 14,000 - 8,080= $5,920

Job 63:

Gross profit= 18,000 - 13,780= $4,220

7 0
3 years ago
I want to start a new business. Ideas?
Aleks04 [339]
1.) Watch the news and find out a problem that everyone needs the solution to like a geologist national research business. Or something people don't have a specific catagory for or is in the random stuff cabinet
 
2.) Think about it and see what you can do to make it spectacular. 

3.) Think of a name for it.

4.) Get it pattened (I don't know how to spell it sorry)

5.) Make a card for it and tell people about it. For the child abuse example. (Sprinkle a little dramatic facts  then tell them what you do to help stop that just to get people intrested and wanting to help.)

6.) Then you can take it from there to get more and more people into your business.

To number 5, I forgot what that trick is but it is when you scare someone by something you told them then dis alarming them by telling the good side. You can basically get anyone to do or say yes to anything you want.

And you can use my geologist catagory idea because these days they really need them. Also my mom said that if your in college and you study for the geologist requirments thing ( I don't know what they call them I think coarses)
They pay you even when your not finished college just to work for them and she also stated why else would they randomly add geology in schools now and they make pretty good money!

Sorry for it being so long but I get excited over the smallest thing and I hope I helped you lots!! And Gooood Luck!!!

 
5 0
3 years ago
The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $14,800. The fair value of the assets is
xxMikexx [17]

Answer:

The goodwill is $9,220

Explanation:

Goodwill is the excess of purchase consideration paid to acquire a business over the fair value of net assets acquired.

Fair value of net assets acquired is the difference between the fair of assets acquired over the fair value of liabilities taken up which is shown below.

Net assets=$89,600-$14,800

Net assets =$74,800

Since purchase consideration paid is $84020

Goodwill=$84,020-$74800

Goodwill=$9,220

The goodwill of $9220  represents the premium paid over the net assets of Catteman's Steakhouse as a compensation to the owners of the business in return for their efforts of running the business and see go through different phases of development since the establishment of the business.

6 0
3 years ago
Charles is having trouble making his mortgage payment due to too much debt
White raven [17]

Answer:

a  he brokeeeee

Explanation

8 0
3 years ago
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