1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
LenKa [72]
3 years ago
15

Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginnin

g of the year, Jerry's tax basis in his partnership interest was $44,000. His current-year Schedule K-1 reported an ordinary loss of $9,000, long-term capital gain of $4,600, qualified dividends of $3,600, $2,100 of non-deductible expenses, a $26,000 cash contribution, and a reduction of $5,600 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest (outside basis) at the end of the year
Business
1 answer:
Ierofanga [76]3 years ago
3 0

Answer: $61,500

Explanation:

Jerry's adjusted basis in his partnership interest at the end of the year is determined by adding his cash contributions, long-term capital gain, and qualified dividends to the original tax basis.

There will also be deductions of the non-deductible expenses, ordinary loss and his share of the reduction in partnership debt.

Jerry's adjusted basis at the end of the year = ( 44,000 + 26,000 + 3,600 4,600) - ( 2,100 + 9,000 + 5,600)

= 78,200 - 16,700

= $61,500

You might be interested in
A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for 10,000 and paid 750 for the frei
prisoha [69]

Answer:

The correct option is A:

cost of goods sold        10,750

merchandise inventory                 10,750

Explanation:

When goods are bought for resale,the total cost of the goods bought is usually the invoice price paid as well as the cost of bringing in the goods i.e freight,hence the cost of the goods sold here is the invoice price of $10,000 plus the freight of $750,giving total cost of $10,750

When the goods are sold,merchandise inventory would be credited with $10,750 while cost of goods sold is debited with same amount.

The correct option is first one with cost of goods sold debited with $10.750 and merchandise inventory credited for $10,750

4 0
3 years ago
What is a “work point”?
Alja [10]

Answer:

A work point is an independent entity whose location is defined in space.

Explanation:

Work points may be placed or projected onto part faces, linear edges, or onto an arc or circle. Work points can be constrained to the center points of arcs, circles, and ellipses.

4 0
3 years ago
Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced 50,000 chairs at a cost of $79
muminat

Answer:

Please see below

Explanation:

Given that:

Number of chairs sold = 35,000

Cost per chair $79

The cost of goods sold that must be eliminated from the consolidated

= Number of chairs sold × Cost per chair

= 35,000 × $90

= $2,765,000

Therefore, for computing the cost of goods sold to be eliminated, we simply multiply the number of chairs sold with cost per chair.

4 0
3 years ago
in an audit of inventories, an auditor would least likely verify that all inventory owned by the client is on hand at the time o
Kruka [31]

In an audit of inventories, an auditor would least likely verify that all inventory owned by the client is on hand at the time of the count.

An auditor no longer assumes all inventories to which the auditee has a name to be available a the date of the depend. A few bought goods may also still be in transit at that time. Additionally, some stock may be on consignment or in public warehouses through properly included in the county.

An audit is an "impartial exam of monetary statistics of any entity, whether or not profit oriented or now not, no matter its size or legal form whilst such an exam is performed so one can explicit an opinion thereon.”

An auditor is a person or a firm appointed with the aid of an employer to execute an audit. to act as an auditor, someone should be licensed by means of the regulatory authority of accounting and auditing or possess sure detailed qualifications.

Learn more about audit here brainly.com/question/24317218

#SPJ4

6 0
2 years ago
When the environment becomes more turbulent and unpredictable: a. External consultants need to play a greater role in strategy m
topjm [15]

Answer:

The answer is d. Strategy becomes an increasingly important as a source of direction

Explanation:

6 0
3 years ago
Other questions:
  • Explain how union membership has affected minorities, women, older workers, and part-time workers.
    6·1 answer
  • You find a certain stock that had returns of 17 percent, -24 percent, 25 percent, and 8 percent for four of the last five years.
    8·1 answer
  • In early January 2019, Blue Corporation applied for a trade name, incurring legal costs of $15,400. In January 2020, Blue incurr
    15·1 answer
  • All of the following are services that are available at banks except _____.
    9·1 answer
  • E15-2 (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2014. It is
    15·1 answer
  • The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventor
    15·1 answer
  • Suppose that the state of Massachusetts enacts a law that forbids Mexico and businesses located in that country from doing busin
    13·1 answer
  • During May, Darling Company incurred factory overhead costs as follows: indirect materials, $2,250; indirect labor, $6,370; util
    12·1 answer
  • Wallace's Wrench Company manufactures socket wrenches.
    13·1 answer
  • Social elements common to this work. Note that common contexts are listed toward the top, and less common contexts are listed to
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!