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Umnica [9.8K]
3 years ago
14

Zachariah is the sole shareholder of an S corporation in Detroit, Michigan. At a time when his stock basis is $10,000, the corpo

ration distributes appreciated property worth $100,000 (basis of $10,000). There is no built-in gain. Zachariah's taxable gain is:
Business
1 answer:
lubasha [3.4K]3 years ago
8 0

Answer:

B) $90,000

Explanation:

Distribution of appreciated property to the stockholders of an S Corporation are taxable, and must be recorded at fair market value. In this case, Zachariah is the only stockholder, but the same rule applies. Zachariah's taxable gain = fair market value - stock basis = $100,000 - $10,000 = $90,000.

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On november 1, 2018, the bagel factory signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued inter
Salsk061 [2.6K]

Answer:

A) debit interest expense, $1000

Explanation:

to determine the accrued interest expense = $100,000 x 6% x 2/12 = $1,000

the journal entry should be:

December 31, 2018, accrued interest expense on note payable:

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Accrual accounting establishes that expenses must be recognize during the period that they occur regardless of when they are paid. So we must recognize 2 months worth of interest.

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3 years ago
Glenn is the R&D manager with Quick Print Inc. The company is having a problem with one of its most popular copiers jamming.
xeze [42]

Answer:

Problem Analysis

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Problem analysis also known as 'root cause' analysis ensures that “root causes,” not just the symptoms of the problem, are identified and subsequently addressed.

This step comes after the problem identification stage of problem solving.

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3 years ago
What entrepreneurship activities could you engage in that
Nady [450]

Entrepreneurship activities should you interact in that would beautify the mastering reviews you're gaining to your training on campus or online:

whilst getting to know to turn out to be marketers, we should usually select to construct upon new possibilities, community, search for mentors to research from them as well as brainstorm new thoughts on every occasion we have the time to interact in it.

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4 0
1 year ago
Of the approximately 27.3 million small businesses in this country, ____ have no employees.
jenyasd209 [6]
<span>Approximately 90% of all small businesses have no employees. These would be the businesses run by a single person or a partnership, with no outside help having been hired to help with the duties of the job. This shows that a great percentage of these businesses are one- and two-person endeavors, while the larger small businesses are a distinct minority.</span>
3 0
3 years ago
Which of the following is included in the entry to record the issuance of shares of par value common stock at per share for​ cas
Vesna [10]

Answer:

A) Cash is debited for $294,000. and,

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Explanation:

When Shares are Issued for Cash, recognize the Assets of Cash (Debit) and also recognize an equity element - Common Stock (Credit).

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3 years ago
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