Answer:
0 gain ; 72,000 basis
Explanation:
Given that
Outside basis at the end of the year = $112,000
Received a proportionate operating distribution in cash for $40,000
So by considering the above information, the amount of gain or loss is zero as she does not recognized in the distribution and her basis in her partnership interest is the remaining amount i.e
= $112,000 - $40,000
= $72,000
Answer:
$8,000
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Because I decided to attend summer school, I forgoed the opportunity of working and earning income. Therefore, my opportunity cost is the amount of income I would have earned if i chose to work instead.
I hope my answer helps you
The answer to you question is Forum
a forum is a place or meeting. Where ideas and views on a particular thing cause be exchanged
Answer:
c.Insurance expense would be debited for $300.
Explanation:
Provided that
12 month insurance policy purchased on Dec 1 = $3,600
So, the adjusting entry on Dec 31 would be
Insurance expense A/c Dr $300
To Prepaid Insurance $300
(Being insurance expense is recorded)
The computation is
= $3,600 ÷ 12 months
= 300
As we have to compute for 1 month so we recorded $300 insurance expense
