Answer: $68,200
Explanation:
Estimated inventory = Difference between Goods available for Sale at Retail Price and Actual Sales made * Cost Retail Ratio
Retail value of Goods Available for Sale
= Retail Price of Beginning Inventory + Retail price of Purchases
= 120,000 + 480,000
= $600,000
Difference between Goods available for Sale at Retail Price and Actual Sales made
= 600,000 - 490,000
= $110,000
Cost to retail price ratio
= (Cost of Beginning Inventory + Cost of Purchases) / (Retail Price of Beginning Inventory + Retail Price of Purchases)
= (60,000 + 312,000) / (120,000 + 480,000)
= 62%
Ending inventory
= 110,000 × 62%
= $68,200
Answer:
$102,000
Explanation:
According to 26 US code Section 704(c) - Partner's distributive share :
Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )
Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.
So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.
Partnerships are pass through entities, the partners are taxed, not the partnership itself.
Answer:
Real Surplus is $200 billion
Explanation:
Inflation = 14%
Debt = $4 trillion = $4,000 billion
Nominal deficit = $360 billion
Real Deficit = Nominal deficit - (Inflation*Debt)
= $360 - 14% * 4,000
= $360 - 560
= -$200
Hence, the answer is Real Surplus of $200 billion
Answer:
Explanation: Keep it to One Page. This is a biggie!
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