Answer:
The answer is put is bankruptcy if there aren't any choices
Learning.
Or at least I believe so. Are there multiple choice?
Answer:
The correct answer is letter "A": paid and recorded in an asset account before they are used or consumed.
Explanation:
A Prepaid Expense is an asset on the Balance Sheet. These expenses are paid in advance in full for goods that have not been received yet or services that have not been rendered still. For accounting purposes, the amount reported as a current asset decreases every month until the total amount of the prepaid expense is used up.
Answer: $50,000
Explanation:
Based on the scenario in the question, Jocelyn's basis in the property contributed will be:
Land = $60,000
Inventory = $5,000
Total = $65,000
We are told that the exchange is tax-free, hence, Jocelyn has income of $0.
Therefore, Jocelyn’s basis in Zion’s Corporation stock will be her original basis in property contributed which is $65,000 plus the gain of $0 and then we deduct the liability that was assumed by the corporation which $15,000. This will now be:
= $65,000 + 0 - $15,000
=$50,000
