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Answer:
$38,000
Explanation:
The computation of the adjusted basis for her partnership interest at year end is shown below:
= Property contributed + share in income - cash received in distribution
= $40,000 + ($30,000 + $10,000) × 20% - $10,000
= $40,000 + $40,000 × 20% - $10,000
= $40,000 + $8,000 - $10,000
= $38,000
We simply applied the above formula so that the adjusted basis could come
Answer:
Multiply the amount in the account by the nominal interest rate
Explanation:
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Answer:
A. Dr. Office Supplies, $80; Dr. Merchandise inventory, $160; Dr. Miscellaneous expenses, $20; Dr. Cash over and short, $8; Cr. Petty cash, $268.
Explanation:
$80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses are all expense accounts which need to be debited for settlement. Cash Shortage account is debited by $8 to record the cash shortage effect. The total of all these account will be credited in cash account.
