Answer:
b. No journal entry is required
Explanation:
Given that
Estimated percentage of losing = 40%
Estimated amount = $800,000
By considering the above information, we concluded that
As in the case of the litigation, there is no journal entry is recorded as the possibility of the event is not certain with respect to the entity's economic resources.
Therefore in the given case, the correct option is b.
Matthew decides to buy expensive designer jeans. Less expensive jeans are available, but the added cost of the designer brand is worth it to Matthew most likely because His preference is for designer labels, since the assertions made by the other manufacturers, which claim that designer trousers are less expensive, are illogical. This is further explained below.
<h3>What is the cost?</h3>
Generally, payment is required before it can be obtained or completed.
In conclusion, Affluent designer jeans are Matthew's choice. There are cheaper jeans out there, but Matthew most certainly prefers designer labels since the arguments of the other manufacturers, who say that designer pants are less costly, are irrational.
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Answer:
The Jerry's adjusted basis in his partnership interest at the end of the year is $45,500
Explanation:
The adjusted basis of Jerry in his partnership is shown below:
= Partnership interest - Ordinary loss + long term capital gain + dividend - non deductible expense + cash contribution - share reduction
= $50,000 -$15,000 + $3,000 + $2,000 - $500 + $10,000 -$4,000
= $45,500
The ordinary loss, share reduction, and non deductible expense would decrease the Jerry interest in partnership firm while all other cost would increase his interest. That's why the amount is added and subtracted.
Hence, the Jerry's adjusted basis in his partnership interest at the end of the year is $45,500
Answer: US Air Force and Navy
Explanation:
