Answer:
Carpenter will have to pay taxes for a recognized gain of $150,000
Explanation:
When you are calculating taxes, you must use the adjusted a¿basis of the buildings.
Paul is exchanging a $450,000 building + $75,000 in cash for a $375,000 office building.
Paul's realized loss = $525,000 - $375,000 = $150,000
therefore Carpenter's recognized gain = $150,000
The following makes notes receivable :
- Notes receivable are formal written contracts.
- Notes receivable have a stronger legal claim.
- Notes receivable are interest bearing.
<h3>What are Notes Receivable?</h3>
Notes receivable are a balance sheet item that records the value of promissory notes that a business is owed and should receive payment for. A written promissory note gives the holder, or bearer, the right to receive the amount outlined in the legal agreement. Promissory notes are a written promise to pay cash to another party on or before a specified future date.
If the note receivable is due within a year, then it is treated as a current asset on the balance sheet. If it is not due until a date that is more than one year in the future, then it is treated as a non-current asset on the balance sheet.
Often, a business will allow customers to convert their overdue accounts (the business’ accounts receivable) into notes receivable. By doing so, the debtor typically benefits by having more time to pay.
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Answer:
The journal entry is shown below:
Explanation:
According to the scenario, the journal entries for the given data are as follows:
Petty cash A/c Dr $236
To Cash A/c $236
(Being establishment of the fund is recorded )
Office supplies A/c Dr $94
Misc. Expense A/c Dr $89
Cash Over / Short Dr $22 ( $236 - $31 - $89 - $94)
To Cash A/c $205 ( $236 - $31)
(Being Reimbursement of the fund is recorded)
In the year 2000, the US census showed that 9.1% of those over 75 had not married so the percentage is relatively low and from 75-84 yrs old, about 50% were still married, 40% were widowed and 5.4 % were divorced.
Around <span>+$2 billion. would be the answer!</span>
