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KATRIN_1 [288]
3 years ago
10

The Salt and Pepper Partnership was formed in January of the current year when Salt and Pepper each contributed $10,000 cash and

together began to operate a business as equal partners. Both work full-time in the partnership. The partnership borrowed $40,000 on a nonrecourse basis during the year. There are no guarantees or loss limitation agreements. Operations in the year resulted in a $5,000 ordinary loss, $2,000 tax-exempt income, and an $800 charitable contribution. What is Salt’s basis at the end of the current year?
Business
1 answer:
Novay_Z [31]3 years ago
3 0

Answer:

Salt's basis = -$3900 from a 50% sharing basis

Explanation:

profit sharing ratio as per contributions is 50%:50%

ordinary loss                  - $5000

tax exempt income       -$2000                  

Charitable contribution -$800

Taxable loss                 =$7800

profit(loss) share

Salt                         = -3900

Pepper                   =-3900

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Explanation:

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= 80 × $14.30

= $1,144 unfavorable

hence, the variable overhead efficiency variance is $1,144 unfavorable

Therefore the option b is correct

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company's retained earnings have a financing cost associated with them because retained earnings belong to which of the followin
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5 0
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Internal Environmental Analysis
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The analysis that you have been asked to examine is called SWOT Analysis. See the categorization below.

<h3>What is SWOT Analysis?</h3>

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,

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Learn more about SWOT at;
brainly.com/question/20350382
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