Answer:
$50,000
Explanation:
Data provided in the question:
Interest owned by Gladys Peel in the capital and profits of the partnership = 50%
Fair market value = $10,000
Value of the land acquired = $16,000
Partnership's net income = $94,000
Loss recorded = $6,000
Now,
The loss must be separately passed through to partners as it is a Sec. 1231 loss.
Therefore,
Partnership ordinary income = $94,000 + $6,000
= $100,000
Hence,
Peel's distributive share of ordinary income from the partnership for 2019
= 50% of Partnership ordinary income
= 0.50 × $100,000
= $50,000
In accounting, the invoice 2/10, n/30 means that the customers has to pay $500 within 30 days. If he can pay earlier, say within 10 days from the date of purchase, a cash discount of 2% is given. If the customer pays on the 9th day, he would only have to pay
500(100% - 2%) = $490
Answer:
Duty of care and oversight
Explanation:
Though the liability due to carelessness is waived off but the directors are liable for duty of care and duty of oversight of companies issues and they must act in the best interest of shareholders. This carelessness will result in heavy fines which the shareholders will have to bear. So the director is liable for his misconduct.
Answer:
Sales revenue 728,400
Sales R&A (25,320)
Delivery Expense (12,780) * considered freight-out
sales discount <u> (12,380) </u>
net sales: 677,920
sales revenue 728,400 debit
income summary 728,400 credit
--to close revenues accounts--
income summary 50,480
Delivery Expense 12,780
Sales Returns and Allowances 25,320
Sales Discounts 12,380.
--to close the contra account to sales---
Income summary 677,920
Retained Earnings 677,920
Explanation:
