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3 years ago

How are instrument families created?

1 answer:

5 0

Musical instruments are grouped into families based on how they make sounds. In an orchestra, musicians sit together in these family groupings. But not every instrument fits neatly into a group. For example, the piano has strings that vibrate, and hammers that strike.

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Erica transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Robin Corporation, for all of Robin's sto

valentinak56 [21]

Answer:

Robin Corporation has a basis of $300,000 in the land.

Explanation:

Options are "a. Erica does not recognize gain. b. Erica recognizes gain of $400,000. c. Robin Corporation has a basis of $100,000 in the land. d. Robin Corporation has a basis of $300,000 in the land. e. None of the above."

Erica has a recognized gain of $200,000 which is the amount made payable to her through her receipt of the securities in Robin Corporation. The basis of the land to Robin would be equals to the basis Erica has in the land, $100,000 plus gain recognized by Erica $200,000 or $300,000.

5 0

3 years ago

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you

Bas_tet [7]

Solution:

Answer for 1. and 2. :

Particulars Assets liabilities owner's equity

Beginning capital 29000 16000 13000

Ending capital 63000 29000 34000

3. Beginning capital 13000

add new stock 5500

Add : Income ?

Sub total ?

Less: Dividend 36700

Closing Capital 34000

By inserting the last two numbers of the sentence you will determine the "Subtotal." : 36700+34000 = 70700

We learn from the top of the document that the equity of the investor at the outset was $13,000 and the shareholding of $5500 was released. Therefore, when calculating net income, we have $18,500.

Now , Net income =70700-18500=$ 52,200

4. Closing Capital+Dividend =Common stock +net income

=34000+8100

=Common stock +1000

Then common stock = $ 41,100

5. Closing Capital + Dividend = Opening capital +Common stock issued +net income

34000+dividend =13000+16700+18000

Dividend = $13700

6. Closing Capital + Dividend = Opening capital +Common stock issued +net income

=34000+1600 =13000+41100+ net income or loss

Net loss=$ 18500

Expanded accounting Equation for a corporation is :

Assets = Liabilities + Paid-in Capital + Revenues – Expenses – Dividends – Treasury Stock

4 0

3 years ago

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350

nydimaria [60]

Answer:

The costs assigned to ending inventory based on the LIFO method under periodic inventory system are:

= $450.

Explanation:

a) Data and Calculations:

On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31.

Units Unit Cost Total Cost

Beginning inventory on January 1 320 $ 3.00 $960

Purchase on January 9 80 3.20 256

Purchase on January 25 100 3.34 334

Tota units available for sale 500 $1,550

Sales on January 26 350 $1,100

Ending inventory at January 31 150 $3.00 $450

8 0

3 years ago

Suppose nominal GDP in 2006 was $14460 billion. If the current year price index is 127. What was the real GDP for 2006 (in billi

Musya8 [376]

Answer:

$113.86 billion

Explanation:

Real GDP = nominal GDP/ price index

Real GDP = $14460 billion / 127 = $113.86 billion

I hope my answer helps you

7 0

3 years ago

Smith is a CPA. His neighbor, Jones, asks him to prepare his tax return. Jones and Smith are casual friends. Smith prepares the

kati45 [8]

Answer:

Jones is liable to pay.

He is liable to pay to the tune of $1000. This may be negotiated however if it is not fair.

Explanation:

See the following points

The question above is an example of Implied At-law contracts. (We will get to the definition of this in a bit).

A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of the Law. From the above definition it is clear that two people may actually be engaging in a contract without knowing it.

The law defines that a contract is.

Contracts may be Express or Implied.
Express contracts are simply contracts that are stated expressly, or openly, in either writing or orally, at the time of contract formation.
Implied contracts are created when two or more parties have no written contract.
There are two types of implied contracts:

Implied In-Fact Contracts: these are contracts which create an obligation between the parties based on the facts of the situation. For example, assume your neighbor hires you to wash his car every Friday for the entire holidays. You wash your neighbor’s car for the first four weekends of the holidays and get paid on Friday morning each time. The fifth Friday you wash the car and when you arrive at your neighbor’s house for your pay, your neighbor refuses to pay you. The law will infer that there is a contract between you and your neighbor, even though you never put anything in writing. This is an implied in-fact contract.

2. The other type of Implied contract is that which is Implied At-Law

In the case between Jones and Smith, the law imposes a duty to perform a contract, and will enforce such a contract even against a person’s will, where the situation is such that without this legal intervention, one party would be unfairly enriched or advantaged by another party’s action.

In the question above, Smith is a CPA. He is qualified in every respect to carry out Professional Tax services. His services may be relied upon with a great degree of confidence.

If Jones had not filed those tax returns, he probably would have lost monies that should have accrued to him from the government.

This type of agreement is also considered a quasi-contract. A quasi-contract occurs where the law imposes an obligation upon the parties where in fact the parties did not intend to enter into a contract and made no promise to perform.

However, because one party would be unjustly enriched by another party’s action, the beneficiary of those actions must make restitution or pay fair value for the services provided, even though there was never any intention to enter into an agreement.

Cheers!

4 0

3 years ago