Answer:
$31,000
Explanation:
Calculation to determine Elaine's current basis in her partnership interest
Using this formula
Elaine's current basis= Value of original basis + (interest purchased - Cash received) + Tax exempt interest
Let plug in the formula
Elaine's current basis= $40,000 + ($70,000 - $80,000) + $1,000
Elaine's current basis= $40,000 - $10,000 + $1,000
Elaine's current basis= $31,000
Therefore Elaine's current basis in her partnership interest is $31,000
Answer:
D) An illusory promise
Explanation:
An illusory promise is not enforceable. Illusory promises are simply illusions that seem or appear to a contract, but are not.
In this case, there is no consideration at all, therefore none of the parties is bound by a contract. It would be different if the company promised to pay a bonus if its profits are xx%. How can someone determine what is considered high profits, and how can you be sure that management will agree?
It is basically like telling someone else that you will give them something if you are happy and willing to do it. How can someone determine if you are happy or not, and how can someone know if you are willing to do it or not?
Answer:
June 15
Dr. Account Receivable $24,000
Cr. Service Revenue $24,000
At the time of Receipt in July
Dr. Cash $24,000
Cr. Account Receivable $24,000
Explanation:
As the Services are performed on June 15, and Great Venture has a right to received the payment against the services provided. So, the revenue is recognized and The payment for the services has not been made yet. This result in the creation of account receivable, That is expected to receive in July.
In July the payment is received. The cash account will be debited as the cash is received and on the other hand account receivable will be credited to remove the due balance of $24,000 from receivables balance.
Answer:
Perfect Plungers Plus is the company that would give Donna a stable long term investment
Explanation:
Because it has a low standard deviation than the other company, meaning it has the expected value as a low standard deviation is, also its data is not far from the mean and is not spread out.
Answer:
Salary 2019= $112,404.7
Explanation:
Giving the following information:
Salary 2012= $70,000
Inflation rate= 7%
Salary 2019= ?
To calculate the nominal value of your salary to maintain the purchasing power, we need to use the following formula:
FV= PV*(1+i)^n
FV= 70,000*(1.07^7)
FV= $112,404.7
