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Lunna [17]
3 years ago
7

Byron is a partner in the Dowdy Group. At the close of the current year, Byron's basis in the partnership is $34,000. At that ti

me, the partnership distributes cash of $8,000 and property with a basis of $9,000 and a fair market value of $13,000 to each partner. What is Byron's basis in the partnership after the distribution?
Business
1 answer:
Kitty [74]3 years ago
6 0

Answer:

$17,000

Explanation:

The partnership takes on/out  the basis of contributed/ distributed property; cash is always consider basis as its face value.

The fair market value of property distributed is used to consider contributor’s gain/ loss only.

The basis in the partnership after distribution = current basis in partnership – cash distributed – basis of any other distribution

Thus Bryon’s basis in the partnership after the distribution = $34,000 - $8,000 = $17,000

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RST Company incurred $126,000 in material costs during July. Additionally, the 12,000 units in the Work-in-Process Inventory on
-BARSIC- [3]

Answer:

$ 13.17

Explanation:

Data provided :

Material cost in the beginning = $ 126,000

Additional material cost = $ 32,000

thus,

the total material cost = $ 126,000 + $ 32,000 = $ 158,000

Units in the work in progress = 12,000 units

Therefore, the material cost per unit for July = (Total material cost) / (Units being produced)

on substituting the values in the above relation, we get

he material cost per unit for July = ( $ 158,000 ) / ( 12,000 units )

= $ 13.1667 ≈ $ 13.17

6 0
3 years ago
g Swifty Corporation issued 3,100 5%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1
slamgirl [31]

Answer:

Dr Cash     $3,100,000

Cr Bonds payable            $3,100,000

Explanation:

Since the bonds were issued at face value of $1000 each,the cash proceeds received from the entire issue of 3,100 bonds can be computed thus:

Cash proceeds=$1000*3,100=$3,100,000

The cash proceeds imply that cash inflows have increased by $3,100,000, as a result cash account should be debited with $3,100,00o while the same amount is credited to bonds payable since an increase in  debt obligation should be a credit entry.

8 0
3 years ago
How we can improve saving culture​
balu736 [363]

Answer:

answer

<h2><em><u>Here are six ways you can cultivate a savings culture:</u></em></h2>
  • <em><u>Here are six ways you can cultivate a savings culture:HAVE A BUDGET.</u></em>
  • <em><u>Here are six ways you can cultivate a savings culture:HAVE A BUDGET.CONTRIBUTE MORE TO YOUR RETIREMENT. Stop procrastinating when it comes to retirement planning. ...</u></em>
8 0
2 years ago
According to​ Zane, it was difficult for him to empower his employees and not​ micromanage; however, he realized that being resp
son4ous [18]

Answer:

The answer is: Interpersonal skills                                

Explanation:

Interpersonal skills, also known as the soft skills, refers to the behavior of an individual while interacting or communicating with others. Interpersonal skills can also be described as the ability of an employee to work with others.

Interpersonal skills include effective communication, active listening, deportment, attitude and dispute resolving.

<u>Therefore, the given example illustrates </u><u>Interpersonal skills.</u>

5 0
3 years ago
Zack received a gift of stock from his uncle on June 20 of the current year. Zack's uncle had a basis in the stock of $4,000, bu
DiKsa [7]

Answer:

$4,000

Explanation:

7 0
3 years ago
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