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
Because of the Sarbanes-Oxley act, accountants must maintain financial documents and audit work for five years.
This act was enacted in 2002 in the US. It has to do with the accuracy of financial information, and was named after the sponsors of the act, US <span>Senator </span>Paul Sarbanes<span> </span><span>and U.S. Representative </span>Michael G. Oxley.
Answer:
A) Allowance method of accounting bad debts
Explanation:
Based on the allowance method, the bad debts should be calculated on either credit sales i.e. income statement method or receivable aging method i.e. balance sheet method. Also, the account receivable should be recognized at net realizable value
Therefore the allowance method of accounting bad debts is an answer
Answer:
The answer is attached.
Explanation:
All the calculations were made based on the data provided by the exercise. It was a little difficul to rebuild the table, but with a little bit of research was possible. If any question, please no doubt to contact me.
Answer:
3. $2,123,612
Explanation:
As we know that
Net working capital = Current assets - current liabilities
where,
Current assets = Cash and marketable securities + inventory + accounts receivables + other current assets
= $335,485 + $1,651,599 + $1,488,121 + $121,427
= $3,596,632
Current liabilities = Accounts payable + short-term notes payable
= $1,159,357 + $313,663
= $1,473,020
So, the net working capital is $2,123,612