Wpq-qhpf-jtf g. i. r.l. s. j. o. i. n. go0gle me et

Pursuant to a complete liquidation in the current year, Scarlet Corporation distributes to Jake land (basis of $425,000, fair ma

zubka84 [21]

Answer:

The Long-term capital gain (Jake recognize) = $80,000

However, the Jake considered the basis of $390,000 (Land).

Explanation:

From the questions given we find the following,

What are the consequences of tax for the distribution liquidating to Jake and Scarlet Corporation

Then,

The Long-term capital loss (Scarlet Corporation recognize) = Fair market value - Basis

The Long-term capital loss (Scarlet Corporation recognize) = $390,000 - $425,000

The Long-term capital loss (Scarlet Corporation recognize) = $35,000

The Long-term capital gain (Jake recognize) = (Fair market value of land - Liability) - Basis of stock

The Long-term capital gain (Jake recognize) = ($390,000 - $250,000) - $60,000

The Long-term capital gain (Jake recognize) = $80,000

However, the Jake considered the basis of $390,000 (Land).

8 0

4 years ago

19. Fortuna Co. reports the following in its 2016 annual report: 2016 2015 2014 Sales $10,597,336 $10,265,536 $9,893,432 Account

kaheart [24]

Answer:

For Fortuna Co.

Account receivables turnover ratio = net credit sales during the year / average accounts receivable

2015 = $10,265,536 / [($1,052,112 + $1,141,906)/2] = 9.358
2016 = $10,597,336 / [($900,516 + $1,052,112)/2] = 10.854

Average collection period = 365 days / accounts receivables turnover ratio

2015 = 365 days / 9.358 = 39 days
2016 = 365 days / 10.854 = 33.63 days

Since the accounts receivable turnover ratio is higher for 2016, the average collection period will be shorter. This means that the company is collecting its outstanding credit faster in 2016 than 2015.

For Saturn, Inc.

Prepare general journal entries for the following transactions that occurred during the year:

(1) Wrote off N. Purcell’s account, $6,800.

Dr Allowance for doubtful accounts 6,800
Cr Accounts receivables 6,800

(2) Wrote off J. Stein’s account, $2,400.

Dr Allowance for doubtful accounts 2,400
Cr Accounts receivables 2,400

(3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction

first you must reverse the write off

Dr Accounts receivables 800
Cr Bad debt expense 800

now you record the collection of the settlement amount

Dr Cash 800
Cr Accounts receivables 800

(4) On December 31, estimated the year’s bad debts expense at 1% of credit sales.

balance for allowance for doubtful accounts = $8,000 - $6,800 - $2,400 = -$1,200 or $1,200 debit balance

total credit sales $1,200,000 x 1% (estimated bad debt) = $12,000 credit balance for allowance for doubtful accounts

the journal entry to record bad debt expense:

Dr Bad debt expense 13,200
Cr Allowance for doubtful accounts 13,200

5 0

3 years ago

Dorrance, the coach of the UNC women’s soccer team, has an eye for recruiting outstanding talent. In business language, this is

My name is Ann [436]

Answer: Selective hiring

Explanation: In the selective hiring process the managers of an organisation sets a criteria for the job available. While recruiting the managers sticks to the criteria strictly and only those employees are hired who fits that particular criteria.

In the given case, Dorrance wants to recruit someone with excellent skills in soccer, thus we can conclude that she is doing selective hiring.

5 0

3 years ago

Chris has three options for settling an insurance claim. Option A will provide $1,500 a month for 6 years. Option B will pay $1,

Papessa [141]

Answer:

Option B. $1,025 a month for 10 years.

Explanation:

Calculate the present value of each option:

$\text{Monthly rate: } 6.8\%/12 = 0.068/12 = 0.005\overline 6$

Formula:

$PV=C\times \bigg[\dfrac{1}{r}-\dfrac{1}{r(1+r)^t}\bigg]$

Where:

PV is the present value of the constant monthly payments
r is the monthly rate
t is the number of moths

1. Option A will provide $1,500 a month for 6 years.

$PV=$\ 1,500\times \bigg[\dfrac{1}{(0.005\overline 6}-\dfrac{1}{0.005\overline 6(1+0.005\overline 6)^{(6\times12)}}\bigg]$

$PV=\$ 88,479.23$

2. Option B will pay $1,025 a month for 10 years. 

$PV=$\ 1,025\times \bigg[\dfrac{1}{(0.005\overline 6}-\dfrac{1}{0.005\overline 6(1+0.005\overline 6)^{(10\times12)}}\bigg]$

$PV=\$ 89,068.22$

3. Option C offers $85,000 as a lump sum payment today.

PV = $85,000

<h2 /><h2> Conclusion:</h2>

The present value of the option B, $1,025 a month for 10 years, has a the greatest present value, thus since he is only concerned with the financial aspects of the offier, this is the one he should select.

3 0

3 years ago

Which skills do business leaders rate as the most important for college graduates to possess?

Fudgin [204]

Business leaders rate Spoken and written communication skill as the most important skill for college graduates to possess.

It doesn't matter what field you're in or what position you're applying for, you'll need strong verbal and written communication skills to stand out to potential employers. Depending on your role, you'll need strong verbal, written, and interpersonal communication skills to interact with coworkers, superiors, and clients. Your professional work experience is as indicative of your communication skills as it is of any other skill set. You might highlight the ways in which you have demonstrated your ability to communicate in the past through your application, interview, and other means.

To know more about Communication skills refer to:

brainly.com/question/11985030

#SPJ4

3 0

2 years ago

Wpq-qhpf-jtfg. i. r.l. s. j. o. i. n.go0gle me et​

Wpq-qhpf-jtfg. i. r.l. s. j. o. i. n.go0gle me et