<span> because john, lesa and tabir did not enter into an operating agreement,
what will generally control with respect</span>
Answer:
False
Explanation:
§ 351 establishes that businesses shall not recognize any capital gain or loss from property transferred to them in exchange of stocks or partnership share. So the businesses have to record this type of transactions at their fair market value and not their tax basis.
Answer:
The answer is: Logan has priority.
Explanation:
Priority is always given to the party that files it first. In this case, Logan and Burt signed a security agreement on January 2 and a financing statement on January 3 that was filed by Logan.
On January 4, Burt sold his ring to Tiilo, but he did it after Logan filed the statement.
Answer and Explanation:
The journal entry is shown below
Sales tax (($257,000 + $154,800) ×7%) $28,826
To sales tax payable $28,826
(Being the sales tax expense is recorded)
Here the sales tax is debited as it increased the expense and credited the sales tax payable as it also increased the liability
The calculation is as follows;
= $27,4990 ×100 ÷ 107
= $257,000
And,
= $165,636 × 100 ÷ 107
= $154,800
Answer:
The correct answer is that Mark's opportunity cost of holding cash is higher
Explanation:
Opportunity cost is nothing but the value of the next best alternative that a person has given up , when that person had the choice of selecting between any number of options. You will not find this cost to be shown in your financial statements or balance sheets but this cost is very important in telling which option is the best to use or more profitable for a person or company.
In this question the reason why Mark uses ATM more frequently is because for him the opportunity cost for him in holding more money in hand is high as compared to the Jim whose opportunity cost of holding more money in hand is less , which means he is not not going to miss out on much of the opportunity. The reason why the opportunity cost is high for Mark is because of high rate of interest in his country , if Mark holds more money in hand then the amount of money he is going to lose on interest that he would have gained by keeping the money in bank will be high which means his opportunity cost of holding money is high.
