1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Digiron [165]
3 years ago
10

Jerry is a 30 percent partner in the JJM Partnership when he sells his entire interest to Lucia for $82,750 cash. At the time of

the sale, Jerry’s basis in JJM is $54,250. JJM does not have any debt or hot assets. What is Jerry’s gain or loss on the sale of his interest?
Business
1 answer:
Scrat [10]3 years ago
6 0

Answer:

Jerry's gain on the sale= $28,500

Explanation:

When Jerry sells his interest in JJM to Lucia his basis ($54,250) is what he owes and will be taken out of the proceeds he will get for selling his interest in the company.

Therefore

Jerry's gain on the sale= Amount of sale- Jerry's basis

Jerry's gain on the sale= 82,750- 54,250

Jerry's gain on the sale= $28,500

You might be interested in
Punishments help comfort your behavior right
NikAS [45]

Answer:

true isthe answer

6 0
2 years ago
The Jabba Corporation manufactures the "Snack Buster" which consists of a wooden snack chip bowl with an attached porcelain dip
OlgaM077 [116]

Answer:

B) Yes No

Explanation:

7 0
3 years ago
Products whose demand rises when another product’s price increases are called
Ludmilka [50]

Products whose demand rises when another product's price increases are called: Substitute goods

3 0
2 years ago
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:
joja [24]

Answer & Explanation:

Account                 Type of Account         Increase side  

Supplies                     Asset                        Debit

Retained Earnings    Capital                      Credit

Fees Earned             Revenue                    Credit

Accounts Payable     Liability                      Credit

Salary                          Expense                   Debit

Common Stock           Asset                        Debit

Account Receivable     Asset                        Debit

Equipment                    Asset                       Debit

Notes Payable              Liability                    Credit  

8 0
3 years ago
When town commons were broken up into lots each farmer had to bear all the costs and all the benefits of his choices about how m
sukhopar [10]

When town commons were broken up into private lots each farmer had to bear all the costs and all the benefits of his choices about how many animals to graze

<h3>What is private lots?</h3>
  • When non-governmental legal entities own property, it is referred to as private property. Private property can be distinguished from collective or cooperative property, which is owned by a collection of non-governmental enterprises, and from public property, which is owned by a state agency.
  • Capitalism, an economic system based on the private ownership of the means of production, is built on the principle of private property. Different political ideologies draw different distinctions between private and personal property, with socialist perspectives drawing a clear line between the two. Private property is a legal concept that is established and upheld by a nation's political system.

To learn more about Private property with the given link

brainly.com/question/27881320

#SPJ4

4 0
2 years ago
Other questions:
  • While playing with his toy truck on the couch, Nezzy points to the toy truck and says, "Truck go." His father responds to this b
    8·1 answer
  • 1. Health maintenance organizations, or HMOs, differ from the indemnity insurance system by: A. Reimbursing either the provider
    5·1 answer
  • Torque corporation is expected to pay a dividend of $1 in the upcoming year. dividends are expected to grow at a rate of 6% per
    11·1 answer
  • Net exports: Group of answer choices will increase if exports of goods decline. will increase if imports of goods rise. in our G
    7·1 answer
  • Consider their resources, trade agreements, social structures, and overall business environments. Briefly explain why each of th
    5·1 answer
  • David, a sales representative, earns an extra $1000 every time he is able to sell $10,000 worth of merchandise in a week. In the
    12·2 answers
  • Katsumi applied for a credit card with a limit of $1,000. When the application was approved, Katsumi bought a new CD player and
    9·1 answer
  • Britney, a teenager, starts her own business of selling cupcakes to coffee shops and restaurants. she strives to increase either
    15·1 answer
  • For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically compet
    13·1 answer
  • upton industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods sold of $23,704, div
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!