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Zinc, LP was formed on August 1, 20X9. When the partnership was formed, Al contributed $10,000 in cash and inventory with a FMV and tax basis of $40,000. In addition, Bill contributed equipment with a FMV of $30,000 and adjusted basis of $25,000 along with accounts receivable with a FMV and tax basis of $20,000. Also, Chad contributed land with a FMV of $50,000 and tax basis of $35,000. Finally, Dave contributed a machine, secured by $35,000 of debt, with a FMV of $15,000 and a tax basis of $10,000. What is the total inside basis of all the assets contributed to Zinc, LP?
Barry and Larry, who are brothers, are equal owners in Chickadee Corporation. On July 1, 2013, each loans the corporation $10,000 at an annual interest rate of 10%. Both shareholders are on the cash method of accounting, while Chickadee Corporatio..
Ranger Company produces men's ties. Budgeted and actual costs for March - Find the total variance from the flex
Do you go along with the president, or do you argue for changing the operating profit report and summary of manufacturing activity?
base your answer on the following data from ryder furniture corporation for october.ryder furniture corporation for
The Sun Valley Foundry regularly uses 10,000 axles per year. It can purchase axles for $100 each. What are the economic order quantity and annual ordering costs?
ace is a cma working in a new assignment as an assistant to sally the head manager of a production department. ace
Comparative balance sheet of Anders Company, illustrate horizontal and vertical analysis - compute the ratios for Coulter Company for 2009. Show all computations.
Grade A wire requires $450,000 of monthly variable costs to process into staples, which can be sold in the market on 5/1/XX for $7.00 per pound. Grade B wire requires $600,000 of monthly variable costs to process into paperclips, which can be sold..
leeann and pat have been discussing the introduction of an improved gizmo to replace our current model.nbsp leeann
Griseta Corporation was organized on January 1, 2011. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock.
Identify and explain the principal audit risks to be considered when planning the final audit of GVF for the year ending 31 March 20X9 - Describe the audit procedures to be performed in respect of the carrying amount of the following items in the s..
youcpa is a regional cpa firm engaged in public audit work of small- and medium-size firms in the midwest. the youcpa
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