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John-Bob was at risk for $25,000 in Partnership X and $20,000 in Partnership Z on January 1, 2010. Both partnerships are passive activities to John-Bob (these are John-Bob's only passive activities). John-Bob's share of net income from Partnership X during 2010 was $20,000. John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
a. $60,000
b. $40,000
c. $20,000
d. $0
Prepare the entry required on December 31, 2013, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for hous..
Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
Sure Tea Co. has issued 7.2% annual coupon bonds that are now selling at a yield to maturity of 10% and current yield of 9.9987%. What is the remaining maturity of these bonds? (Do not round intermediate calculations. Round your answer to 2 decima..
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
What is the relationship, if any, between the amount shown in the adjusted trial balance column for an account and that account's ledger balance?
The hockory Cabinet and furniture Company makes chairs. The fixed cost per month of making chairs is $7,500, and the variable cot per chair is $40. Price is related to demand according to the following linear equation.
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2011. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April.
Since opening its dorrs in Hawaii two years ago, Oriental trading has enjoyed tremedous success. Oriental Trading purchases textiles from Asia and resells them to local retail shops.
Assuming a beginning cash balance of $2,000, estimated cash receipts of $105,900, and a desired ending cash balance of $3,500, then the estimated cash disbursements are:
Junior Company currently buys 30,000 units of a part used to manufacture its product at $40 per unit. Recently the supplier informed Junior Company that a 20 percent increase will take effect next year.
Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
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