User Account

All Pages

Partnerships sale of the land

Assignment Help Accounting Basics
Reference no: EM13129454

In 2007, Beth contributed land with a basis to her of $50,000 and a fair market value of $80,000 to a partnership in exchange for a 30% partnership interest. During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?

Reference no: EM13129454

Questions Cloud

Result of the partnership interest : The LAN partnership had $15,000 in outstanding liabilities on December 31, 2010. Assuing there were no distributions to the partners, what total amount of income will Jaay report for 2010 as a result of his partnership interest?
What is the final temperature (in k) of the gas : A sample of gas inside a 150 mL piston has an initial temperature of 550 K and pressure of 8.0 atm. As the piston expands to 650 mL, the pressure decreases to 1.5 atm.
Determine the implications of a significant positive change : Determine the implications of a significant positive change in the ratio. Provide a rationale with your response.
Elucidate the pros and cons of using this method to evaluate : Elucidate the pros and cons of using this method to evaluate a capital expenditure (10 points) and (2) show all computations required to arrive at the correct solution.
Partnerships sale of the land : During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?
Calculation of the non-controlling interest for the effects : Choose a public company financial statement - 10k or annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure and post a ..
What mass of zncl2 can be prepared : Calculate the reaction Zn(s) + 2 HCl(aq) → ZnCl2(aq) + H2(g) What mass of ZnCl2 (MW = 136.3 g/mol) can be prepared from the reaction of 3.27 grams of zinc
What sequence of steps represents the best synthesis : What sequence of steps represents the best synthesis of 4-heptanol (CH3CH2CH2)2CHOH?
Implicit differentiation-integral-maximum area : What is the maximum possible area of a rectangle inscribed in the ellipse x2 + 4y2 = 4 with the sides of the rectangle parallel to the coordinate axes?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Records of goods inventories

Rossiter Company failed to record a credit sale at the end of the year, although the reduction in finished goods inventories was correctly recorded when the goods were shipped to the customer. Which one of the following statements is correct?

  Computations of dividend

Reiner Wholesale Merchandise had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2003. These data apply to each of the independent situations below.

  How much should fishbone record as the cost of the machine

Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,570 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 10% applies to this contract, how much should Fishbone r..

  Calculating total inventory destroyed in fire

A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..

  Journal entries to record payroll and employer expense

Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been wi..

  Structure of federal income tax

What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.

  Determining predetermined overhead-overhead applied

Snapper Corp. computes its predetermined overhead rate annually on the basis of direct-labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $240,000 and the total direct labor hours (dlh) would be 6..

  Determining absorption-contribution

Mr. Rosen is the manager of a division of Jokkmok Industries. He is one of several managers being considered for the position of CEO, as the current CEO is retiring in a year.

  When should beth recognize income under the accrual method

When should Beth recognize income under the accrual method of accounting.

  Accounting principles in performing an audit

Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.

  Calculate the npv and profitability index

Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?

  Net income and comprehensive income

Murphy Co. had 200,000 shares outstanding of $10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of $15 per share and recorded the transaction using the cost method on April 15.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd