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Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200,000 and a fair market value of $300,000.
a) How much gain, if any, must Justin recognize on the transfer? Must Tiffany recognize any gain?b) What is Justin's basis in the partnership?c) What is Tiffany's basis in her partnership interest?d) What basis does the partnership take in the property transferred by Tiffany?
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.
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
What impact will increasing the percentage of completion have on Terra Firma's financial statements? Use numbers to back up your answer.
Discuss the 6 principles of professional conduct. When working in the field of auditing, ethical situations will always arise. Should you ever violate your ethical beliefs under any circumstances?
Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenues and $8,000 in expenses.
Obtain one (1) peer-reviewed (scholarly) article that is unique from your teammates, and relevant to the business problem or research question. Write out the team business problem or research question
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
There were 1,100 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weight..
Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
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