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Annie, Betty, and Carla formed the ABC partnership. They contributed the following assets.
Annie contributed cash of $20000 and services valued at $60000. Betty contributed land with a basis of $50000 and FMV of $105000. Attached to the land is a mortgage of $40000 assumed by the partnership.
Betty received cash of $5000.
Carla contributed inventory with a basis of $10000 and FMV of $20000. She also contributed a building with a basis of $30000 and a FMV of $60000. Attached to the building is a mortgage of $20000 assumed by the partnership.
Annie owns 40% of the partnership and Betty and Carla each own 30% of the partnership.
For each partner answer the following;
How much is recognized gain?
How much is each partner's basis in the partnership?
What is the partnership's basis in the assets contributed?
The NDBA corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, NBA would have 200 shares of stock outstanding. Under Plan II, NDBA would have 100 shares of stock.
Woodpecker Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in th..
Traditionally, courts of law offer three remedies, called remedies at law. Highlight these three traditional remedies:
Draw an REA diagram, complete with cardinalities, for Joe's revenue cycle. Also, prepare an integrated REA for Joe's Ice Cream, prepare a table listing including table names, primary keys, foreign keys and non-key attributes
Determine the weighted-average unit contribution margin for Current Designs. Determine the break-even point in units for Current Designs.
Prepare the acquisition analysis assuming that Bosco Ltd uses the full goodwill method when accounting for non-controlling interests.
question the chinese teapot company manufactures ceramic and plastic teapots. the companys western plant has changed
Illustrate what is the difference between optimistic projection and stretching the truth? Illustrate what kinds of checks and balances could you put into place to insure ethical behavior and accountability for both yourself and your employees?
Sales for Hanebury Corporation's just-ended year were $12 million. Sales were $6 million 5 years earlier. Suppose someone calculated the sales growth for Hanebury as follows: Sales doubled in 5 years.
at the beginning of 2012 the jeater company had the following balances in its accountscash 4300inventory 9000common
questionusing the information below and on the next two pages prepare the following as at 30th june 2014part a
The yield to maturity on new issues of similar corporate bonds is 5.2%. Someone offers you $1,225 for your bond. Is this a fair price, to you the seller? What is the fair price?
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