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On January 1 of this year, the partnership distributed cash of $30,000 to Cara and distributed the land contributed by Cara to another partner, David. On the distribution date, the land had a $27,000 FMV. Assume the CDE Partnership reported no profit or loss this year. How much gain (if any) must Cara recognize as a result of the distributions? What is her basis in the partnership after the distributions?
Record each of the following transactions in Gagon's general journal-1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt.
integrating Case 5-23 Balance Sheet
Write a report on Internal Controls
What is decentralization? List and describe three potential benefits and three potential problems with decentralization.
To what level of the IRS are C-Ment's returns sent if it is determined that it will be necessary to contact the corporation during the audit process?
Swagelok Enterprises is manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one product line were given below:
Write a summary of a current event article relating to cost behavior and/or cost-volume-profit analysis. Please cite your source. The article can be from television, newspaper, or a current magazine. Please give some thought to the assignment and ..
An entity changed from the FIFO to the LIFO cost flow assumption for inventories. Assuming that inventory and sales remain constant over time, and that prices are rising, how would the current ratio be changed as a result of converting from FIFO t..
What the bookkeeper did was definitely unethical. But what if one of her grandchildren had been ill and needed an expensive operation? If this had been the case, would it have been ethical for her to take company funds to pay for the operation if ..
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
Define the management's discussion and analysis. Describe in a memo, the major items disclosed in this section of the financial report.
Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
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