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How can two partners, each with a 50% interest in a partnership, have different amounts of outside basis at the formation of a partnership? Shouldn't the two partners contribute the same amount to have the same interest?
When a partnership receives an asset from a partner, does the partnership ever recognize a gain? What is the basis of the asset in the hands of the partnership after contribution? Discuss the concept of steps into the shoes. Does how this concept pertains to the partnership, the partners, or both? Why would smaller partnerships (and other businesses for that matter) use only the tax basis of accounting, which does not follow GAAP? How is depreciation calculated by the partnership when a partner contributes a business asset?
Discuss the concepts of ordinary income and separately stated items concerning partnerships. When must a partnership item of income or loss be separately stated and why?
The Village Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $3,000 on hand. The adjusting entry that should be made by the ..
Your roommate, Jill Blalock, purchased a new portable DVD player just before this school term for $80.
Discuss the effect on profits if volume increases to 700,000 units under both the old and the new production environments. Comment on the riskiness of the new operation versus the old operation.
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Earth Company expects to operate at 86% of its productive capacity of 52,000 units per month. At this planned level, the company expects to use 26,832 standard hours of direct labor.
Using the book;" Federal Taxation Comprehensive 2014, Prentice Hall".
Prepare a letter to Renee explaining the purpose of the cash flow statement and why the banker is interested in this financial statement.
Why and how do you feel that the contemporary management technique selected would be a positive force in helping the company achieve its critical success factors?
On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000.
Given the machinery account for 5 years writing off depreciation at 10% on the wrriten down value.
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
Compute the amount of pension expense to be reported for 2008 (show computations) Prepare the journal entry to record pension expense and the employer's contribution for 2008. Assume no new actuarial gains/losses were experienced and that actual re..
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