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John-Bob was at risk for $25,000 in Partnership X and $20,000 in Partnership Z on January 1, 2010. Both partnerships are passive activities to John-Bob (these are John-Bob's only passive activities). John-Bob's share of net income from Partnership X during 2010 was $20,000. John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
a. $60,000
b. $40,000
c. $20,000
d. $0
A company with a break-even point at $900,000 in sales revenue and had fixed costs of $225,000. When actual sales were $1,000,000 variable costs were $750,000. Determine (a) the margin of safety expressed in dollars, (b) the margin of safety expre..
he gross profit on the sale of a pair of shoes is 39%,if expenses are 25% of the selling price and the cost price is $17.95, what is the selling price and the gross profit in dollars?
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Let's say that you were one of the auditors auditing Enron and you found out that they were engaging in unethical accounting practices and that their financial situation was not as it seemed, What would/should u, as an auditor do? Brief answer...3..
Calculate the after-tax cost of each payment assuming she has a 25 percent marginal tax rate. $800 to reimburse the cost of meals incurred by employees while travelling for the business $1,200 for football tickets to entertain out-of-town clients ..
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
In Walker's December 31, Year 1 elimination of the intercompany sales transaction, the intercompany profit that must be eliminated from ending inventory is:
What is the formal definition in the glossary of the term "Inventory?" What is the Codification topic number for inventory? What types of entities are not covered by the guidance in the Inventory Topic? (Provide the Codification reference for your ..
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