John-bob at risk for partnership

Assignment Help Accounting Basics

Reference no: EM13130877

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

Reference no: EM13130877

Questions Cloud

Who should be final decision in decision-making process : Protecting the security and integrity of accounting data is part of the controller's responsibility. Because of the integration with the computer system.

Question on currency conversion : A television set sells for $1,000 U.S. dollars. In the spot market, $1 = 110 Japanese yen. If purchasing power parity holds, what should be the price (in yen) of the same television set in Japan?

Explain why nitration occurs more rapidly in a mixture : explain why nitration occurs more rapidly in a mixture of concentrated nitric and sulfuric acids than in concentrated nitric acid alone

Prepare a system flowchart of the company payroll process : he processing run results in a payroll register, employee paychecks and earning statements, and an error summary report, all on magnetic tape. Prepare a system flowchart of the company’s payroll process.

John-bob at risk for partnership : 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?

Find the expected profit with a given probability : A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $13,000 with a probability of 0.3. What is the expected profit?

Determining compound intrest : In 1777, Jacob DeHaven loaned George Washington's Army $450,000 in gold and supplies. Due to a disagreement over the method of repayment 9gold vs. Continental money), DeHaven was never repaid, dying penniless.

Test hypothesis that more students received a grade : 24% of the students in the sample received and A. At the 1% signifiance level, the test hypothesis that more then 20% of the students received and A.

Description of ratio and proportion : According to a professor from the University of Minnesota, your maximum ideal waist size is directly proportional to your hip size. For a woman with 40 inch hips, the max ideal waist size is 32 inches.

User Account

All Pages