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The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 2009:
The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon, 20 percent. The partners are considering an offer of $180,000 for the accounts receivable, inventory, and plant and equipment as of September 30. The $180,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.
Required:
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answer.
Tammy called and wanted to let you know her new situation. Her real estate agent advised her that the home was worth $570,000 when her father died, and $450,000 when her mother died. As her CPA, how would you advise her?
Fabrice Corp. requires a minimum $6,200 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly).
According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
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Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years.
Suppose a stock had an initial price of $83 per share, paid a dividend of $1.40 per share during the year, and had an ending share price of $96.
(1) inventory with a basis of $15,000 and a fair market value of $13,000, and (2) land with a basis of 5000 and fair market value of $20,000. What are Amy's bases in the land and her partnership interest after distribution?
(TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $800000. Additional information was provided:
Create a cost-benefit analysis to evaluate the project
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected.
At the time of his death on June 6, 2011 Keith was involved in the following real estate.
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