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Which of the following statements is true regarding the sale of a partnership interest?
a. The selling partner's share of partnership liabilities is disregarded in determining the gain or loss on the sale of a partnership interest
b. For purposes of computing the selling partner's gain or loss, the partner's basis in the partnership interest is determined as of the last day of the partnership tax year ending before the year in which the interest is sold.
c. No reporting is required if a partner sells an interest in a partnership
d. The selling partner could be required to report both ordinary income and a capital loss on sale of the partnership interest.
e. The partner's share of partnership "hot assets" is disregarded in determining the character of the partner's gain on the sale of the partnership interest.
A business using the retail method of inventory costing determines that merchandise inventory at retail is $570,000. If the ratio of cost to retail price is 72%, what is the amount of inventory to be reported on the financial statements?
Now FASB required that all employee stock options should be expensed on income statement. On Jan. 2005, AA company granted total $100,000 (fair value) of stock options to the employee.
Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on Decemb..
On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
Partnership will take a carryover basis in an asset it acquires when: a. The partnership acquires the asset through a § 1031 like-kind exchange. b. A partner owning 25% of partnership capital and profits sells the asset to the partnership.
Is there a need for revamping the standard setting for (GAAP) accounting and should the federal government be involved?
Which of the following is not a retrospective-type accounting change?
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $100,000 but that employee income taxes totaling $14,000 and FICA taxes ..
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
how are changes in the fair value of an option accounted for in a cash flow hedge? in a fair value hedge?
What is the reason behind the FASB requiring the Allowance method for Bad Debt accounting? Why not use the Direct Write-Off method?
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