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Question - Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam's tax basis in the inventory is $60,000. Devon will receive 25 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000.
Assume Devon received 25 percent of the stock in the corporation in return for his services.
What amount of income, gain, or loss does Devon recognize on the formation of the corporation?
Find how much is the net carrying amount of the right of use asset on December 31, 2021? An entity entered into a seven-year lease on December 31, 2020.
Calculate the balance of cash using a bank reconciliation-On October 31, 2015, Damon Company’s general ledger shows a checking account balance of $8,418. The company’s cash receipts for the month total $74,460, of which $71,330 has been deposited in ..
Why do we need calculate two ratios, operating cash flow to current liabilities and operating cash flow to capital expenditures? Explain the link between them.
On February 1 2016,Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8,000,000.During 2016,costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Calculate t..
If net income next year is $2 million and Puckett follows a residual distribution policy with all distributions as dividends, what will be dividend payout ratio
When salaries and wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet
Cane Company manufactures two products called Alpha and Beta that sell for $180 and $145, respectively. How many pounds of raw material are needed
Dave and Ellen are newly married and living in their first house. The yearly premium on their homeowner’s insurance policy is $550 for the coverage they need. Their insurance company offers a 8 percent discount if they install dead-bolt locks on all ..
You borrowed from Maybank RM 85,600 @ 5.6% pa a car loan; three years ago, Compute the yield rate and amount repayable to the bank.
Market value of stock at Dec 31 $23 per share $36 per share. Calculate the total investments shown on Cp9-I5T's December 31, 2036 balance sheet
Would you recommend that financial institutions increase or decrease their concentration in long-term bonds based on this expectation? Explain.
Calculate the earnings before tax (EBT) of a company which has $2 million in sales; cost of goods sold of $1 million; selling expenses of $200,000
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