User Account

All Pages

What is his gain or loss realized and recognized

Assignment Help Accounting Basics
Reference no: EM131805398

Question - DUM partnership consists of three partners: Danny (25% share), Umberto (50% share), and Martin (25% share). Danny decides to sell his total interest to Imogene. On the date of sale, the partnership had the following:

Basis FMV

Cash $ 10,000 $ 10,000

Accounts receivable 0 8,000

Inventory 16,000 17,600

Land 80,000 100,000

Danny's basis in his partnership interest was $26,500 and the partnership has no liabilities. If he sells his interest for $35,000, what is his gain or loss realized and recognized?

Reference no: EM131805398

Questions Cloud

Question regarding the employment discrimination : A Financial services company has one female manager, Mrs. Amy, who is a supervisor of the tax department. Her mannerisms are quite abrupt and rough
Describe what is a population : What is a census? Would you always want to do a census if you had the resources? The response must be typed, single spaced, must be in times new roman font.
Prepare the adjusting entry required on may : Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday
Four types of training objectives : List and define the four types of training objectives, and give an example of each. Your examples must include the objective's desired outcome
What is his gain or loss realized and recognized : Danny's basis in his partnership interest was $26,500, If he sells his interest for $35,000, what is his gain or loss realized and recognized
Develop the journal entry for review by your peers : Develop the journal entry for review by your peers. Make sure to reference any page numbers of examples you are using
Explain the types of teams : List and describe either the types of teams most commonly used in your organization or of which you are a member. Select one of these teams to analyze.
Explain four organizational culture characteristics : List and describe at least four organizational culture characteristics that increase the likelihood of project success and tell why each is helpful.
Find the probability of having a really terrible day : As a rough approximation, you figure that each call has a 20% chance of resulting in a sale and that firms make their buying decisions without consulting each.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Overbay company has two divisions sporting goods and sports

1. overbay company has two divisions sporting goods and sports gear. the sales mix is 65 for sporting goods and 35 for

  Haslett inc which produces a single product has prepared

haslett inc. which produces a single product has prepared the following standard cost sheet for one unit of the

  Compute the fixed overhead spending and volume variances

pratt inc. uses a standard costing system and develops itsoverhead rates from the current annual budget. the budget is

  Post the journal entries to these t-accounts

On January 1,2014, Alicia Masingale established Leopard Realty, which completed the following transations during the month:

  Computing estimated cost of missing inventory

A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000. Keen"s gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At Decembe..

  Franco and jason share income and losses in a 21 ratio

franco and jason share income and losses in a 21 ratio after allowing for salaries to franco of 15000 and 30000 to

  What will be the effect on total stockholders equity

A corporation purchases 27000 shares of its own $20 par common stock for $35 per share, What will be the effect on total stockholders' equity

  Investigate procedure that are require under corporation act

Investigate information about the role of the Australian Securities Exchange in society. Investigate the procedure that are required under Corporations Act 2001 to establish a small proprietary company.

  What percentage of the companys 2008 operating loss was

for the year ended december 31 2008 general motors corporation reported a loss from operations of 20 billion. the

  Planned detection risk-inherent risk-control risk

What do following risk categories mean - planned detection risk, inherent risk, control risk, acceptable audit risk? Examples? How do we as auditors deal with them?

  Investments-stocks-shares and dividends

Big Brother Holdings, Inc. had the following available-for-sale investment portfolio at January 1, 2002. Prepare journal entries for each of the above transactions.

  Calculate the value of the inventory

Calculate the value of the inventory under both IFRS and US GAAP.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd