Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding. Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners

Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding. Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: During the current year, TLI Corporation sells a tract of land for $90,000. The sale is made to…

A: In this question, we will determine the amount of loss or gain under different circumstances by…

Q: Identify the correct answer to the following 1-3 (show solution): 1. What is the total gross…

A: Based on the given information, here are the solutions to the questions: 1. Total Gross Conjugal…

Q: Determine her total cost recovery deduction.

A: $100000/$276,000 = 36.23%. Therefore, Audra must use the mid-quarter convention. As acquisitions…

Q: Form it instead assumes a $100,000 recourse loan on Vee’s land, what are the realized and recognized…

A: Realized value were the value that is adjustable . For Frat $740000 For Van $ 660000 * Recognised…

Q: involving certain

A: In tax accounting, adjusted basis is the net cost of an asset after adjusting for various…

Q: On july 1 2019 melissa acquired an antique camel statue for $300 which she kept in the hallway of…

A: When an individual sells an asset at a price greater than the purchase price of the asset, then…

Q: 50.In a transaction qualifying under 5 351, Karen transfers the following assets to Kramer…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: A married decedent left the following inherited properties as part of his gross estate amounting to…

A: Deductions The amount that a person or individual will reduce from the gross income earned is called…

Q: If an amount is zero, enter "0". Round any division to three decimal places. Realized Recognized…

A: ANSWER :

Q: On 6th April 2020, Tilda sold

A: When a capital asset is sold after holding it for a period of more than a year then gain…

Q: Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS…

A: Given, Cost of business 144900 Depreciation 86940 Sale price 65205

Q: In order for a transfer to qualify for the annual exclusion, which of the following is not true?…

A: Business Law- Business law covers all of the laws that command how to form and route a business.…

Q: NEED HELP ON PART B PLEASE For 2021, Sherri has a short-term loss of $2,250 and a long-term loss…

A: The gain or loss from the sale of a qualifying investment that has been owned for more than 12…

Q: M'Bappe transfers property to his son Leonel for $50,000 and such property at the time of transfer…

A: Cost foundation is largely described as the quantity that your house is worth from the point of view…

Q: On October 1, 2023, Verónica purchased a business. Of the purchase price, $66,000 is allocated to a…

A: Intangible assets are non-physical assets that have no inherent value and cannot be touched or seen.…

Q: In X8, Erin had the following capital gains (losses) from the sale of her investments: $2,500 LTCG,…

A: working note: The Amount of Erin capital gains and (losses) will be as 1) $2,500 LTCG + ($9,500)…

Q: Derek gave (as a gift) property with a basis of $16,000 to Sarah when it had a FMV of $12,000. Sarah…

A: Sarah's foundation for the property is the same as Derek's, since Derek gave it to her as a gift.…

Q: Elana exchanges a lot of land that is used exclusively for business purposes for another lot that…

A: Exchange transactionsThe company purchasing one product or asset by selling another asset or product…

Q: C1) On 6th April 2020, Tilda sold a freehold warehouse (BUILDING 2) for £265,000 which she had…

A: C1) Tilda's net chargeable gain on the disposal Building 2 can be calculated as follows :…

Q: Mr. Giraffe owns 500 share

A: A recognized gain is when an investment or asset is sold for an amount that is greater than…

Q: Nadia transfers to Hillside Corporation depreciable machinery originally costing $18,000 and now…

A: As per IRS, if a person transfer his property in a corporation only for stocks and immediately after…

Q: exc

A: False

Q: Question 12 of 75. Quentin and Samira jointly own their home when Quentin defaults on credit card…

A: Ownership transfer refers to the title conveyance which involves the use of the property by…

Q: a.) What does Pat report for Sales, COGS, Net Profit, and Inventory for 2020? What does Sam report…

A: Honor Code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Can i depreciate a rental property that i did not collect rent on for the year and then sold it on…

A: The depreciation of a rental property is a crucial aspect of tax planning for property owners. In…

Q: Ibrahim purchased a house in 2019 and rented it out the entire time he owned it. His adjusted basis…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The Residence Nil Rate Band (RNRB) Sanya died on 26 May 2020 leaving an estate valued at £810,000.…

A: Inheritance Tax: It is the tax payable by a person , who inherits money or property of a person…

Q: Coin Corporation is liquidating and will distribute $10,000 in money, other property having a…

A: Liquidation is the process where the assets and property of the company are redistributed to the…

Q: A is indebted to B and B is also indebted to A. A's debt is due on April 23, 2023 while B's debt is…

A: When two people owe each other money, the debts were set off, and both person's obligations are…

Q: a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $…

A: Solution:- Given, Sally owns annual property taxes = $9,000 She sells the property to Kate on March…

Q: Suppose that at the beginning of 2019 José's basis in his S corporation stock was $17,000 and José…

A: S-corp is an entity which has a pass-through status ie All the income and losses would go to the…

Q: In 2019, Cheongsan sold a piece of land which had a cost of P1M for a selling price of P4M. The sale…

A: An installment sale is one of several possible approaches to revenue recognition under the rules of…

Q: Kate has the following capital gains and losses for 2018:Short-Term Capital Gain $8,000Short-Term…

A: Capital gain is nothing but the gain earned on the sale of a capital asset that is held by the owner…

Q: TAXATION QUESTION ( please show all workings for question part A, B and C) This question has three…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: For this question consider all the sections that is associated with Intestate succession. E dies…

A: Intestate succession refers to the distribution of a person's assets when they pass away without a…

Q: On July 1, 2022, Gwen purchased an XYZ September 50 Put for $450. The option expired on September…

A: Put options are financial derivatives that give the holder the right, but not the obligation, to…

Q: acob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS…

A: Solution Given Cost of business 144900 Depreciation 86940 Sale price 65205…

Q: Exercise 18-21 (Algorithmic) (LO. 1, 2, 3) Jocelyn contributes land with a basis of $63,500 and fair…

A: The following basic information as follows:- Jocelyn contributes land with a basis of $63,500 and…

Q: A7

A: Step 1: Computation of buyers paid amount Buyers Paid = Installment + Downpayment…

Q: Kenisha and Shawna form the equal KS LLC, with a cash contribution of $726,000 from Kenisha and a…

A: Realized loss = Adjusted basis - Fair market value

Q: Jack and Jill exchange like-kind real estate assets as listed below: Jack's old asset: FMV…

A: Given that Jill's old asset: FMV $70,000; and his Basis $55,000 Hence Jill had an deffered gain of…

Q: Liza acquires and places in service a $1,000 3-year class asset on January 7, 2022. Liza also…

A: Depreciation is a accounting method which is used to allocate the cost of tangible or a physical…

Q: Jacob purchased business equipment for $150,300 in 2019 and has taken $90,180 of regular MACRS…

A: It is anticipated that equipment will benefit the owner or business in the future. This might…

Q: Jake transfers property with a $22.000 adjusted basis and a $95,000 EMV to Georgia Corporation for…

A: Fair Market Value: The fair market value of any asset is the value at which the asset can be sold in…

Question

What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?

Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding.
Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners
were as follows Gerald P150,000; Julia P175,000; Bea P67,500. Unpaid liabilities amounted to P87,500.
Assets with a book value of P175,000 were sold for P125,000 and the cash was distributed. The P/L
ratio is 5:3:2

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Jesse sold her property for $50,000 under an installment agreement. She had no debts on theproperty at the time of sale. The adjusted basis of the property was $35,000 and the sellingexpenses totaled $5,000. When gains are recognized in periods subsequent to the year ofsale, those gains will be apportioned using what rate?a) 25%b) 30%c) 20%d) 40%
calculate the recognized gain or loss to the seller and the adjusted basis to the buyer kiera sells parchment inc stock (adjusted basis $17,000) to phillip heer brother for its fair market value of $12,000?
Ef 65.
17. TP had an adjusted basis in her LLC interest of $50,000 immediately before she received a current proportionate distribution of $20,000 cash, unrealized accounts receivable with a basis of 0 and a FMV of $10,000, and real property with a basis of $40,000 and a FMV of $50,000. Her basis in the distributed real property is: a. 0 b. $30,000 c. $20,000 d. $40,000 e. None of the above
Tonia acquires the following 5-year class property in 2019: Asset Date of Acquisition Cost X January 15 $ 70,000 Y May 28 45,000 Z November 23 90,000 Total $ 205,000 Tonia does not elect §179 or bonus depreciation. Tonia has $300,000 of taxable income from her business. Determine her total cost recovery deduction for the year.
A transfers land to Newco in exchange for 1009% of Newco's stock. The land has a basis of $50, FMV of S100 and is subject to a mortgage of S40. A) What are the consequences to each of the parties?
On August 31, 2022, Jackie agreed to purchase a parcel of land for P1,000,000 which the seller considered as a capital asset. The deed of absolute sale, however, was processed and dated on September 15, 2022. The land was valued at the following: Appraised value - 1,200,000 Zonal value - 900,000 Assessor's value - 800,000 Seller's tax basis - 500,000 How much is the capital gains tax?
Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis $19,000, FMV $46,000) held for investment for other real estate to be held for investment. The real estate acquired in the exchange has a suggested FMV of $70,200. Required: a. What are Viktor's realized and recognized gain or loss? b. What is the basis of the acquired real estate? a a b. Realized gain No gain or loss Realized gain Realized loss Recognized gain Amount
7. COMPUTE: Gross estate
Jocelyn contributes land with a basis of $39,500 and fair market value of $59,250 and inventory with a basis of $19,600 and fair market value of $29,400 in exchange for 100% of Zion Corporation stock. The land is subject to a $9,875 mortgage. Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received. If an amount is zero, enter "0". The exchange ________? tax-free under § 351 because the release of a liability________? treated as boot under§ 357(a). As a result, Jocelyn has income of $fill in the blank _____? and a basis $fill in the blank 4______? in her stock.
under what circumstances are property taxes and certain other expenses owed at death deductible on both form 706 and form 1041? a. the decedent's will did not provide instructions b. the amounts owed were paid by the estate, but could have been deducted on the decedent's return if they had been paid prior to death. c. the amounts owed were also simultaneously deducted on the decedent's final return. d. the amounts due were paid by the decedent prior to death but the payments were not received until after the decedent had passed away.
Question 2 (150 word) Required: Showing workings, discuss Alex’s capital gain or loss for both houses (citing authority where appropriate). You are not required to discuss the application of the 50% CGT discount, or the impact of Division 43 of the ITAA 1997. Alex inherits the following during February 2022 from his aunt: House A, which the aunt had purchased for $100,000 in January 1985. The aunt had used House A as a rental property for the full time she owned it. Its market value at the time of her death was $1 million. House B, which the aunt had purchased for $800,000 in 2010, and had used as a rental property for the full time she owned it. Its market value at the time of her death was $1.5 million. During the time Alex owned these 2 houses, he used both houses as rental properties. During May 2024, Alex made the following sales: House A was sold for $1.3 million House B was sold for $1.7 million