answer only 12 th question with explanationstrictly no plagiarism allowed thank you Name:Chapter 21, 22 & 26Indicate the answer choice that best completes the statement or answers the question.12. Which one of the following statements is true regarding a partner's personal liability for partnership debts?a. LLC members can never be liable for entity debts.b. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice.c. In a limited partnership, all partners have limited liability for partnership debts.d. In a general partnership, all partners are liable for entity debts.13. Which transaction affects the Other Adjustments Account on an S corporation's Schedule M-2?a. Life insurance proceeds (nontaxable to the recipient S corporation).b. Payroll penalty.c. Unreasonable compensation.d. Taxable interest.14. Nicky's basis in her partnership interest was $150,000, including her $40,000 share of partnership liabilities. Thepartnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to thepartners. Nicky receives $30,000 cash and inventory with a $50,000 basis and a $58,000 fair market value to thepartnership. What loss does Nicky recognize, and what is her basis in the inventory?a. $30,000 loss; $50,000 basis.b. $22,000 loss; $58,000 basis.c. $70,000 loss; $50,000 basis.d. $0 loss; $80,000 basis.15. AICPA SSTS #1 requires that a client's tax return position:a. Be supported by substantial authority.b. Have a realistic possibility of being sustained if challenged by the Treasury or in the courts.c. Follow all interpretations of the tax law that were reflected on the immediately prior tax year's return.d. Agree with all pertinent IRS interpretations of the tax law.16. Oxen Corporation incurs the following transactions.Net income from operationsInterest income from savings accountLong-term capital gain from sale of securitiesShort-term capital loss from sale of securitiesVer: 10$100,0003,00010,0004,000Oxen maintains a valid S election and does not distribute any assets (cash or property) to its sole shareholder, Megan.As a result, Megan must recognize (ignore 20% QBI deduction):a. Ordinary income of $103,000 and long-term capital gain of $6,000.b. Ordinary income of $103,000.c. Ordinary income of $109,000.d. Ordinary income of $103,000, long-term capital gain of $10,000, and $4,000 short-term capital loss.

LLC is a Limited liability Company separate from its partners or employees . LLC and its partners…

Indicate the answer choice that best completes the statement or answers the question. 12. Which one of the following statements is true regarding a partner's personal liability for partnership debts? a. LLC members can never be liable for entity debts. b. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. c. In a limited partnership, all partners have limited liability for partnership debts. d. In a general partnership, all partners are liable for entity debts.

Indicate the answer choice that best completes the statement or answers the question. 12. Which one of the following statements is true regarding a partner's personal liability for partnership debts? a. LLC members can never be liable for entity debts. b. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. c. In a limited partnership, all partners have limited liability for partnership debts. d. In a general partnership, all partners are liable for entity debts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6. Record the following transactions in Tally Prime Date Amount (in R0) 2021 Jan 1 Cash A/C 42,000 Building A/C Machinery A/C Orix trading LLC A/C Loan from Bank A/C Capital A/C Deposited into Bank Purchased goods and paid by cheque Purchased goods from Musandam Trading Co. and got 5% 50,000 25,000 15,000 (Dr) 12,000 ? Feb 2 20,000 Mar 1 7,500 Mar 2 6,000 trade discount 25,000 14,000 Mar 31 Brought additional capital into business Apr 1 Apr 2 May 1 Мay 2 Received from Orix Trading LLC in full settlement by cheque Goods distributed as free samples Cash purchases Sold goods to Oman International Trading LLC and offered 2,000 3,500 9,000 7% trade discount May 31 Goods returned to Musandam Trading Co. 1,000 2,000 Goods taken by proprietor for personal use Paid Insurance premium Purchased Furniture from Taghleef Industrial Company June 1 June 2 250 July 1 July 2 20,000 Sold goods to Tomoor Oman and offered 10% cash 10,000 discount July 31 Aug 1 Aug 2 Aug 31 Sep 1 Sep 2 Oct 1 Oct 31 Oct 31…
X Topic: Unit 5 DQ: Distribu X ASi Topic: Unit 8 DQ: Selling S X M Question 7-ACCT3231_X M Question 15-ACCT3231 to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware Required information [The following information applies to the questions displayed below.] e. What is Matt's ending basis in his partnership interest? Ending basis -- T Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $32,500 at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy receives $12,700 cash. Matt receives $3,765 cash and a parcel of land with a $8,935 fair market value and a $4,900 basis to the partnership. Matcoy has no debt or hot assets. Q Search Saved < Prev PRE 15 X of 15 M Question 1 Next
Which of the follwing is correct about the traditional approach. Select one: a. All of these b. Looking after the accounting and legal work connected with the raising of funds c. Estimation of requirements of finance d. Arrangement of funds
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20 TB MC Qu. 10-71 Thomas Enterprises... Thomas Enterprises purchased 58,300 pounds (cost = $378,950) of direct material to be used in the manufacture of the company's sole product. According to the production specifications, each completed unit requires five pounds of direct material at a standard cost of $6.80 per pound. Direct materials consumed by the end of the period totaled 55,800 pounds in the manufacture of 11,400 finished units. 5 Dints еВook An examination of Thomas' payroll records revealed that the company worked 23,100 labor hours (cost = $272,580) during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of $12.40 per hour. Use the information to compute the following variances. Print References Thomas' direct-labor rate variance was: Multiple Choice $13,860 F.
chapter 1 X work 1a - chapter 1 education.wiley.com/was/ui/v2/assessment-player/index.html?launchld-b9140d18-0878-48fc-8ccf-9c689ee42abb#/question/0 Question 1 of 2 NWP Assessment Player Ul Appli x 1. 2. assumption supports the method used. In incorrect, identity which principle of assumption has been violated. 3. + Sosa Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Sosa reports the buildings at fair value in its accounting reports: Mays Company includes.in its accounting records only transaction data that can be expressed in terms of money. Curt Russell, owner of Curt's Photography, records his personal living costs as expenses of the business. eTextbook and Media Accounting method - / 50 = Principle/Assumption Attempts: 0 of 3 used Historical cost principle Economic entity assumption Monetary unit assumption Submit Answer
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5. Record the following transactions in Tally Prime Date Amount (in RO) 2021 Cash A/C Machinery A/C Bank A/C Jan 1 11,000 50,000 32,500 12,500 (Cr) 15,000 (Dr) Areej Products Company National Packaging Factory A/C Capital A/C Purchased goods and paid by cheque ? Jan 2 7,500 Jan 31 Purchased goods from Oman Chemical Industries 12,500 Feb 1 Cash Sales 20,000 Feb 2 Sold goods to Taageer Services and offered 10% trade 15,000 discount Mar 1 Purchased goods from Raysut Industries Company and 8,000 received 5% trade discount Mar 2 Cash withdrawn from bank by proprietor for personal 1,200 use Mar 31 Sold Machinery worth of RO 3500 for RO 3,250 Apr 1 Apr 2 Goods returned to Oman Chemical Industries 1,500 12,000 Paid to Areej Products Company in full settlement Мay 1 Goods returned by Taageer Services 1,000 May 2 Paid carriage on purchases 200 May 31 Withdrew from bank for office use 1,500 Brought additional capital into business Received cash from National Packaging Factory Purchased Equipment…
Rumiya Rumi AFA4 Competency Based Review - Thursday - AutoRecovered - Compatibility Mode • A Sh. References Mailings Review View Help aw Design Layout PFind - 三、新。一而 T AaBbCcD AaBbCcDc AaBbC AaBbCcC AaB 12 - A A A Aa - Replace Editor Dictate Title T Normal 1 No Spac. Heading 1 Heading 2 > Select - x, x A- A-E E E- A Editing Voice Editor Styles Paragraph Font Save sa recovered file that is temporarily stored on your computer. D. Net sales + Gross margin = Cost of goods sold 63) The entry to record the sale of $300 with terms of 2/10 n/30 will include a A debit to Sales for $294 B. debit to Cash $300 C. debit to Accounts Receivable of $300. D. debit to Sales Discounts for $6. 64) Are there different methods used to account for perpetual inventory? 65) What are the effects of two of the different methods? 66) What happens if inventory declines in value? 67) How do inventory errors affect the financial statements? O Focus Recovered * English (United States) Accessibility: Unavailable W…
s Extensions Help ext 1 Arial 11 + O IUA B ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Deon H REALLY matter when make my payment? 3 4 $129.79 $135.85 $37.63 $50.00 EEEE EX 7 Explore what happens when you make a payment to your credit card at a different time. You will use the same information to do different problems: one where the payment is made early in the billing cycle, the other when the payment is made late in the billing cycle. 2.) The balance on the Smith's credit card on May 12, their billing date, was $378.50. for the period ending June 11, they had the following transactions. May 13 Charge: Toys June 1 Charge: Clothing June 8 Charge: Housewares June 9 Payment 5 c. What is the Smith's new credit card balance on June 12? a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. Does it matter when you make your payment? Does it really matter when you make your purchases?…
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