Answered: Owner made initial investment of Php…

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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George transfers the following (assume it is a 351), what is his stock basis? Land (basis $40,000 and FMV of $100,000) Notes payable on land for land improvements ($25,000) He also gets back $10,000 in cash from transfer O a. $15,000 O b. Zero Oc $30,000 Od $40,000 Oe $5,000
Calculate the depreciation for both assets.
Renata purchases a building and land for a lump sum price of $1,000,000. Renata hires an appraiser that determines a fair market value for the land $325,000 and the fair market value of the building is $725,000. What is Renata's basis in the land and the building? OLand $300,000 and building $700,000 OLand $310,000 and building $690,000. OLand $325,000 and building $725,000 OLand $325,000 and building $$675,000
As part of the initial investment, Ray Blake contributes equipment that had originally cost $87,200 and on which accumulated depreciation of $65,400 has been recorded. If similar equipment would cost $166,900 to replace and the partners agree on a valuation of $52,000 for the contributed equipment, what amount should be debited to the equipment account? a.$52,000 b.$39,000 c.$166,900 d.$87,200
Please help me to solve this problem
How much is the total amount that would normally be reported as investment property? A. 130,000,000 B. 128,000,000 C. 137,000,000 D. 106,000,000 Show solution
2 d ut of Salmyia bought land, buildings and equipment for a combined cash payment of $800,000. The estimated fair value of the assets are: land: $200,000; buildings, $500,000 and equipment $300,000. The amount capitalized for Equipment is: Select one: O a. $300,000 O b. None of the these answers O c. $200,000 O d. $160,000 O e. $240,000
Kk.49.
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Manji
Karen Corp has an asset they would like to sell. The asset has an original cost of $170,000 and accumulated depreciation of $109,000. The asset would be sold for $50,000 cash. Karen's tax rate is 40%. Calculate the after-tax cash inflow from the sale of this asset. a. $45,600 b. $54,400 c. $39,000 d. $43,400 e. $50,000 f. $30,000 g. $65,400 h. None of the above
Malik Edson has the following assets: • Land with ACB of $60,000 Building with a cost of $105,000, and UCC of $79,000. Malik sells both of land and building in a single transaction for $219,000. The estimated FMV of each was: • Land: $146,000 • Building: $73,000 How much capital gain and terminal loss will Malik realize on this transaction? Choose the correct answer. A. capital gain of $73,000, terminal loss of $32,000 B. capital gain of $73,000, terminal loss of $6,000 C. capital gain of $54,000, terminal loss of $0 D. capital gain of $80,000, terminal loss of $0

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Owner made initial investment of Php 235000. Php 200000 came from cash and the remaining was allotted for land. How much money was invested for land?