Required information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $40,530. $ . What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240

Required information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $40,530. $ . What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers Appropriation General of profits Journal Allocate $249,000 net income in the ratio of their begin (Do not round intermediate calculations.) Supporting Percentage of Total Computations Equity Ries Bax Thomas x X X Income Summary $ 249,000 $ 249,000 $ 249,000 Allocated Income to Capital
Meman
On July 1, 2020, Wency and William agreed to form a partnership from their respective proprietorship businesses and to share profits equally. Wency and William’s balance sheet before the formation were: Wency William Cash P 6,000 P 15,000 Accounts receivable 36,000 21,000 Merchandise inventory 99,000 126,000 Prepaid rent 12,000 Store equipment 120,000 90,000 Accum. Depreciation ( 45,000) ( 54,000) Building 375,000 Accum. Depreciation (75,000) Land 180,000 - Totals P 696,000 P 210,000 Accounts payable P 22,500 P 9,000 Mortgage payable 180,000 - Capital 493,500 201,000 Totals P 696,000 P 210,000 The fair values of Wency’s and William’s assets were: Wency William Merchandise inventory P 81,000 P 135,000 Prepaid rent - 0 Store equipment 45,000 19,500 Building 750,000 -…
On September 13, 2016, AA and BB decided to combine their assets and form a partnership. The partnership is to take over the business assets and assume the business liabilities; and capitals are to be based on net assets and transferred after the following adjustments. 1. BB's inventory is to be valued at P140,000. 2. A 5% allowance for uncollectible accounts is to be established on the accounts receivable of each party. 3. Accrued liabilities of P8,000 are to be recognized in AA's books. The statements of financial position on September 13 before adjustments are given below.
Required information [The following information applies to the questions displayed below.] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis $ 18,360 7,740 31,200 FMV $ 18,360 0 24,480 12,600 38,400 $ 57,300 $ 93,840 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,780. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Answer is not complete. Basis Cash $ 6,120 Accounts receivable $ Stock investment Land
The following information applies to the questions displayed below.]Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $431,100.Required:Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $431,100 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments.
Desiree and Company, a general professional partnership had a gross income of P450,000 and expenses of P125,000 in 2018. The following data pertains to the two (2) individual partners: Amount advanced from partnership income Share in profit and loss ratio Gross income (other business) Expenses (other business) Dividend from domestic company Interest on bank deposit Status Number of dependent children The income tax payable by the partnership is - a. P 0 b. Exempt c. 104,000 d. 113,750 Desiree P 40,000 40% 260,000 65,000 8,500 Married 2 Desiderio P 60,000 60% 3,000 Single none
Maria Partnership had the following information for the year ending December 31, 2022: Gross Receipts (Sales)- $600,000; Cost Of Goods Sold- $320,000; Operating Expenses- $88,000; Charitable Contributions-$2,000; Section 1231 Gain-$1,600; Section 1245 Gain $900; Dividends - $800. Maria Partnership's Ordinary Income (ie. Nonseparately Stated Income) for the year of 2022 is: O $192,900. O $195,300. O $192,000. O $193,700.
51) The AB Partnership reports the following items for its current tax year Item Income Amount Operating income Rental income Interest income: $90,000 15,000 Tax-exempt municipal bonds Corporate bonds Sec, 1231 gain Sec. 1245 gain Long-term capital gain 2,000 4,000 20,000 18,000 7,000 Expenses Rental expenses Salaries paid to employees (not partners) Charitable contributions 12,000 30,000 5,000 3,000 Interest paid related to borrowings used to finance municipal bonds (1) What is the AB Partnership's ordinary income for the current year? (2) What are the AB Partnership's separately stated items for the current year?
I need fast
Provide table
Haresh