Sarah, the sole owner of Tech Solutions Inc., transfers software rights to the corporation in exchange for 500 shares of stock worth $90,000 and $15,000 in cash. The software rights have an adjusted basis of $45,000. What is Sarah's recognized gain on the transfer?
Q: Net Income reported under variable costing will exceed net income reported under full costing during…
A: The correct answer is:a. The number of units sold exceeds the number of units produced during the…
Q: Hi teacher please help me this question
A: Face Value: $500,000Issued at 96%Proceeds from Issue of Bonds = Face Value x 96% = $500,000 x 96% =…
Q: Get correct solution for this accounting question without use Ai and chatgpt
A: Step 1: Define Non-Current AssetsNon-current assets, also known as long-term assets, are assets that…
Q: Please solve this question Accounting question
A: Step 1: Define Absorption CostingAbsorption costing is described as one of the classifications of…
Q: I want to this question answer general Accounting
A: Step 1: Define Net IncomeThe net income of an individual refers to the cash received from the…
Q: Trio Company reports the following information for the current year, which is its first year of…
A: Detailed explanation:Under variable costing, only variable costs are included in the product cost.…
Q: Accounting
A: To analyze this transaction, let's break it down:Joey Corporation borrows $500,000 from its bank to…
Q: 1. Variable production costs: $14.5 2. Variable selling and administrative expenses $3.8
A: Explanation of Variable Costing:Variable costing is a costing method in which only variable…
Q: Do fast answer of this general accounting question
A: Step 1: Define Payback PeriodThe payback period is an important computation for the firm as it…
Q: 2. Financial Accounting: On January 1, a company lends a corporate customer $178,000 at 7.25%…
A: Explanation of Interest Revenue:Interest revenue is the income earned by a lender for allowing a…
Q: Determine the term being defined or described by the following statement: An economic resource that…
A: The common definition of an asset is some resource that is expected to generate some future benefit…
Q: What is the net income percentage on these general accounting question?
A: Step 1: Define Net Income PercentageThe Net Income Percentage, also known as the Profit Margin, is a…
Q: Units of production data for the two departments of Pacific Cable and Wire Company for November of…
A: b). Winding DepartmentDirect Materials and Conversion Equivalent…
Q: Which of the following statements is true of this transaction?
A: Explanation:When Joey Corporation borrows $500,000 from the bank:Cash increases by $500,000 (an…
Q: Provide correct answer general Accounting
A: Problem Information:Principal: $6,000Interest rate: 11 1/4% = 11.25% = 0.1125 (annual rate)Loan…
Q: Please given correct option general accounting
A: Step 1: Define Absorption CostingAbsorption costing is a practice applied to determine the cost of a…
Q: None
A: Given Information:Fixed Costs (FC) = $30,000Variable Cost per Unit (VC) = $0.75Break-Even Units…
Q: Provide correct answer general accounting
A: Step 1: Identify the principal, annual interest rate, and time periodStep 2: Convert the time period…
Q: Solve this question answer Accounting question
A: Step 1: Define Basic Earnings per ShareA company's basic earnings per share is the net income…
Q: A company is analyzing its break-even point for a product with a selling price of $63 per unit. The…
A: Explanation of Break-Even Point:The Break-Even Point represents the sales volume at which total…
Q: Units the price is ????? General accounting
A: Step 1: Derived formula Breakeven point = Fixed cost/(Selling price per unit - Variable cost per…
Q: Krammer Company has liabilities equal to one-fourth of the total assets. Krammer's stockholders'…
A: The accounting equation states: Assets=Liabilities+Stockholders' Equity Step 1: Represent…
Q: Tyler Toys has a beginning inventory for the year of $18,000. During the year, Tyler purchases…
A: To determine ending inventory, we use the cost of goods sold (COGS) formula:…
Q: The per unit manufacturing cost under variable costing is _.
A: To calculate the per unit manufacturing cost under variable costing, we include only the variable…
Q: Cool waters total liabilities are?
A: Explanation of Assets:Assets are resources owned by a company that have economic value and are…
Q: Sterling company contribution margin ratio solve this accounting questions
A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio represents the…
Q: Do fast answer of this accounting questions
A: Step 1: Define Gross Profit MarginThe gross profit margin is one of the profitability ratios to…
Q: Not use ai solution given correct answer general Accounting question
A: Step 1: Define Absorption costingAbsorption costing is a managerial accounting system different from…
Q: 1. Net Income $15,300 2. Depreciation Expense 14,000
A: Explanation of Net Cash Provided or Used by Operating Activities:Net cash provided or used by…
Q: Please need help with this accounting problem
A: Step 1: Define Key RatiosProfit Margin is the ratio of net income to sales. It measures how much…
Q: What was the interest revenue that techprime earned in this period?? General accounting
A: Step 1: Definition of Interest RevenueInterest Revenue: Interest revenue is the amount of interest…
Q: Calculate buildright material quantity variance
A: Step 1: Definition of Materials Quantity VarianceMaterials quantity variance measures the difference…
Q: Hi teacher please help me this question general accounting
A: Step 1: Define Standard costThe standard cost is the budgeted cost per unit for direct materials,…
Q: Financial Accounting Question please answer
A: Step 1: Define InvestmentEvery business organization operates to earn profit by generating revenue…
Q: Financial Account....
A: Step 1: Determine the Cost of Goods Sold (COGS)The formula to calculate COGS is:…
Q: I want to this question answer gquestion Accounting
A: Step 1: Define Gross ProfitBefore any deductions or taxes, the total of all wages, salaries,…
Q: Can you please give me correct answer this accounting question?
A: Step 1: Define Interest ExpenseInterest expense represents the cost incurred by an entity for…
Q: What is the amount of shareholders equity on these general accounting question?
A: Step 1: Define Shareholders' EquityShareholders' equity represents the residual value of a company's…
Q: If variable manufacturing
A: Step 1: Define Absorption Costing ConceptAbsorption costing is the costing method prescribed by the…
Q: Don't use ai solution please solve this question general Accounting
A: Step 1: Define Gross MarginGross margin is the difference between the cost of goods sold and sales…
Q: H Company has sales of $180,000 and the cost of goods available for sale of $159,000. If the gross…
A: Explanation of Gross Profit Method:The gross profit method is an accounting technique used to…
Q: What is net income under absorption costing???
A: Detailed explanation:Net Income using Variable Costing $ 908,000Less Change in Inventory :…
Q: Provide correct answer the following requirements on these accounting question
A: Step 1: Define Key MetricsKey metrics are measurable values that organizations use to track,…
Q: Kindly help me with accounting questions
A: Approach to solving the question: For better clarity of the solution, I have provided both the…
Q: ??
A: Explanation of Predetermined Overhead Rate (POR):The predetermined overhead rate (POR) is a rate…
Q: The cost of sales ratio or cost ratio ????
A: Step 1: Define Cost of salesThe cost of sales is all the direct expenses necessary to bring goods to…
Q: Compute AMR corporations pension expense????
A: Step 1: Define PensionA pension plan can be a defined benefit plan or a defined contribution plan.…
Q: General Accounting
A:
Q: Get account solution
A: Apologies for the earlier oversight. Let's correctly calculate the absorption costing net operating…
Q: I want Solution
A: Step 1: Determine Ending Inventory in Units Step 2: Calculate Variable Cost Per Unit Step 3:…
Financial Accounting
Step by step
Solved in 2 steps
- María and Bob form Robin Corporation. María transfers property worth $100,000 with a basis of $35,000 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $40,000 with a basis of $8,000 and legal services worth $4,000 in organizing the corporation. If there is no gain or loss, enter "0" for the amount. a. What gain or income, if any, will the parties recognize on the transfer? María recognizes María has a basis of $ b. What basis do María and Bob have in the Robin Corporation stock? of $ 1 Robin Corporation has a basis of $ Bob recognizes and Bob has a basis of $ c. What is Robin Corporation's basis in the property and services it received from María and Bob? in the property Bob transferred. in the stock. in the property María transferred and a basis ofPrepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.María and Bob form Robin Corporation. María transfers property worth $420,000 with a basis of $150,000 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 with a basis of $30,000 and legal services worth $15,000 in organizing the corporation. If there is no gain or loss, enter "0" for the amount. a. What gain or income, if any, will the parties recognize on the transfer? María recognizes no gain or loss Feedback of $ Bob recognizes ordinary income of $ Check My Work Section 351 is mandatory if a transaction satisfies the provision's requirements. The three requirements for nonrecognition of gain or loss under § 351 are that (1) property is transferred (2) in exchange for stock and (3) the property transferors are in control of the corporation after the exchange. b. What basis do María and Bob have in the Robin Corporation stock? María has a basis of $ Feedback Check My Work Incorrect , and Bob has a basis of $ 420,000 X in the stock. c. What is Robin…
- I want to correct answer accounting questionsJanice acquired bitcoin in 2018 and 2020. This year, she used a portion of her bitcoin holdings to acquire 100 Litecoin. What are the tax implications of this transaction? What do you recommend Janice do to help track her acquisition and use of virtual currency (in order to have records readily available about these investments and their tax consequences)?CryptocurrencyLisa converted cryptocurrency into $27,200 Australian dollars in October2019. To complete the transaction, she incurred $950 in transaction fees.Therefore, Lisa received $26,250 in cash. Lisa had acquired thecryptocurrency in September 2018 for $9,200 Australian dollars. SharesLisa sold shares she held in a construction company in March 2020 for$182,000. She had purchased the shares for $37,200 in December 1986.Lisa has indicated that she has carried forward losses from prior years of$180,000 relating to a prior disposal of shares and land. A.1 Determine the taxable capital gain (loss) on the sale of theCryptocurrency. Briefly justify your answer/show all workings A.2 Determine the capital gain on the sale of the Shares. Briefly justify youranswer/show all workings.
- Stephanie owns a machine (adjusted basis of $90,000; the fair market value of $125,000) that she uses in her business. She exchanges it for another machine (worth $100,000) and stock (worth $25,000). a. Stephanie's realized gain is $ ... and recognized gain is $.. b. The basis of the new machine is $. c. The basis in the stock she received is $Ann and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 (basis of $30,000) and for legal services (worth $15,000) in organizing the corporation. ations What gain or income, if any, will the parties recognize on the transfer? b. What basis do Ann and Bob have in the Robin Corporation stock? What is Robin Corporation's basis in the property and services it received from Ann and Bob? a. C.Your client has a real estate asset used in his business. He exchanges it for a like-kind real estate asset owned by Ava. The basis of your client's asset is $50,000 and he gives Ava $25,000 cash plus the asset in exchange for Ava's asset, which is worth $40,000. Ava's basis in her original asset is $9,000. What is Ava's gain or loss? A. $25,000 gain recognized. $31,000 gain realized and recognized. C. $0 gain recognized. D. $0 loss recognized.
- Kindly help me with accounting questionsReese and Jake engage in a like-kind exchange. Reese transfers real estate with a fair market value of $500,000 and an adjusted basis of $200,000 to Jake. Jake transfers real estate worth $700,000 and an adjusted basis of $250,000, plus a $200,000 mortgage on the property, to Reese. What is Jake's potential or deferred gain before and after the transaction? $450,000 potential gain before the transaction; $50,000 potential gain after the transaction. $250,000 potential gain before the transaction; $50,000 potential gain after the transaction. $450,000 potential gain before the transaction; $250,000 potential gain after the transaction. $250,000 potential gain before the transaction; $200,000 potential gain after the transaction. Income TaxKeith’s sole proprietorship holds assets that, if sold, would yield a gain of $100,000. It also owns assets that would yield a loss of $30,000. Keith incorporates his business using only the gain assets. Two days later, Keith sells the loss assets to the newly formed corporation. What is Keith trying to accomplish? Will he be successful? Explain.