The following facts are given regarding a sole proprietor transferring the assets of his business to a new corporation: Balance Sheet Adj. Basis FMV Cash Accounts Receivable Less: Allowance for Bad Debts Building Less: Accum. Depreciation $50,000 50,000 (5,000) 575,000 (50,000) 50,000 200,000 Accounts Payable Mortgage Payable Based upon the above information: 1. Prepare a beginning Balance Sheet for the new corporation. 2. What is the shareholder's basis in the stock received? $50,000 50,000 (5,000) 600,000 50,000 200,000 3. What is the shareholder's basis in the stock received if the Mortgage Payable is $600,000? 4. What is the value of the Assets in the Balance Sheet in #3? (Construct a new balance sheet if necessary.)

The following facts are given regarding a sole proprietor transferring the assets of his business to a new corporation: Balance Sheet Adj. Basis FMV Cash Accounts Receivable Less: Allowance for Bad Debts Building Less: Accum. Depreciation $50,000 50,000 (5,000) 575,000 (50,000) 50,000 200,000 Accounts Payable Mortgage Payable Based upon the above information: 1. Prepare a beginning Balance Sheet for the new corporation. 2. What is the shareholder's basis in the stock received? $50,000 50,000 (5,000) 600,000 50,000 200,000 3. What is the shareholder's basis in the stock received if the Mortgage Payable is $600,000? 4. What is the value of the Assets in the Balance Sheet in #3? (Construct a new balance sheet if necessary.)

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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