subject
Business, 15.04.2020 23:54 ruslffdr

On July 31, Cynthia contributed land with a basis to her of $22,000 and a FMV of $30,000 to the Sterling Partnership in exchange for a 25% interest in profits, losses, and capital. Two years later, the partnership sold the land for $42,000. How much of the partnership's gain from the sale of the land should be allocated to Cynthia?

a. $11,000
b. $20,000
c. $8,000
d. $3,000

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 02:30, teresaduggan1433
On january 1, 2018, jay company acquired all the outstanding ownership shares of zee company. in assessing zee's acquisition-date fair values, jay concluded that the carrying value of zee's long-term debt (8-year remaining life) was less than its fair value by $21,600. at december 31, 2018, zee company's accounts show interest expense of $14,440 and long-term debt of $380,000. what amounts of interest expense and long-term debt should appear on the december 31, 2018, consolidated financial statements of jay and its subsidiary zee? long-term debt $401,600 $398,900 $401,600 $398,900 interest expense $17,140 $17,140 $11,740 $11,740 a. b. c. d.
Answers: 3
image
Business, 22.06.2019 15:00, shakaylaousley1997
Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?
Answers: 2
image
Business, 22.06.2019 19:00, erbs2003
Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline
Answers: 1
image
Business, 22.06.2019 21:10, kmacho9726
Krier industries has just completed its sales forecasts and its marketing department estimates that the company will sell 43,800 units during the upcoming year. in the past, management has maintained inventories of finished goods at approximately 3 months' sales. however, the estimated inventory at the start of the year of the budget period is only 7,300 units. sales occur evenly throughout the year. what is the estimated production level (units) for the first month of the upcoming budget year?
Answers: 3
You know the right answer?
On July 31, Cynthia contributed land with a basis to her of $22,000 and a FMV of $30,000 to the Ster...

Questions in other subjects:

Konu
Mathematics, 18.12.2020 03:20
Konu
Mathematics, 18.12.2020 03:20
Konu
Biology, 18.12.2020 03:20
Konu
Computers and Technology, 18.12.2020 03:20