On January 1 of the current year, Anna and Jason form an equal partnership. Anna contributes $25,000 cash and a parcel of land (adjusted basis of $100,000; fair market value of $75,000) in exchange for her interest in the partnership. Jason contributes property (adjusted basis of $90,000; fair market value of $100,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation? a. The partnership has a $150,000 adjusted basis in the land contributed by Anna.
b. Anna realizes and recognizes a $50,000 loss.
c. Jason has a $200,000 tax basis for his partnership interest.
d. Jason recognizes a $20,000 gain on his property transfer Oe. Anna has a $250,000 tax basis for her partnership interest

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

Aprice control is: question 1 options: a)a tax on the sale of a good that controls the market price. b)an upper limit on the quantity of some good that can be bought or sold. c)a legal restriction on how high or low a price in a market may go. d)control of the price of a good by the firm that produces it.

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000