Viola is a general partner who owns 50% interest in Barron Enterprises. Vijay is a limited partner

Fantastic news! We've Found the answer you've been seeking!

Question:

Viola is a general partner who owns 50% interest in Barron Enterprises. Vijay is a limited partner who owns 50%.The partnership has a $60,000 in recourse liabilities and $35,000 in nonrecourse liabilities.

What is Viola's total share of liabilities?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Apr 12, 2023 02:31 AM

See More Questions

DateTransactionNumber of UnitsPer UnitTotal Jan 1Inventory2,500$6000$150,000 10Puchase7,5006800510,000 28Sale3,75012000450,000 30Sale1,25012000150,000 Feb 5Sale500$12000$60,000...
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
When developing a survey instrument for a cross-country study, market researchers often need to construct a scale (e. g., a 7-point disagree/agree scale). What are the major items that one should be...
Hank's Hardware House, which sells sheets of sandpaper in bulk. On October 1 Hank had 4000 sheets of sandpaper at an average cost of $.25 each. The store also made the following purchases of...
Andrews Chicken is a producer of poultry products that sells directly both to the wholesale market that serves restaurants and to large grocery chains. The chicken market is a solid one, with only...
Check if a W10 $\times 39$ column can safely support an axial force of $P=250 \mathrm{kip}$. The column is $20 \mathrm{ft}$ long and is pinned at both ends and braced against its weak axis at...
Leah Friend is trying to decide which of two different kinds of candy to sell in her retail candy store. One type is a name brand candy that will practically sell itself. The other candy is cheaper...
Arizona Corporation acquired the business Data Systems for $315,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $330,000, liabilities of $18,000,...
The Sally Coffee Shop is considering closing one hour earlier in the evening through the week. Sally obtained the following data from a study taken last week of the number of customers between the...
Write the Java source code necessary to build a solution for the problem below: The Fibonacci numbers form a sequence where each number is the sum of the previous two numbers. Starting from 0 and 1,...
The downward acceleration of a 50-kg stuntwoman near the end of a fall from a very high building is 5.8 m/s2 . What resistive force does the air exert on her body at that point.
Mr. Amar is 30 year old, newly married and a successful actor in the Indian film industry. Right from his struggling days, Amar always saved a part of his income and invested in safe instruments like...
You have calculated the historical dollar weighted return, annual geometric average return and annual arithmetic average return. You always reinvest your dividends and interest earned on the...
Using concepts from Appendix B on the accompanying CD with this book on the DDM and this chapter, answer the following questions. (a) Derive an expression for the P/E ratio in terms of the pay out...
In some ways, a qualitative portfolio manager could never really be an index portfolio manager, whereas a quantitative portfolio manager could be. Explain why.
Mr. A - Annual Salary $120,000, Vacation pay 10%, Pay period frequency: Monthly. Number of hours required to work monthly is 160. Any hours over 162 is considered overtime. Mr. B - Annual Salary...
What are the three kinds of research types? Explain each type.
Marty is a sales consultant. Marty incurs the following expenses related to entertainment of his clients in 2012: Dues to a country club......................................................$4,500...
Van makes an investment in a partnership in 2012. Van's capital contributions to the partnership consisted of $30,000 cash and a building with an adjusted basis of$70,000, subject to a nonrecourse...
Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. a. Assuming Phil's wages were $27,000 and Linda's wages were...
For the original concrete composite post design of Problem 1.13, assume that the steel rods are made of 4340 steel, and that the rods are to be replacedby IM9 carbon fiber bundles of the same length...
For the original 4340 steel-reinforced concrete post design of Problem 1.13 and the new IM9 carbon fiber-reinforced concrete post design of Problem 1.16, compare the tensile stress-to-tensile...
A representative section from a composite lamina is shown in Figure 2.7 along with the transverse stress and strain distributions across the fiber and matrix materials in the section. The composite...

Viola is a general partner who owns 50% interest in Barron Enterprises. Vijay is a limited partner

Question:

Expert Answer:

Viola is a general partner with a 50 interest in Barron Enterprises and the partnership has 60000 in ... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions