On June 11, Issac contributed $7,500 for a 20% interest in the general partnership, Abe's Bagels....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On June 11, Issac contributed $7,500 for a 20% interest in the general partnership, Abe's Bagels. The partnershis loan for $19,000 on August 1. Issac's distributive share for the year was $4,200. What is his ending basis for the partnership? $7,500 $11,700 $15,500 O $30,700 On June 11, Issac contributed $7,500 for a 20% interest in the general partnership, Abe's Bagels. The partnershis loan for $19,000 on August 1. Issac's distributive share for the year was $4,200. What is his ending basis for the partnership? $7,500 $11,700 $15,500 O $30,700
Expert Answer:
Related Book For
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
Posted Date:
Students also viewed these accounting questions
-
1. Eden contributes $49,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, determine the balances for each of the five...
-
The firm was initially capitalized with 500 000 as an S Corporation The firm purchased equipment for 450 000 with cash of 125 000 and a note payable of 325 000 It also acquired furniture for 120 000...
-
Moving to the next question prevents changes to this answer Question 1 Use the method of sections to calculate the magnitude of the forces in members FE, ED, CD, BE and AE of the plane trum shown in...
-
1. Matching Match the graph of the rational function f (x) = (ax + b) / (cx + d) with the given conditions. (a) (b) (c) (d) (i) a > 0 (ii) a > 0 (iii) a 0 b 0 b > 0 b c > 0 c 0 c > 0 d 0
-
The Journal of E-commerce Research Knowledge is a prestigious information systems research journal. It uses a peer-review process to select manuscripts for publication. Only about 10 percent of the...
-
Jackson Company adopted Dollar Value LIFO (DVL) on January 1, 2012 for its one inventory pool. The inventory's value on this date was $500,000. The 2012, 2013 and 2014 ending inventory valued at...
-
The 50-lb weight is falling \(3 \mathrm{ft} / \mathrm{s}\) at the instant it is \(2 \mathrm{ft}\) above the spring and post assembly. Determine the maximum stress in the post if the spring has a...
-
In an effort to reduce its inventory, Rapid Grower is offering Greens, a local nursery, two additional price breaks to consider. If the nursery orders a three-month supply, the cost per bag is $16....
-
Project Alpha would generate annual cash inflows of 200,000 after the purchase of machinery costing 556,000, with a scrap value after five years of 56,000. Project Beta would generate annual cash...
-
The stockholders equities of Pop Corporation and Son Corporation at January 1 were as follows (in thousands): On January 2, Pop issued 300,000 of its shares with a market value of $20 per share for...
-
It is determined by experiments that the Kirkendall markers placed at the interface of a diffusion couple, formed by welding a thin plate of metal A to a similar plate of metal B, move with a...
-
Visit the Financial Industry Regulatory Authoritys website. What resources are available for consumers? www.finra.org/
-
Visit the National Association of Insurance Commissioners website. What resources are available for consumers? www.naic.org/
-
Refer to the previous exercise. Calculate the premium paid by investors to hold ANCAP Oil Co.shares instead of VRC Oil shares. Which company do you think is a safer investment? In the IPO, eBay...
-
Watch the 13-minute Ted Talk on Extreme Ownership by Jocko Willink delivered at the University of Nevada. It is available on YouTube at https://www.youtube.com/watch?v=ljqra3BcqWM. Then, think about...
-
In a sample of a monatomic ideal gas that has a number density of \(3.61 \times 10^{24}\) particles \(/ \mathrm{m}^{3}\), the average kinetic energy of the gas particles is \(7.50 \times 10^{-21}...
-
Strategy formulation on space x company 1. the functional level 2. the business level 3. The corporate level please give me answer these three topic in one thousand word about space x company.
-
2. In the circuit given in Figure 2, i,(t) = 5.67cos(5t)A and v (t) = 70.71 cos(5t 60) V a) Find the equivalent load impedance. State whether the load is inductive or capacitive. b) Calculate the...
-
Determine the degree of fixed asset newness for the construction company in Figures 6-3 and 6-4. What insight does this give you into the companys financial operations? FIGURE 6-3 Balance Sheet for...
-
Set up a spreadsheet to solve Problem 6. In Problem 6, the construction company in Problem 2 decides to act as the owner on the project. The construction company plans to sell the project for...
-
A construction company is negotiating on a construction project with a sixmonth duration. On the last day of each month the construction company may bill the owner for the work completed during the...
-
For the reaction system: where \(r_{1}=k_{1} C_{\mathrm{A}}, r_{2}=k_{2} C_{\mathrm{C}}, r_{3}=k_{3} C_{\mathrm{A}}\); and \(r_{4}=k_{4} C_{\mathrm{A}}\). The rate constants are \(k_{1}=\mathrm{a}...
-
In Example 8.4, choose methane and hydrogen as independent components. Derive relationships for the remaining components in terms of methane and hydrogen. Data From Example 8.4:- Construct the...
-
Carry out a modified design for an ammonia converter in Example 8.5 consisting of three diabatic reactor bed sections, each of \(2 \mathrm{~m}\) diameter and \(2 \mathrm{~m}\) length (note that the...
Study smarter with the SolutionInn App