On January 1st, 2010, ABC Corporation, NBC Corporation, XYZ Corporation, and Sam (an individual) formed AUS...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1st, 2010, ABC Corporation, NBC Corporation, XYZ Corporation, and Sam (an individual) formed AUS Corporation The four shareholders contributed the following assets: ABC NBC XYZ Sam Al shareholders received only shares of common stock (e.g., no boot was received by any of the shareholders) On January 1st, 2010, the total outstanding shares of AUS Corporation For the year ended December 31, 2020, AUS has the following financial/tax information Sales COGS Depreciation expense Interest Rent expense Salaries expense Accumulated E&P (as of December 31, 2019) One time cash distribution made to shareholders on December 1st 2020 Additional information: AUS uses the declining method of depreciation. Straight line depreciation would have equaled to AUS calculates GOGS using the LIFO method. FIFO COGS would have equaled to Financial information related to NBC Corporation (one of AUS's shareholders) for the year ended December 31, 2020: Saks COGS Rent Expense Wages Expense Interest Expense In addition, during the year, NBC made the following distributions to its shareholders: Land Equipment IBM stock Calculate the amount of accumulate E&P for AUS as of December 31, 2020 Calculate taxable income for NBC for the year ended December 31, 2020 Cash Land Inventory Cash $ ssss $ S $ $ $ $ 600,000 500,000 800,000 25,000 70,000 40,000 $1,000,000 200,000 ssssss $ $ $ $ S $ FMV 100,000 $ 170,000 $ 180,000 $ 200,000 $200,000 20,000 FMV $650,000 $ $ 80,000 $ $110,000 $ 650,000 300,000 $10,000,000 $ 3,000,000 $ 1,500,000 $ 700,000 $ 1,200,000 A/B 100,000 90,000 150,000 A/B 250,000 70.000 100.000 On January 1st, 2010, ABC Corporation, NBC Corporation, XYZ Corporation, and Sam (an individual) formed AUS Corporation The four shareholders contributed the following assets: ABC NBC XYZ Sam Al shareholders received only shares of common stock (e.g., no boot was received by any of the shareholders) On January 1st, 2010, the total outstanding shares of AUS Corporation For the year ended December 31, 2020, AUS has the following financial/tax information Sales COGS Depreciation expense Interest Rent expense Salaries expense Accumulated E&P (as of December 31, 2019) One time cash distribution made to shareholders on December 1st 2020 Additional information: AUS uses the declining method of depreciation. Straight line depreciation would have equaled to AUS calculates GOGS using the LIFO method. FIFO COGS would have equaled to Financial information related to NBC Corporation (one of AUS's shareholders) for the year ended December 31, 2020: Saks COGS Rent Expense Wages Expense Interest Expense In addition, during the year, NBC made the following distributions to its shareholders: Land Equipment IBM stock Calculate the amount of accumulate E&P for AUS as of December 31, 2020 Calculate taxable income for NBC for the year ended December 31, 2020 Cash Land Inventory Cash $ ssss $ S $ $ $ $ 600,000 500,000 800,000 25,000 70,000 40,000 $1,000,000 200,000 ssssss $ $ $ $ S $ FMV 100,000 $ 170,000 $ 180,000 $ 200,000 $200,000 20,000 FMV $650,000 $ $ 80,000 $ $110,000 $ 650,000 300,000 $10,000,000 $ 3,000,000 $ 1,500,000 $ 700,000 $ 1,200,000 A/B 100,000 90,000 150,000 A/B 250,000 70.000 100.000
Expert Answer:
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
Students also viewed these accounting questions
-
The following schematic represents a sensor connected to an Op-Amp Circuit to amplify the signal to a level detectable by a microcontroller. Unless otherwise specified: V = 10mV * sin(2 1000 t) Vcc=...
-
The technocrats, the econometricians and the engineers in Thriftland have determined that the country's production function is given by: Y = 2000K25 0.75 The depreciation rate is 4 per cent of per...
-
Given a risk-adjusted discount rate of 14%, calculate the discounted payback period for the following cash flow of a project. If the maximum target discounted payback period is 3 years, comment on...
-
A study was conducted by introductory statistics students to see whether majors in the sciences are as likely to take a statistics course as majors in the humanities. They sampled 50 seniors from...
-
Define in words the intersection of two events?
-
What is the tactical or strategic purpose of: (a) short-term forecasts; (b) medium-term forecasts; (c) long-term forecasts?
-
Pizza Express Inc. began the 2016 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during...
-
You may assume that the production costs to the winery are the same for each of the possible wines, despite the differences in volumes with some of the possible wines. Thus maximizing revenue will be...
-
What are the most significant differences between the AICPA and the PCAOB standard unmodified opinion audit reports?
-
The three blank boxes I need help figuring the values. And b-1 I got 2.819 which was incorrect, but I am not sure how and why. Observations are taken on sales of a certain mountain bike in 24...
-
The block diagram of a system together with state variable assignment as labelled therein, is shown in Fig. P7.12. Test controllability and observability. Comment on test result. U 3 1 s+2 1 S X +
-
The state-space representation in phase-variable form for the transfer function \[ G(s)=\frac{2 s+1}{s^{2}+7 s+9} \quad \text { is } \] (a) \(\dot{x}=\left[\begin{array}{rr}0 & 1 \\ -9 &...
-
The Bode \(\mathrm{dB}\) plot is shown below. The corresponding transfer function model is (a) \(\frac{10^{4}(1+j \omega)}{(10+j \omega)(100+j \omega)^{2}}\) (b) \(\frac{10^{-1}(1+j \omega)}{(10+j...
-
Consider the following SISO system with complex characteristic roots. Develop state space model in matrix form with diagonal state equations. Also find block diagonal model involving real numbers. T...
-
Given the homogeneous state-space equation \(\dot{x}=\left[\begin{array}{rr}-3 & 1 \\ 0 & -2\end{array}ight] x\). The steady state value of \(x_{s s}=\lim _{t ightarrow \infty} x(t)\), given the...
-
2. Consider the hit-or-miss transform given by X (A, B)). (a) Suppose A, B. What is the output of the hit-or-miss transform? (b) Suppose B=0. What is the output of the hit-or-miss transform? (c)...
-
Research an article from an online source, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The...
-
Determine the mass moment of inertia of the steel machine element shown with respect to the y axis. (The density of steel is 7850 kg/m3.) 360 mm S0 mm 200 mm 240 min 50 mm 100 mm
-
Arm ABD is connected by pins to a collar at B and to crank DE. Knowing that the velocity of collar B is 16 in./s upward, determine (a) The angular velocity of arm ABD, (b) The velocity of point A....
-
The bent rod ABDE is supported by ball-and-socket joints at A and E and by the cable DF. If a 600-N load is applied at C as shown, determine the tension in the cable. 80 mtft 70 m 90 mm 600 N 110 mm...
-
Electronic devices contain electric circuits etched into wafers made of silicon. These silicon wafers are sealed with an ultrathin layer of silicon dioxide, in a process known as oxidation. This can...
-
Using the data in Exercise 2: a. Find the first and third quartiles of the profit. b. Find the median profit. c. Find the upper and lower outlier boundaries. d. Are there any outliers? If so, list...
-
For each of the following scatterplots, state the type of association that is exhibited: Choices: positive linear, negative linear, positive nonlinear, negative nonlinear, weak linear. b. d. e.
Study smarter with the SolutionInn App