Accounting Homework Answers & Questions

• Pick two separate corporations and from www.nasdaq.com, pick the “historical quote” option and randomly select 30 opening stock prices for the last two years. Place the data into an Excel spreads
  $10.00

  Accounting

  Waiting for answer
• Partner X is a 50% partner in the XY Partnership that has the following assets and liabilities at year end. Assume the book basis and tax basis are the same amount. Machine: Basis $9,000 Value $21,00
  $10.00

  Accounting

  Answered
• Partner X is a 50% partner in the XY Partnership that has the following assets and liabilities at year end. Assume the book basis and tax basis are the same amount. Building: Basis $90,000 Value $100
  $10.00

  Accounting

  Answered
• A is a retired partner of ABC, a personal service partnership. A has not rendered services to ABC since her retirement. Under the provisions of A's retirement agreement, ABC is obligated to pay A 10%
  $10.00

  Accounting

  Answered
• Which of the following is the last day to modify apartnership agreement in order for a special allocation to be respected?The extended due date of the tax returnThe last day of the fiscal year in whic
  $10.00

  Accounting

  Answered
• In order to meet the economic effect safe harbors of Section 704(b) regulations, which of the following statements is the most true?A negative capital account must be restored by the end of the tax ye
  $10.00

  Accounting

  Answered
• In the XY Partnership, X is the general partner with a 20% interest and Y is the limited partner with an 80% interest . How is partner Y's basis affected if Y guarantees a partnership recourse loan of
  $10.00

  Accounting

  Answered
• P invests $60,000 for one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilitie
  $10.00

  Accounting

  Answered
• L invests $60,000 for one-third interest in the LMN Partnership as a limited partner. During the period, L's share of the partnership income is $120,000 and L has withdrawn $75,000. The partnership ha
  $10.00

  Accounting

  Answered
• An individual received a 70% capital interest in a general partnership by contributing the following:Investment land purchased 10 years ago for $40,000 and valued at $60,000A personal (nonbusiness) tr
  $10.00

  Accounting

  Answered
• The ABC Partnership has the following assets and liabilities before any reduction for year-end principal payments on the liabilities. Assume the book basis and tax basis are the same amount.Assets: Ba
  $10.00

  Accounting

  Answered
• X is a one-half partner in a partnership with $4,000 of accounts receivable with a zero basis, capital assets of $6,000 with a $2,000 basis, and no liabilities. If X receives $5,000 of capital assets
  $10.00

  Accounting

  Answered
• A disproportionaste distribution can occur in which of the following situations?The partnership has 100% capital assetsThe partnership only owns inventoryThe partnership has 100% ordinary assetsThe pa
  $10.00

  Accounting

  Answered
• In the XY Partnership, X is the general partner with a 20% interest and Y is the limited partner with an 80% interest. How is partner Y's basis affected if Y guarantees a partnership recourse loan of
  $10.00

  Accounting

  Answered
• In a distribution, T receives from her partnership a capital asset with a partnership basis of $18,000. If her basis in the partnership is $15,000 and the optional adjustment to basis election is in e
  $10.00

  Accounting

  Answered
• In order to meet the economic effect safe harbors of Section 704(b) regulations, which of the following statements is the most true?A negative capital account must be restored by the end of the yearA
  $10.00

  Accounting

  Answered
• Income payments paid to a retiring partner will consist of a partner's share of all the following partnership assets except:a partner's distributive sharegoodwillrental propertyunrealized receivables
  $10.00

  Accounting

  Answered
• On January 1, of the current year, C made a gift of 25% interest in the Mariner Partnership to his son, P. The partnership's business was bookkeeping; capital was not a material income-producing facto
  $10.00

  Accounting

  Answered
• An allocation is considered as substantial if all of the following occur except:A partner loses money as a result of the allocationA partner's after-tax position is not improvedA partner's economic po
  $10.00

  Accounting

  Answered
• Retiring partner A is to receive $120,000 for his partnership interest spread over a 4-year period and paid in installments of $30,000 per year. If A's basis is $64,000 and the payments are considered
  $10.00

  Accounting

  Answered