1. Sarah contributes a building with an adjusted basis of $80,000 to a partnership for a 10% interest in the partnership. The fair market value of the building is $100,000 on the date of the contribution. What is Sarah's basis in the partnership immediately after the contribution?
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a. $100,000 b. $8,000 c. $10,000 d. $80,000 2. Erin and Rebecca enter into a partnership to provide tutoring services. They are equal partners in the partnership. Erin contributes office furniture in the amount of $15,000 basis and $20,000 fair market value. Subsequent to the formation of the partnership, the partnership incurred 2,000 of liabilities and the partnership income was 12,000. What is Erin's basis in the partnership at year-end? a. $15,000 b. $27,000 c. $20,000 d. 21,000 3. Will and Grace form a partnership. Each is a 50% partner. Will contributes $40,000 of cash and Grace contributes $60,000 of unrealized accounts receivable from her cash basis sole proprietorship. What is Will's basis in the partnership? a. $30,000 b. $40,000 c. 20,000 d. $60,000 4. R. Fed Corporation owns 25% of Nadal Company. In 2019, R. Fed Corporation receives a dividend in the amount of $40,000. How much of the dividend income must be EXCLUDED in R. Fed Corporations 2019 income? a. $40,000 b. $0 c. $26,000 d. $10,000 5. Penn, Inc. was formed in 2016. It was profitable until 2019. In 2019, Penn has a Net Operating Loss of $15,000. In 2020, Penn had taxable income of $10,000 before taking into account the 2019 Net Operating Loss. What is Penn's 2019 Net Operating Loss Carryforward after the 2020 tax return? a. $7000 b. 15,000. c. 2,000 d. 8,000 6 .Sunny Days Corporation was formed in 2015. It had net income in each year of operation. The company had the following net capital gains and losses:
How should the corporation report the 10,000 capital loss in 2019? a. Capital losses are not allowed b. Report 4,000 of loss in 2019. c. Carryforward $4,000 of loss
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In: Accounting
Subject: Intro to entrepreneurship
Creative problem solving is essential for developing innovation beyond just producing new idea. Discuss the steps involved in creative problem solving. Identify the areas where problems may arise in your business idea / venture and discuss the techniques for creatively solving these business challenges.
In: Economics
In: Psychology
The product is Apple AirPods
In: Operations Management
Determine the pH during the titration of 25.4
mL of 0.159 M HClO4 by
0.159 M KOH at the following
points:
(a) Before the addition of any KOH ________
(b) After the addition of 12.7 mL of KOH
_______
(c) At the equivalence point _______
(d) After adding 31.8 mL of KOH
______
In: Chemistry
Determine the pH during the titration of 25.4
mL of 0.346 M HI by
0.346 M NaOH at the following
points:
(a) Before the addition of any NaOH
(b) After the addition of 12.7 mL of
NaOH
(c) At the equivalence point
(d) After adding 32.0 mL of
NaOH
In: Chemistry
How can people escape the poverty trap without necessarily migrating to the cities where industries are concentrated?
People are most likely to be attracted to certain cities that offer better job opportunities and income. According to Moretti, these cities are few, yet they have the concentration of most industries. The local ecosystem for most people is not usually conducive and does not lead to better opportunities for locals. A deeper understanding of how innovation clusters are established is key to coming up with solutions to solve the problem of migration to innovation clusters. While this is a difficult process, it will help provide insights as to whether people can escape the poverty trap, and whether this can be achieved within the local ecosystems. Moretti highlights various ways the clusters are established and one way is to locate their business operation near top academic institutions. Struggling communities have to reinvent themselves and only then shall they start the process of avoiding the poverty trap.
In: Economics
Suppose that the five measured SampleRTT values are
130 ms, 106 ms, 150 ms, 140 ms, and 115 ms.
1) Compute the EstimatedRTT after each of these SampleRTT values is
obtained, using a value of α = 0.125 and assuming that the value of
EstimatedRTT was 120 ms just before the first of these five samples
were obtained.
2) Compute also the DevRTT after each sample is obtained, assuming
a value of β = 0.25 and assuming the value of DevRTT was 10 ms just
before the first of these five samples was obtained.
3) Last, compute the TCP TimeoutInterval after each of these
samples is obtained.
4) Will there be a timeout event for any of the packages? Explain.
(hint you can use Excel in this one like we did in class)
In: Statistics and Probability
A parallel-plate capacitor has capacitance C = 15.7 pF when the volume between the plates is filled with air. The plates are circular, with radius 2.50 cm. The capacitor is connected to a battery and a charge of magnitude 28.0 pC goes into each plate. With the capacitor still connected to the battery, a slab of dielectric is inserted between the plates, completely filling the space between the plates. After the dielectric has been inserted, the charge on each plate has magnitude 45.0 pC.
(a) What is the dielectric constant K of the dielectric?
(b) What is the potential difference between the plates before and after the dielectric has been inserted?
(c) What is the electric field at a point midway between the plates before and after the dielectric has been inserted?
In: Physics
Comparative financial statements for The Cullumber Company Ltd.
are shown below.
| THE CULLUMBER COMPANY LTD. Income Statement Year Ended December 31 |
||||
| 2021 | 2020 | |||
| Net sales | $1,779,530 | $1,819,610 | ||
| Cost of goods sold | 1,091,290 | 1,028,920 | ||
| Gross profit | 688,240 | 790,690 | ||
| Operating expenses | 521,960 | 422,530 | ||
| Profit from operations | 166,280 | 368,160 | ||
| Interest expense | 25,650 | 18,630 | ||
| Profit before income tax | 140,630 | 349,530 | ||
| Income tax expense | 42,189 | 104,859 | ||
| Profit | $98,441 | $244,671 | ||
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Current Attempt in Progress
Comparative financial statements for The Cullumber Company Ltd.
are shown below.
| THE CULLUMBER COMPANY LTD. Income Statement Year Ended December 31 |
||||
| 2021 | 2020 | |||
| Net sales | $1,779,530 | $1,819,610 | ||
| Cost of goods sold | 1,091,290 | 1,028,920 | ||
| Gross profit | 688,240 | 790,690 | ||
| Operating expenses | 521,960 | 422,530 | ||
| Profit from operations | 166,280 | 368,160 | ||
| Interest expense | 25,650 | 18,630 | ||
| Profit before income tax | 140,630 | 349,530 | ||
| Income tax expense | 42,189 | 104,859 | ||
| Profit | $98,441 | $244,671 | ||
| THE CULLUMBER COMPANY LTD. Balance Sheet December 31 |
||||
| Assets | 2021 | 2020 | ||
| Current assets | ||||
| Cash | $112,631 | $67,485 | ||
| Accounts receivable | 102,723 | 112,506 | ||
| Inventory | 141,460 | 123,690 | ||
| Total current assets | 356,814 | 303,681 | ||
| Property, plant, and equipment | 451,990 | 530,838 | ||
| Total assets | $808,804 | $834,519 | ||
| Liabilities and Shareholders’ Equity | ||||
| Current liabilities | ||||
| Accounts payable | $147,370 | $127,596 | ||
| Income tax payable | 43,310 | 37,860 | ||
| Current portion of mortgage payable | 10,610 | 19,920 | ||
| Total current liabilities | 201,290 | 185,376 | ||
| Mortgage payable | 95,460 | 193,100 | ||
| Total liabilities | 296,750 | 378,476 | ||
| Shareholders’ equity | ||||
| Common shares (50,190 issued in 2021; 54,330 in 2020) | 150,570 | 162,990 | ||
| Retained earnings | 361,484 | 293,053 | ||
| Total shareholders’ equity | 512,054 | 456,043 | ||
| Total liabilities and shareholders’ equity | $808,804 | $834,519 | ||
Additional information:
| 1. | All sales were on account. | |
| 2. | The allowance for doubtful accounts was $5,412 in 2021 and $5,087 in 2020. | |
| 3. | On July 1, 2021, 4,140 shares were reacquired for $9 per share and cancelled. | |
| 4. | In 2021, $5,170 of dividends were paid to the common shareholders. | |
| 5. | Cash provided by operating activities was $332,125. | |
| 6. | Cash used by investing activities was $153,228. |
Calculate all possible liquidity, solvency, and profitability ratios for 2021. (Round answers for Collection period, Days sales in inventory, Operating cycle and Free cash flow to 0 decimal places, e.g. 125. Round answer for Earnings per share to 2 decimal places, e.g. 12.56. Round all other answers to 1 decimal place, e.g. 12.5 or 12.5%. )
In: Accounting