If TRV partnership wants to adopt the lifo inventory method who makes the election the partners...
If TRV partnership wants to adopt the lifo inventory method who makes the election the partners or the partnership?
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If TRV partnership wants to adopt the lifo inventory method who
makes the election the partners...
partners. The partners who manage the limited partnership and are personally liable for the firm debts...
partners. The partners who manage the limited partnership and are personally liable for the firm debts are called the O a unreserved O b. licensed O c.active O d. general
Patch Grove Nursery uses the LIFO inventory accounting method. Maria Hu", president, wants to determine the...
Patch Grove Nursery uses the LIFO inventory accounting method. Maria Hu", president, wants to determine the !nancial statement impact of changing to the FIFO accounting method. Selected company information follows: Year-end inventory: $22,000 LIFO reserve: $4,000 Change in LIFO reserve: $1,000 LIFO cost of goods sold: $18,000 After-tax income: $2,000 Tax rate: 40% Under FIFO, the nursery's ending inventory and after-tax pro!t for the year would have been: FIFO ending inventory FIDO after-tax profit A) $18,000 $2,600 B) $26,000 $2,600...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had mai...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost...
Partnership ABCD is an equal partnership between partners A, B, C, and D. It has the...
Partnership ABCD is an equal partnership between partners A, B, C, and D. It has the following assets: $30,000 in cash, inventory worth $40,000 in which the partnership has a basis of $20,000, and a capital asset worth $20,000 in which the partnership has a basis of $12,000. The partnership distributes $22,500 in cash to partner A in liquidation of A’s interest in the partnership when A has a basis of $15,500. What are the tax consequences? A. Partner A...
Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a...
Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a §754 election in place. Alix sells one-half of her interest (25 percent) to Michael Tomei for $39,500 cash. Just before the sale, Alix’s basis in her entire partnership interest is $79,750, including her $39,500 share of the partnership liabilities. Tralix’s assets on the sale date are as follows: Tax Basis FMV Cash $ 48,550 $ 48,550 Inventory 39,500 128,000 Land held for investment 84,750...
Alex and Bess have been In partnership for many years. The partners, who share profits and losses...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60: 40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnership ceases operations, the balance sheet is as follows:Part A: Prepare journal entries for the following transactions:a. Distributed safe cash payments to the partners.b. Paid $24,900 of the partnership's liabilities.c. Sold noncash assets for $131,500.d. Distributed...
Alex and Bess have been in partnership for many years. The partners, who share profits and...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,000. At the date the partnership ceases operations, the balance sheet is as follows: $ Cash Noncash assets 45,000 105,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 34,500 73,500 42.000 $ 150,000 Total assets $ 150,eee Part A: Prepare...
Check my work Alex and Bess have been in partnership for many years. The partners, who...
Check my work Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 67,000 260,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,500 182,000 96,500 $ 327,000 Total assets $ 327,000...
Alex and Bess have been in partnership for many years. The partners, who share profits and...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare...
EKG Corp. uses the LIFO method for accounting for inventory. Its LIFO inventory balance on December...
EKG Corp. uses the LIFO method for accounting for inventory. Its LIFO inventory balance on December 31, 2014 is $65,000. COGS under LIFO during 2014 was $50,000. EKG Corp. further discloses in the notes of its 2014 annual report that the inventory balance on December 31, 2014 would have been $90,000 if the company used the FIFO method. (6 points) As of the end of December 31, 2014, how much had EKG reduced its income taxes over the life of...
partners. The partners who manage the limited partnership and are personally liable for the firm debts are called the O a unreserved O b. licensed O c.active O d. general
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,000. At the date the partnership ceases operations, the balance sheet is as follows: $ Cash Noncash assets 45,000 105,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 34,500 73,500 42.000 $ 150,000 Total assets $ 150,eee Part A: Prepare...
Check my work Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 67,000 260,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,500 182,000 96,500 $ 327,000 Total assets $ 327,000...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare...
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