Gain is generally recognized in an asset distribution to a partner. True False

Answers

Answer 1
Answer:

Answer:

False

Explanation:

Usually distributions reduce a partner's outside basis in a partnership, they are generally not considered income. Since most distributions are not considered income, they do not result in gains for the partner. Some distributions may result in gains, such as certain cash distributions or securities (bonds) distributions. It is uncommon for a gain to result from  property being distributed.


Related Questions

BluStar Company has two service departments, Administration and Accounting, and two operating departments, Domestic and International. Administration costs are allocated on the basis of employees, and Accounting costs are allocated on the basis of number of transactions. A summary of BluStar operations follows: Administration Accounting Domestic International Employees – 29 40 31 Transactions 38,000 – 19,000 76,000 Department direct costs $ 350,000 $ 147,000 $ 950,000 $ 3,750,000Allocate the cost of the service departments to the operating departments using the direct method.
At the beginning of a year, a company predicts total direct materials costs of $1,010,000 and total overhead costs of $1,270,000. If the company uses direct materials costs as its activity base to allocate overhead, what is the predetermined overhead rate it should use during the year?
Beth owns a corporate office park in Ohio. Her ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste, if she chooses. Beth's ownership interest is:
Wide Open Industries Inc. has fixed costs of $475,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products follow:Product Selling Price Variable Cost per Unit Contribution Margin per UnitAA $145 $105 $40BB 110 75 35The sales mix for products AA and BB is 60% and 40%, respectively. Determine the break-even point in units of AA and BB. Round your interim computations to nearest cent, if required.a. Product AA unitsb. Product BB units
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.1. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $4,000 in cash and signing a one-year, 12% note for the balance of the purchase price.3. On May 1, the corporation borrowed $83,000 from Chicago National Bank by signing a $92,000 zero-interest-bearing note due one year from May 1.4. On August 1, the board of directors declared a $300,000 cash dividend that was payable on September 10 to stockholders of record on August 31.Make all the journal entries necessary to record the transactions above using appropriate dates.Edwardson Corporation

Consider the following spreadsheet. The objective is to minimize the total cost of assigning jobs to machines. A job can be assigned to only one machine and a machine can be assigned only one job. All jobs must be assigned. Cells B3:F7 contain the assignment costs of jobs to machines. Cells B12:F16 contain the decision variables. a) What formula should be placed in cell I3

Answers

Available Options Are:

A. =SUM(G12:G16).

B. =SUMPRODUCT(B3:F7, B12:F16)

C. SUMPRODUCT(B3:F7, B12:F16).

D. =SUM(B12:F16)

Answer:

Option B. =SUMPRODUCT(B3:F7, B12:F16)

Explanation:

Here we need summation of two rows B3:F7 and B12:F16. The formula that we will use will be SUMPRODUCT. To calculate sum product in I3 we will edit equal sign first and then "SUMPRODUCT(,)". Then complete the rows that we want to add. Before the coma sign we will place the first row which is B3:F7 and after the coma sign we will place the second row which is B12:F16. In this way we would compute the summation of values present in both rows.

This means that only Option B is correct here.

Option A is not correct because it is the summation of cells present in a single column which doesn't include any cost item assigned. Hence it is incorrect as the formula must be the summation of 2 rows.

Option C is incorrect because it doesn't includes equal sign at the start.

Option D is incorrect because it is only the sum of a single row B12:F16, hence it is incorrect.

Write a class called Cashier that directs a cashier how to cash goods and give change to customers. The typical cashier operations are as follows: (a) Cashier clears the cash register machine. (b) Cashier enters the name and the price of each item in the cash registering machine. (c) The customer tenders an amount of money to pay for the goods (We assume the amount covers the total). (d) The cash machine computes: a. The number of items purchased b. The total amount of purchase c. The average price of each item d. The number of coin denominations that the customer should receive. That is, the number of silver dollars, quarters, dimes, nickels, and cents the customer should receive in turn java

Answers

Class Cashier that directs a cashier how to cash goods and give change to customers based on cashier operations is given below.

Explanation:

Use the following class, TestCashier, as the basis for the test class.

class TestCashier

{

public static void main(String[] arg)

{

Cashier c = new Cashier();

String name = GetData.getWord(“Enter name of item”);

double price = GetData.getDouble(“Enter price of item”);

c.add(name, price);

name = GetData.getWord(“Enter name of item”);

price = GetData.getDouble(“Enter price of item”);

c.add(name, price);

// Add a two more entries of your own

// Now average the price of the items

c.average();

// Make payment

double amount = GetData.getDouble(“Enter amount of money for payment”);

c.tendered(amount); // For example twenty dollars were tendered

c.makeChange();

generateReceipt(c);

}

static void generateReceipt(Cahier c)

{

// Write the necessary code that will generate a customer’s receipt.

// The output must be displayed in a scrollable pane

}

}

Description of the output:

The output should be displayed in a scrollable pane, and have the following features:

• The first line displays the name of the establishment.

• Second line reads something like this: Welcome – thanks for stopping, followed by the current date

• The list of items displayed, one item per line – That is, the name of the product and price,

• The sum of all the items

• The number of items purchased

• The average price for each item

• The amount of money tendered

• The amount of change in $ and cents

• The change given in coin denominations

Here is an example of the form of how the output should be ( except that this output must be displayed in a scrollable pane).

Bread............ 2.99

Chicken..........6.79

Egg..................3.07

______________

Total ……….$12.85

The number of items purchased is 3 items

The average price per item is $4.28

Amount tendered is $20.00

The change is $7.15

The change includes

7 dollars

0 quarters

1 dimes

1 nickels

0 cents

Wight Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (4,500 units) $ 180,000 Variable expenses 81,000 Contribution margin 99,000 Fixed expenses 45,000 Net operating income $ 54,000 If the company sells 4,600 units, its total contribution margin should be closest to: (Do not round intermediate calculations.)

Answers

Answer:

$101,200

Explanation:

First, we need to calculate the total contribution margin per unit

Contribution margin per unit = 99,000 ÷ 4,500

Contribution margin = $22 per unit

Then, we will multiply with the units sold to get the budgeted contribution margin

= Units sold × Contribution margin per unit

= 4,600 × $22

= $101,200

Therefore, its total contribution margin should be closest to $101,200

Alexis Co. reported the following information for May: Part A Units sold 5,000 units Selling price per unit $ 800 Variable manufacturing cost per unit 520 Sales commission per unit - Part A 80 What is the manufacturing margin for Part A? $1,000,000 $1,400,000 $3,600,000 $2,600,000

Answers

Answer:

Hence, the manufacturing margin for Part A is $1,400,000

Therefore, the correct option is B i.e $1,400,000

Explanation:

The manufacturing margin is somewhat same like contribution margin. SO, here we applying the formula of contribution margin.

For computing the manufacturing margin for Part A, the calculation is shown below.

Manufacturing margin = (Selling Price per unit  × Number of units) - (Variable manufacturing cost per unit  × Number of units)

= (5,000 × $800) - ($5000 × $520)

= $4,000,000 - $2,600,000

= $1,400,000

Hence, the manufacturing margin for Part A is $1,400,000

Therefore, the correct option is B i.e $1,400,000

Final answer:

The manufacturing margin for Part A is calculated by subtracting variable costs per unit from the selling price per unit and multiplying the result by the total number of units sold. Therefore, the manufacturing margin for Part A is $1,000,000.

Explanation:

The manufacturing or contribution margin is the difference between the selling price per unit and the variable costs per unit. In this case, the selling price per unit is

$800 and variable manufacturing cost per unit is $520. The sales commission per unit for Part A is $80. Therefore, the manufacturing margin per unit equals $800 - $520 - $80 which is $200. When you multiply this margin per unit by the total units sold which is 5,000 units, we get the total manufacturing margin. Hence, the manufacturing margin for Part A is $200 * 5,000 =

$1,000,000

.

Learn more about Manufacturing Margin here:

brainly.com/question/15025476

#SPJ2

Mary Beth Marrs, the manager of an apartment complex, feels overwhelmed by the number of complaints she is receiving. Below is the check sheet she has kept for the past 12 weeks. Develop a Pareto chart using this information. What recommendations would you make?

Answers

To Develop a Pareto chart using this information the recommendations would you make:

  • The Pareto chart makes a difference in us getting it where the need is to center on it.
  • The Pareto chart is based on the 80%-20% run of the show. The Pareto chart says that 20% of the arrangements offer assistance to resolve 80% of the issues.
  • So Mary Beth Marrs, the chief of the flat complex must center on issues such as the stopping part, the ground, and the pool, to conciliate most of the individuals and reduce the complaints.

Know more :

brainly.com/question/20647442?referrer=searchResults

The correct answer to this open question is the following.

Unfortunately, the question does not attach the check sheet with the needed information.

However, we can say that the Pareto chart helps us understand where the priority is to focus on it. The Pareto chart is based on the 80%-20% rule. The Pareto chart says that 20% of the solutions help resolve 80% of the issues.

So Mary Beth Marrs, the manager of the apartment complex must focus on issues such as the parking lot, the ground, and the pool, to appease most of the people and diminish the complaints.

One of the themes that came out of the survey responses is that employees feel bored and unchallenged because they only do a narrow job. According to the job characteristics theory, What should you do to address this issue?

Answers

Answer: Improve skill variety

Explanation:

The logic behind improving skill variety in job design is that it will reduce boredom and also better challenge employees, this way, it will make the job for challenging thereby providing motivation and also increasing job satisfaction. Employees opinion can also be included in the formation of the job design as this will give them a sense of importance while incorporating those ideas that will make them perform the job effectively.

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