Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and adjusted basis of $350. The store had a profit of $60,000 at the end of the year. What is Jerry's partnership basis in the bookstore at the end of the year?
A - $23,000
B - $23,300
C - $23,350
D - $23,490
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The united energy resources association would like a certain law enacted, administered, interpreted, and enforced in the best interest of its members, which include fossil fuel companies. under the constitution, congress
Answers (1)
Assets are the resources a company uses to sell a product or provide a service in order to generate revenue and earn money. are debts or claims to these assets. or capital is the value of assets left after liabilities are subtracted.
Answers (1)
Dawn files a suit in a state court against Entrée Enterprises Inc., alleging the breach of an employment contract. After a final determination in the case of Dawn v. Entrée Enterprises Inc. in favor of Dawn, the judgment will be satisfied
Answers (1)
A stock is expected to earn 15 percent in a boom economy and 7 percent in a normal economy. There is a 35 percent chance the economy will boom and a 65.0 percent chance the economy will be normal. What is the standard deviation of these returns? A.
Answers (1)
The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of A) automatic stabilizers.
Answers (1)
New Questions in Business
Which one of the following will increase the present value of a lump sum future amount to be received in 15 years?
Answers (1)
One of the reasons that organized crime has been around so long is that it provides goods and services that society wants. True / False.
Answers (1)
On January 1, 2021, Gundy Enterprises purchases an office building for $151,000, paying $41,000 down and borrowing the remaining $110,000, signing a 7%, 10-year mortgage. Installment payments of $1,277.
Answers (1)
Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of 8,000 units that were 75% complete with respect to conversion costs.
Answers (1)
On December 31, 2019, some of Corrigan Corporation's key executives were granted the option to buy 100,000 shares of the firm's $5 par common stock at an option price of $15 per share.
Answers (1)