Tomas and Saturn are partners who share income in the ratio of 3:1 . Their capital balances are $40,000 and $60,000 respectively. Income summary has a credit balance of $20,000 . What is Saturn's capital balance after closing income summary to capital?
a. $55,000
b. $75,000
c. $45,000
d. $65,000
d
You might also like to view...
Which of the following is a prerequisite for a fraud investigation?
a. Predication b. A specific allegation of fraud against another party c. Consistent bottom-line improvement d. Rationalization
In the creative phase, the ________ uses thumbnails, roughs, and comprehensives (comps) to establish the ad's look and feel.
A. copy editor B. designer C. graphic consultant D. dummy E. storyboard editor
Under the Clean Air Act, no manufacturer may sell vehicles subject to emission standards without prior certification from the Environmental Protection Agency (EPA) that the vehicles meet the required standards.
Answer the following statement true (T) or false (F)
Inger Associates, which manufactures plastic containers, recently sold 12,000 containers to R&A Inc. The selling price per container was $18. R&A paid for the containers by transferring 864 shares of its common stock to Inger. On date of payment, R&A stock was selling on Nasdaq at $250 per share. Compute Inger's tax basis in the R&A stock.
A. Inger's tax basis equals its manufacturing cost of the 12,000 containers. B. $216,000. C. -0-. D. None of the above