The partnership has no liabilities on the sale date. Tony's basis in his partnership interest on the date of the sale is $60,000. What are the amount and character of Tony's gain?
Tony sells his one-fourth interest in the WindyCity Partnership to Bill for $100,000 cash when the partnership's assets are as follows:
Since the unrealized receivables and the inventory are Sec. 751 property, Tony recognizes $44,000 of ordinary income. The remaining $4,000 loss is a capital loss.
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Jack is trying to sell the surplus of purses and shoes from the Spring collection. His high-end overpriced store does not normally put items on sale. But, he knows that he can entice new clients who do not normally shop in his store with a 25% off sale. Jack hopes that the new clients will look at the percentage off instead of focusing on the price of each item. Which commonly used heuristics element is Jack hoping his clients will use?
a. Availability b. Projection c. Representativeness d. Anchoring and adjustment
A_________is a promise usually implied from the landlord that others will not interfere with the tenant's right to occupy the premises
Fill in the blank(s) with correct word
Moozi Dairy Products processes and sells two products: milk and butter. Last year, Moozi budgeted $1,200,000 of fixed manufacturing overhead and chose a denominator level of activity of 80,000 machine-hours. Each unit of milk at Moozi has a standard of 0.1 machine-hours and each unit of butter has a standard of 0.08 machine-hours. Last year, Moozi processed 560,000 units of milk and 340,000 units of butter. Moozi's total fixed manufacturing overhead incurred last year was $1,256,000. Actual machine-hours incurred for the year were 82,000. Moozi applies manufacturing overhead to its products on the basis of standard machine-hours.Required:Compute Moozi's fixed manufacturing overhead variances for last year.
What will be an ideal response?
Jayme's Best produced a new line of pasta sauce (Herbal Health), intending for it to have extra nutritional benefits. Using the freshest ingredients, Jayme's added special herbs to the tomato paste and spices, as the herbs are believed by some Tibetan monks to have the power to prevent cancer. Jayme's marketed the sauce in grocery stores and health food stores. Jayme's advertisements said that
Herbal Health may help prevent cancer and taste a lot better than the competition. Based on these facts, answer the following questions. If the herbs put in Jayme's sauce are determined to be a drug that should be regulated, then before the sauce can be sold, the FDA will have to be sure that the herbs, which are supposed to stop cancer, are: a. safe for human consumption b. effective at preventing cancer c. something that should be sold over the counter or by prescription only d. safe for human consumption and something that should be sold over the counter or by prescription only e. safe for human consumption and something that should be sold over the counter or by prescription only and effective at preventing cancer