Victor is a one-third partner in the VRX Partnership, with an outside basis of $236,800 on January 1. Victor sells his partnership interest to Raj on January 1 for $287,000 cash. The VRX Partnership has the following assets and no liabilities as of January 1: (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Basis FMV
Cash $ 38,800 $ 38,800
Accounts receivable 0 20,400
Inventory 125,500 147,100
Equipment 299,250 373,950
Stock investment 69,600 101,700
Totals $ 533,150 $ 681,950

The equipment was purchased for $399,000 and the partnership has taken $99,750 of depreciation. The stock was purchased seven years ago. What is the amount and character of Victor's gain or loss on the sale of his partnership interest?

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.

Gulliver travel agencies thinks interest rates in europe are low. the firm borrows euros at 5 percent for one year. during this time period the dollar falls 11 percent against the euro. what is the effective interest rate on the loan for one year? (consider the 11 percent fall in the value of the dollar as well as the interest payment.)

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency,government intervention can improve overall welfare o markets allocate goodseffectively