Exercise 21-19 (a) (LO. 3)

On January 11 of the current year, Birchfield and Torcoletti form the BT LLC. Their contributions to the LLC are as follows:

Adjusted Basis Fair Market Value
From Birchfield:
Cash $112,000 $112,000
Accounts receivable $0 $69,000
Inventory $205,000 $215,000
From Torcoletti:
Cash $396,000 $396,000

By January 31, BT collects the receivables and sells the inventory for $215,000 cash.

BT realized the following income in the current year from these transactions:
a.

of $
from collecting cash basis accounts receivable.
b.

of $
from sale of inventory.

c. This rule exists to ensure that a partner and partnership

property between themselves and alter the inherent character of the underlying deferred income, gain, loss, or deduction.

Salvador county issued $25 million of 5% demand bonds for construction of a county maintenance building. the county has no take-out agreement related to the bonds. it estimates that 20% of the bonds would be demanded (called) by the buyers if interest rates increased at least 1%. at year-end rates on comparable debt were 7%. how should these demand bonds be reported in the government-wide financial statements at year-end? a) $25 million in the long-term liability section of the governmental activities column. b) $5 million in the current liability section of the governmental activities column and $20 million in the long-term liabilities section of the governmental activities column. c) $5 million in the governmental activities column and $20 million would be reported in the schedule of changes in long-term debt obligations. d) $25 million in the current liability section of the governmental activities column

If the guide wprds on the page are "crochet " and "crossbones", which words would not be on the page. criticize, crocodile,croquet,crouch,crocus.

Which curve shows increasing opportunity cost as you give up more of one option? demand curve bow-shaped curve yield curve indifference curve