On January 1, Justin, Kevin, and Stan form a partnership. The contributions of the three individ-uals are listed below. Justin received a 30% partnership interest, Kevin received a 60% partner-ship interest, and Stan received a 10% partnership interest. They share the economic risk of loss from recourse liabilities according to their partnership interests. Individual Asset Basis to Partner FMVJustine Accounts receivable $ –0– $ 60,000Kevin Land 30,000 58,000 Building 45,000 116,000Stan Services ? 20,000Kay has claimed $15,000 of straight-line MACRS depreciation on the building. The land and building are subject to a $54,000 mortgage, of which $18,000 is allocable to the land and $36,000 is allocable to the building. The partnership assumes the mortgage. Susan is an attorney, and the services she contributes are the drawing-up of all partnership agreements. a. What amount and character of gain, loss, or income must each partner recognize on the formation of the partnership?b. What is each partner’s basis in her partnership interest?c. What is the partnership’s basis in each of its assets?d. What is the partnership’s initial book value of each asset?

Instructions: use the following information to construct the 2000 balance sheet and income statement for carolina business machines. round all numbers to the nearest whole dollar. all numbers are in thousands of dollars. be sure to read the whole problem before you jump in and get started. at the end of 1999 the firm had $43,000 in gross fixed assets. in 2000 they purchased an additional $14,000 of fixed asset equipment. accumulated depreciation at the end of 1999 was $21,000. the depreciation expense in 2000 is $4,620. at the end of 2000 the firm had $3,000 in cash and $3,000 in accounts payable. in 2000 the firm extended a total of $9,000 in credit to a number of their customers in the form of accounts receivable. the firm generated $60,000 in sales revenue in 2000. their cost of goods sold was 60 percent of sales. they also incurred salaries and wages expense of $10,000. to date the firm has $1,000 in accrued salaries and wages. they borrowed $10,000 from their local bank to finance the $15,000 in inventory they now have on hand. the firm also has $7,120 invested in marketable securities. the firm currently has $20,000 in long-term debt outstanding and paid $2,000 in interest on their outstanding debt. over the firm's life, shareholders have put up $30,000. eighty percent of the shareholder's funds are in the form of retained earnings. the par value per share of carolina business machines stock is

Your subscription to investing wisely weekly is about to expire. you plan to subscribe to the magazine for the rest of your life, and you can renew it by paying $85 annually, beginning immediately, or you can get a lifetime subscription for $620, also payable immediately. assuming that you can earn 6.0% on your funds and that the annual renewal rate will remain constant, how many years must you live to make the lifetime subscription the better buy?

Ryngard corp's sales last year were $38,000, and its total assets were $16,000. what was its total assets turnover ratio (tato)? a. 2.04b. 2.14c. 2.26d. 2.38e. 2.49