Federico is a 30 percent partner in the frm partnership when he sells his entire interest to maria for $98,000. at the time of the sale, federico's basis in frm is $74,000. frm does not have any debt. in addition, frm's assets include accounts receivable with zero tax basis and $21,000 fair market value at the date of the sale. the remaining assets of the partnership are capital and §1231 assets. federico will recognize ordinary income of $24,000 on the sale of his partnership interest. true or false?

He aldermanalderman company has prepared a sales budget of 42 comma 00042,000 finished units for a 3-month period. the company has an inventory of 10 comma 00010,000 units of finished goods on hand at december 31 and has a target finished goods inventory of 11 comma 00011,000 units at the end of the succeeding quarter. it takes 44 gallons of direct materials to make one unit of finished product. the company has inventory of 64 comma 00064,000 gallons of direct materials at december 31 and has a target ending inventory of 53 comma 00053,000 gallons at the end of the succeeding quarter. how many gallons of direct materials should aldermanalderman company purchase during the 3 months ending march 31? select the labels and enter the amounts to calculate the direct materials (gallons) to be purchased.

Luggage world buys briefcases with an invoice date of september 28. the terms of sale are 2/10 eom. what is the net date for this invoice

In the current period, forward co. started with the production of 21,000 units and completed 8,400 units, leaving 13,200 units in process that are 42% complete. if forward co. incurred production costs of $34,980, what was forward's cost per equivalent unit for the period? (note: round your answer to two decimal places.)