Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. dave lacroix recently received a 10 percent capita

Dave LaCroix recently received a 10 percent capital and profits interest in Cirque...

90.2K

Verified Solution

Question

Accounting

Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital's balance sheet on the day Dave received his capital interest appears below:
\table[[,Fair Market],[Assets:,Basis,Value],[Cash,$120,000,$120,000
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and...

Statistics
Q

Suppose we have a solution of lead nitrate, Pb(NO3)2(aq). A solution of NaCl(aq) is added slowly...

Chemistry
Q

Using the following definition to determine if the child in each case study has a mental...

Psychology
Q

1. Select 3 materials that you think are best for the design of a smart phone...

Mechanical Engineering
Q

Label the chart to review the major types of microbial associations Nonsymbiotic Synergism Organisms live...

Biology
Q

The electric potential V at any point x y z in meters in a space...

Physics
Q

Consider an ice skater gliding on ice holding bag of sand that is leaking straight...

Physics
Q

A man earned wages of $52,000, received $2600 in interest from a savings account, and...

Basic Math
Q

In slides 2-4, use the side lengths to determine if the triangleis acute, obtuse, right,...

Basic Math
Q

Determine the t score used for each confidence interval Report to 3 decimal places A...

Statistics
Q

he mathematical model p 0 01s2 0 8s 3 7 describes the percentage of college...

Calculus
Q

Soundtrack Company owns 30,000 of the 60,000 outstanding shares of Report Red, Inc. common stock....

Accounting