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an PROBLEM SET 2 method and income from services on the cash method. The assets of the AB 1. Alex and Berta are equal
an PROBLEM SET 2 method and income from services on the cash method. The assets of the AB 1. Alex and Berta are equal general partners in a plumbing business. The AB Partnership reports income from sales of inventory on the accrual Partnership, including goodwill, are as follows: Adjusted Basis F.M.V. $ 10,000 $ 50,000 and Book Value Asset $ 10,000 Cash Accounts Receivable $ 20,000 $ 50,000 Inventory Equipment $ 80,000 $ 80,000 $130,000 Goodwill $ 0 $ 60,000 $160,000 $330,000 The AB Partnership owes a bank $30,000 on a purchase money loan to acquire some of the equipment and $2,000 to trade creditors for bills that it
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