{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T03:03:06-04:00", "answer_date": "2024-05-28 03:03:06", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1814766", "url": "\/study-help\/questions\/exercise-2119-algorithmic-lo-3-on-january-2-of-the-1814766", "question_creation_date_js": "2024-05-28T03:03:06-04:00", "question_creation_date": "May 28, 2024 03:03 AM", "meta_title": "[Solved] Exercise 21-19 (Algorithmic) (LO. 3) On J | SolutionInn", "meta_description": "Answer of - Exercise 21-19 (Algorithmic) (LO. 3) On January 2 of the current year, Fenton and Myers form the FM LLC. Their contrib | SolutionInn", "meta_keywords": "exercise,21-19,algorithmic,lo,3,january,2,current,year,fenton,myers,form", "question_title_h1": " Exercise 21-19 (Algorithmic) (LO. 3) On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC", "question_title": " Exercise 21-19 (Algorithmic) (LO. 3) On January 2 of the current", "question_title_for_js_snippet": "Exercise 21 19 (Algorithmic) (LO 3) On January 2 of the current year, Fenton and Myers form the FM LLC Their contributions to the LLC are as follows Adjusted Basis Fair Market Value From Fenton Cash $152,500 $152,500 Accounts receivable 0 274,500 Inventory 76,250 190,625 From Myers Cash 617,625 617,625 Within 30 days of formation, FM collects the receivables and sells the inventory for $190,625 cash FM realized the following income in the current year from these transactions of $ of $ from collecting cash basis accounts receivable from sale of inventory This rule exists to ensure that a partner and partnership character of the underlying deferred income, gain, loss, or deduction property between themselves and alter the inherent", "question_description": "\"image", "transcribed_text": "Exercise 21-19 (Algorithmic) (LO. 3) On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows: Adjusted Basis Fair Market Value From Fenton: Cash $152,500 $152,500 Accounts receivable 0 274,500 Inventory 76,250 190,625 From Myers: Cash 617,625 617,625 Within 30 days of formation, FM collects the receivables and sells the inventory for $190,625 cash. FM realized the following income in the current year from these transactions: of $ of $ from collecting cash basis accounts receivable. from sale of inventory. This rule exists to ensure that a partner and partnership character of the underlying deferred income, gain, loss, or deduction. property between themselves and alter the inherent", "related_book": { "title": "Fundamental accounting principle", "isbn": "1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587", "edition": "21st edition", "authors": "John J. Wild, Ken W. Shaw, Barbara Chiappetta", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/267.jpg", "uri": "\/textbooks\/fundamental-accounting-principle-21st-edition-267", "see_more_uri": "" }, "free_related_book": { "isbn": "1166987582", "uri": "\/textbooks\/hilt-to-hilt-or-days-and-nights-on-the-banks-of-the-shenandoah-in-the-autumn-of-1864-1st-edition-978-1166987589-186786", "name": "Hilt To Hilt Or Days And Nights On The Banks Of The Shenandoah In The Autumn Of 1864", "edition": "1st Edition" }, "question_posted": "2024-05-28 03:03:06", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/one-analogy-that-is-used-to-think-about-what-332224", "description": "One analogy that is used to think about what is happening in an electric circuit is that of a bucket brigade. 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