Jane and John carry on a partnership together with gross receipts for the current income year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jane and John carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were made: Purchases of trading stock $18,000 Wages to employees $10,000 Advances to Rachel $35,000 Lease payments on two cars $4,000 Jane and John share profits in the ratio of 3:1. Stock on hand at the beginning of the year was $3,000 and at the end of the year was $3,400. Both cars were used for business purposes, but Bill uses his 40% for private purposes as well. th cars were business purposes, but Bill uses his 40% for private purposes as well. 024 Calculate the net income of the partnership and the assessable income of the partners. (10 marks) H E B i A- X, X Jane and John carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were made: Purchases of trading stock $18,000 Wages to employees $10,000 Advances to Rachel $35,000 Lease payments on two cars $4,000 Jane and John share profits in the ratio of 3:1. Stock on hand at the beginning of the year was $3,000 and at the end of the year was $3,400. Both cars were used for business purposes, but Bill uses his 40% for private purposes as well. th cars were business purposes, but Bill uses his 40% for private purposes as well. 024 Calculate the net income of the partnership and the assessable income of the partners. (10 marks) H E B i A- X, X
Expert Answer:
Answer rating: 100% (QA)
Pl Alc Crvoss receipts 80000 Beginning stoake 3000 3400 Endin... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Partners Chito and Ditas share profits in the ratio of 6:4, respectively. On December 31, 2012, their capital balances were: Chito, P120,000 and Ditas, P100,000. On that date, Meng was admitted as...
-
Julian and Jenna carry on a partnership business and for the income year ended 30 June, the partnership net income was $38,000, as returned by their accountant. However, Included in the deductions...
-
Assume 6-month zero rate is 5% per annum with continuous compounding. Use the following table to answer the questions below. Face value Time to maturity Coupon / year bond price 100 1 year 0 94 100...
-
Do laws provide a complete guide to ethical behavior? Can an activity be legal but not ethical?
-
At the beginning of February, Ace Distribution Company, Inc., started with a contribution of $10,000 cash in exchange for common stock from its shareholders. The company engaged in the following...
-
What is the difference between general requirements, technical requirements, and functional requirements?
-
Ernst Equipment Co. wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernsts gross profit rate averages 30%. The...
-
Multiple Choice Questions Indicate the best answer for each of the following: 1. For the spring semester of 20X4, Lane University assessed its students $3,400,000 (net of refunds) of tuition and fees...
-
M T 10. If m/RST=(3x+17), mZSTR = (8x-32), and m/TRS = (2x), find mZRSN N R S
-
Draw an example of a graph with 10 vertices and 15 edges that has a vertex cover of size 2.
-
You want to replicate Barlett et al.'s research on action figures and negative body image in young adult males. Your independent variable has three levels: no action figures, highly muscular figures,...
-
Identify the singularity and find the nature of solution near the singularity for van der Pol's equation: \[\ddot{x}-\alpha\left(1-x^{2} ight) \dot{x}+x=0\]
-
Fill in the Blank. In the finite element method, the elements are assumed to be interconnected at certain points known as ____________ .
-
Solve Problem 13.30 for a simple pendulum: \[\ddot{\theta}+\omega_{n}^{2} \sin \theta=0\] Data From Problem 13.30:- Identify the singularity and investigate the nature of solution near the...
-
Solve Problem 13.30 for an undamped system with a soft spring: \[\ddot{x}+\omega_{n}^{2}\left(1-k^{2} x^{2} ight) x=0\] Data From Problem 13.30:- Identify the singularity and investigate the nature...
-
Fill in the Blank. A drumhead can be considered as \(\mathrm{a}(\mathrm{n})\) ____________ .
-
1st quarter, 2020 36,000 units 2nd quarter, 2020 32,800 units 3rd quarter, 2020 39,200 units 4th quarter, 2020 30,400 units 1st quarter, 2021 37,600 units Prepare quarterly direct labor budgets for...
-
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
-
Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machines useful life is estimated at 10 years, or 363,000 units of...
-
In early January 2004, LabTech purchases computer equipment for $147,000 to use in operating ac tivities for the next four years. It estimates the equipments salvage value at $30,000. Prepare tables...
-
Cemer Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $225,000 for the lot plus $120,000 for the...
Study smarter with the SolutionInn App