Max and Cheryl are in partnership sharing profits or losses equally. The partnership carries on a trading
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Max and Cheryl are in partnership sharing profits or losses equally. The partnership carries on a trading business and has investments in shares.
The net income from the business is $80,000 and the fully franked dividends total $21,000. The franking credits were received from an Australian resident company which is not a base rate entity.
Calculate the assessable income of each partner.
Select one:
a. $50,000
b. $40,000
c. $55,000
d. $50,500
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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