X and Y are equal partners in a business partnership. The income and expenses of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
X and Y are equal partners in a business partnership. The income and expenses of the partnership are as follows Income Sales Interest Expenses Operating costs deductible under s.8-1 Staff salaries X's salary Y's salary Staff superannuation X's superannuation Y's superannuation Interest paid on loan from Partner X The net income of the partnership is: 230,000 5,200 83,000 50,000 53,000 8,000 4,500 12.000 450 1000 X and Y are equal partners in a business partnership. The income and expenses of the partnership are as follows Income Sales Interest Expenses Operating costs deductible under s.8-1 Staff salaries X's salary Y's salary Staff superannuation X's superannuation Y's superannuation Interest paid on loan from Partner X The net income of the partnership is: 230,000 5,200 83,000 50,000 53,000 8,000 4,500 12.000 450 1000
Expert Answer:
Answer rating: 100% (QA)
Net Income Total Income Total Expenses Total Income Sales Interest Total Income 230000 5200 235... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these programming questions
-
Find the derivative of the function. f'(t) = f(t) = 2 + tan t 1 7 (2 cos(t) + sin(t)) 6. cos(t) cos(t)
-
Mutt and Jeff are equal partners in a sport shop called Born Losers. These balances appeared in the pre-adjustment trial balance as at 28 February 20x3: (Ignore VAT.) Adjustments: 1. Depreciation...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Let z(k) denote the k-year continuously compounded zero-coupon yield for the current term structure. You are given that z(1) = 0.035, z(2) = 0.041, z(3) = 0.045, z(4) = 0.049, z(5) = 0.051, z(6) =...
-
The flexural strength and associated volume fraction porosity for two specimens of the same ceramic material are as follows: fs (MPa) _____________ P 70 ........................... 0.10 60...
-
The economic analysis division of Mapco Enterprises has estimated the demand function for its line of weed trimmers as QD = 18,000 + 0.4N 350PM + 90PS whereN = number of new homes completed in the...
-
True or False. The Runge-Kutta method is self-starting.
-
You are considering an audit engagement with a new, privately-held entrepreneurial company (Moxy, Inc.) headed by Ryan Morris, a charming CEO. The company specializes in chemical lawn treatments....
-
How is performance management at dmg world media different from traditional performance management systems at other companies? What was the impetus for developing a different performance management...
-
a. In Chapter 9, you created a Tic Tac Toe game in which you used a 2D array of characters to hold Xs and Os for a player and the computer. Now create a JPanel that uses an array of nine JButtons to...
-
The ID-VDS characteristics of an NMOSFET with L=0.5um and VT=0.5V, Vdsat=2.5V. Assume vsat=107cm/s and VG=6.5V, calculate the following (up to 3 significant digits) at the drain voltage is just...
-
Financial reports of the lowest level of quality reflect: A. fictitious events. B. biased accounting choices. C. accounting that is non-compliant with GAAP.
-
Which of the following elements of financial statements is most closely related to measurement of financial position? A. Equity. B. Income. C. Expenses.
-
A group of individuals formed a new company with an investment of $500,000. The most likely effect of this transaction on the companys accounting equation at the time of the formation is an increase...
-
Accounting policies, methods, and estimates used in preparing financial statements are most likely found in the: A. auditors report. B. management commentary. C. notes to the financial statements.
-
To properly assess a companys past performance, an analyst requires: A. high earnings quality. B. high financial reporting quality. C. both high earnings quality and high financial reporting quality.
-
ABC's market value of equity is $9000 and has 700 shares outstanding. It has excess cash of $900 and net income of $1,008. ABC plans to use 25% of excess cash to complete a stock repurchase. After...
-
What is the difference between direct materials and indirect materials?
-
Ray and Maria Gomez have been married 3 years. They live at 1610 Quince Ave., McAllen, TX 78701. Ray works for Palm Oil Corporation and Maria works for the City of McAllen. Maria's Social Security...
-
During 2012, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000....
-
On September 14, 2012, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $35,000, and Jay uses the...
-
What is the torsional stiffness of an annular steel shaft ( \(\left.\mathrm{G}=80 \times 10^{9} \mathrm{~N} / \mathrm{m}^{2} ight)\) with a length of \(2.5 \mathrm{~m}\), inner radius of \(10...
-
What is the torsional stiffness of a solid aluminum shaft ( \(\left.\mathrm{G}=40 \times 10^{9} \mathrm{~N} / \mathrm{m}^{2} ight)\) with a length of \(1.8 \mathrm{~m}\) and a radius of \(25...
-
What is the transverse stiffness of a cantilever steel beam \(\left(\mathrm{E}=200 \times 10^{9} \mathrm{~N} / \mathrm{m}^{2} ight)\) with a length of \(10 \mu \mathrm{m}\) and a rectangular cross...
Study smarter with the SolutionInn App