prior marriage that ended in 2015) 8,000 Nonbusiness long-term capital gains 5,000 Nonbusiness short-term capital losses 7,000 Business short-term capital losses 4,000 Business long-term capital gains 2,000 IRA contributions 5,000 Charitable contributions 9,000 Medical expenses 7,550 Property taxes
Q: by Biondi produces HTP-3, a chemical used in hot tubs and swimming pools; PST-4, a chemical used in…
A: A joint cost in accounting is an expense generated during a collaborative operation. Direct…
Q: 41. On July 1, 2022, Exploding Kittens Company acquired 700,000 shares of Bad Dog Company at a price…
A: Goodwill is the amount which is paid in excess of the fair value of identifiable net assets acquired…
Q: Acquirer Company acquired 30% interest from Acquiree Company by paying cash of P150,000 and issuing…
A: When an entity acquires 20% to 50% of the common shares of another entity, the acquiring entity is…
Q: Solville Motors Co. makes motorcycles. Management wants to estimate overhead costs to plan its…
A: Overhead cost is the indirect cost involved in the production process of the company. The overhead…
Q: 2. A trial balance of Caloocan's Repair Shop at the end of the accounting period appeared as…
A: Balance Sheet - This Statement shows the balance of assets liabilities and equity as at the balance…
Q: Q. Compute all parts: Ms. Turney owns a one-half interest in an apartment complex, which is her only…
A: INTRODUCTION: The Internal Revenue Service (IRS) utilizes your adjusted gross income (AGI) amount to…
Q: Aerospace Electronics reports $570,000 in credit sales for 2018 and $635,500 in 2019. They have a…
A: Lets understand the basics. Bad debt expense is an amount uncollectible from the account receivable…
Q: Granite Enterprises acquired a patent from Southern Research Corporation on January 1, 2024, for…
A: The cost of an intangible asset is incrementally incurred or written off over time through the…
Q: 4.1. Discuss the common frauds related to cash accounts. What should auditor do if there's internal…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: iscuss two approaches of segment reporting
A: The segment reporting is the part of the reporting of the operational segment of the company in this…
Q: Please helpppp fast teachers Answer the question fast plsssss Please answer the question very…
A: The exchange rate shows the value of the currency of one country in terms of the value of another…
Q: Should the federal government tax the interest payments an investor receives on a Treasury Bond
A: Investors who purchase Treasury securities at public auction are making a loan to the federal…
Q: 1. Calculate the plantwide overhead rate for Travelcraft Company
A: Cost allocationIt means allocating the cost of service department into production department…
Q: Hudson Community College enrolls students in two departments, Liberal Arts and Sciences. The college…
A: In the case of the direct method, the budgeted costs are allocated in direct proportion to service…
Q: ecide to deviate from any IFRS statement, then the entity mu
A: Corporation - A corporation is a legitimate commercial entity that was created by shareholders,…
Q: For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the…
A:
Q: The capital investment committee of Taiwan Semiconductor Company is considering two capital…
A: Formula: Average rate of return=Average annual profitInitial investment×100 Net present value=Total…
Q: If an investment bank offers both underwriting/distribution functions and investment advisory or…
A: Considering the ethical and guidelines issued by the US securities and exchange, the material non…
Q: Varsity Supplies & Things is a family-owned store. The business is now approaching the end of…
A: The cash budget is the estimation of total receipt and payment during the given period. It can be…
Q: What 3 options do you have when allocating employee wages to expense accounts? All employee's wages…
A: Wage expense refers to the cost incurred by an organization to compensate employees and contractors…
Q: Tutorial Q. 4 Khalid is a salt merchant who supplies salt to general merchants in Lahore city. In…
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Depreciation, depletion, and amortization all involve the allocation of the cost of property, plant…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Assigning indirect costs to departments is completed by ________. applying the predetermined…
A:
Q: Calculate the net present value and profitability index of each project. Of the net present value is…
A: Net Present Value (NPV) is the present worth of the cash flows to be received or paid in the future…
Q: 6. What is the accounting for issued convertible bond?. The instrument should be recorded solely as…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: BE11.2 (LO 2), AP On May 10, Pilar Corporation issues 2,500 shares of $5 par value common stock for…
A: Common stock refers to the stock that does not have any preferential rights over other stocks. These…
Q: Breeze Inc. is an event company. Below is a Balance Sheet of Breeze Inc. as of April 30, 2018: Gamma…
A: In this question, we need to prepare: Pass journal entries for the May month transactions Prepare…
Q: Question 5 of 10 2.95/3 E Prepare all of the journal entries for the lessor for 2020 and 2021 to…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Blossom Corp. began operations on January 1, 2022, and uses FIFO to cost its inventory. Management…
A: INTRODUCTION: Pretax income, which is also referred to as earnings before taxes or pretax earnings,…
Q: In June, current year, Wendy Winger organized a corporation to provide aerial photography services.…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: Assume Nike had a Current Ratio of 3.4 and its competitor has a Current Ratio of 1.3. Which of the…
A: Lets understand the basics. Current ratio indicates firm's liquidity position. It compares current…
Q: Employee Net Pay Kenneth Washington's weekly gross earnings for the week ending March 9 were $2,250,…
A: Given that the gross earnings of kenneth for a week is = $2250 The federal income tax withholding…
Q: I need help arriving at the following values in the Budgeted Balance Sheet: Prepaid Insurance…
A: Prepaid insurance is the amount of insurance which is paid in advance and the benefit of which has…
Q: Suppose Grant is currently distributing 40% of its earnings in the form of cash dividends. It has…
A: Meaning: The sustainable growth rate is the rate of growth that a company can expect to see in the…
Q: 1. Record the following transactions completed during 20X1 on page 1 of a cash payments journal.…
A: Journal - A business's initial financial transactions are recorded in the journal, which is its…
Q: Compare and contrast short- and long-term goals for a company. Give an example of each, and explain…
A: Short-term goals are important for a company because they provide a sense of direction and focus.…
Q: A tractor for over-the-road hauling is to be purchased by AgriGrow for $90,000. It is expected to be…
A: Net present value (NPV) is the difference between the present value of cash inflows and the present…
Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…
A: The amount of income from operations reported mare different because of the fixed manufacturing…
Q: Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement,…
A: It has been given in the question that the annual lease payment is at the beginning of the year it…
Q: A manager of Burns Sporting Goods Company is considering accepting an order from an overseas…
A: Fixed costs are not relevant for decision making. They are constant in total.
Q: Making the accept or reject decision Hungry Whale Electronics's decision to accept or reject project…
A: Hungry Whale Electronics's decision to accept or reject project Alpha is independent of its…
Q: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: ent time one can enter five-year swaps that exchange LIBOR for 8%. An off-market swap would be…
A: Debts - The sum that the borrower owes the lender constitutes their debt, in its most basic form. A…
Q: Tucker Inc. had the following budgeted sales for the first half of the current year:…
A: To put it another way, cash collections refer to the practice of collecting money that is owed to…
Q: Parent Company purchased 100 percent of Subsidiary Corporation's stock on January 1, X1, for…
A: Introduction Fair value accounting is the process of valuing your company's assets and liabilities…
Q: What is the limitation on loss utilization? 4. Look at the special charitable contribution rule.
A: There is a flow of the income or loss or any other things which a shareholder get from the…
Q: Monday Inc is a wholly 100% subsidiary to Malaysian company, Blue Bhd. Monday Inc is located in a…
A: MFRS 121 The Effects of Changes in Foreign Exchange Rates is issued by the MASB for application in…
Q: Rob is a quality inspector on the assembly line of a manufacturing company. He is paid P16 per hour…
A: Lets understand the basics. Costs are divided into two types which are, (1) Direct costs (2)…
Q: Global Publishing Inc. was recently organized. The company issued common shares to a lawyer who…
A: To determine the total paid-in capital, which is equivalent to the total capital invested (common…
Q: Varsity Supplies & Things is a family-owned store. The business is now approaching the end of the…
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is…
Milt, married and filing jointly, reports the following items for 2022:
Sales |
$200,000 |
Business expenses |
210,000 |
Interest income |
3,000 |
Dividends |
5,000 |
Salary (spouse) |
20,000 |
Alimony received (from prior marriage that ended in 2015) |
8,000 |
Nonbusiness long-term |
5,000 |
Nonbusiness short-term capital losses |
7,000 |
Business short-term capital losses |
4,000 |
Business long-term capital gains |
2,000 |
IRA contributions |
5,000 |
Charitable contributions |
9,000 |
Medical expenses |
7,550 |
Property taxes |
7,450 |
Federal disaster area personal casualty loss on personal property (after the $100 floor) |
35,000 |
Loss on stolen bonds |
12,640 |
Milt has two dependent children. If Milt and his wife file a joint return, compute their net operating loss for 2021.
Step by step
Solved in 2 steps
- E3 Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried.Share of profits from a partnership R 700 000Loan from partnership R 200 000Interest earned on savings account R 22 500Rental of second property R 77 000Local dividends received R 10 000He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out.Calculate his taxable income for the 2022/2023 year of assessment.Give only typing answer with explanation and conclusion Rosa has a flow-through of net income from a general partnership of $160,000 for 2020. What is the amount of her self-employment tax, rounded to the nearest dollar? A) $21,120 B) $24,480 C) $21,360 D) $20,3343. Cabello and Dacanay are partners in a trading company. During 2020, they withdrew their salary allowances of P250,000 and P375,000, respectively. Profits and losses are shared in the ratio of 3:2. The income summary account before any profit allocation has a credit balance of P750,000. The partners' capital account show the following: Cabello Dacanay P750,000 P500,000 Beginning balances Additional investments 250,000 Withdrawals other than salary allowances (250,000) (125,000) 125,000 What are the capital balances of the partners for the year 2020 after closing income summary and withdrawals accounts? Cabello a. P700,000 b. P450,000 Dacanay P675,000 P300,000 P425,000 c. P575,000 d. P950,000 P1,050,000
- During the 2020 income year, the Timms Brothers Partnership recorded a net income of $300,000. The business also recorded a net loss of $220,000 during the 2019 income year. If all 4 brothers share equally in partnership profits and losses, what is the income to be distributed to each partner in the 2020 financial year? Select one: a. $75,000 b. $130,000 c. $20,000 d. $55,000On January 1, 2024, John Jarell, Andrew Martin, and Susan Montgomery formed a partnership by investing $100,000, $100,000, and $120,000 respectively. During the remainder of the year, John Jarell withdrew cash of $45,000, Andrew Martin withdrew $15,000 and Susan Montgomery withdrew $39,000. In addition, the following schedule shows how net income is allocated. Net income: Salaries: Interest: John Jarell Andrew Martin Susan Montgomery Total 100,000 21,000 5,000 26,000 Total salary and interest: Remainder to be allocated: Remainder allocated between partners: 8,000 Balance of net income to be allocated: Total to be allocated to each partner: Date 34,000 18,000 5,000 23,000 8,000 31,000 Page GJ2 F Debit Credit 21,000 6,000 27,000 b) Calculate the post-closing balance in each partners' capital account. John Jarell, Capital Andrew Martin, Capital Susan Montgomery, Capital. 8,000 35,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in…PROBLEM: ZOE and ZIA PARTNERSHIP reported income for the year 2021 was P250,000.00 and the partners divide their profit 70:30 respectively. In January 2022, they changed the ratio to 50:50. During 2022, the following errors were discovered for the 2021 net income. 1. Depreciation was overstated by 30,000.00. 2. Prepaid rent for 20,000 was ommitted. 2. Accrued interest payable was ommitted worth 25,000.00 Required: 1. Compute the correct net income for 2021. 2. Compute the correct share of each partner in the net income for 2021. 3. Compute the difference of the share actually received and should have received by each partner in 2021. 4. Prepare the journal entry to record the adjustment of the partner's capital account on December 31, 2022.
- 7. Em and Fifty formed a tax consulting partnership on February 1, 2018. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2022, Fifty sold his interest to Julie for $150,000. The following is the income statement of the partnership: Em and Fifty Income Statement For the year ended December 31, 2021 Gross revenue $424,400 Expenses: Office expenses $69,000 Rent 58,300…ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS? Use Philippine tax laxAmber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. The total net income after tax for 2019 is P320,000. Direction: Give the entries to record the distribution based on the following two independent cases: a.) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.
- 11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. (see attached image, kindly answer it based on your knowledge, thank you!) Direction: Give the entries to record the distribution based on the following two independent cases: a) Partner's drawings are not used in determining the average capital balances b) All changes in capital and drawing should be considered in determining the average capital balances. 12. Bert, Ben and Bello are partners in a sports equipment store with capital investments of P150,000, P200,000 and P300,000, respectively. Partnership agreement provides for the following monthly salary of P10,000 to Ben who is the managing partner, 12% interest on capital contributions, remaining profit to be allocated equally. Direction: For Ben to be credited for a…Current Attempt in Progress The Ivanhoe Partnership reported profit of $66,000 for the year ended February 29, 2024. Salary allowances are $49,500 for H. Robinson and $27,500 for S. Lewi. Interest allowances of 5% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2023, were as follows: H. Robinson $79,000 (Cr.) and S. Lewi $52,000 (Cr.). Any remainder is shared equally, Calculate the division of profit to each partner. Profit allocated to partners H. Robinson S. LewiAccounting Emily and John formed a tax consulting partnership on February 1, 2016. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2020, John sold his interest to Julie for $150,000. The following is the income statement of the partnership: Income Statement For the year ended December 31, 2019 Gross revenue $526,000 Expenses: Office expenses $89,000 Rent 63,400 Office salaries 84,650 Charitable donations…