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charle [14.2K]
4 years ago
15

DIP Partnership reports ordinary income (before guaranteed payments) of $120,000, rent expense of $40,000, and interest income o

f $4,000 for the year. In addition, DIP paid guaranteed payments to partner Percy of $20,000. If Percy owns a 40% capital and profits interest, how much income will he report for the year and what is its characterA) $24,000 ordinary income.B) $24,000 ordinary income, $1,600 interest income, $20,000 guaranteed payment.C) $25,600 ordinary income.D) $32,000 ordinary income, $1,600 interest income.E) $32,000 ordinary income, $1,600 interest income, $20,000 guaranteed payment.
Business
1 answer:
natima [27]4 years ago
6 0

Answer:

Option D ($32,000 ordinary income, $1,600 interest income) is correct.

Explanation:

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3 years ago
Apps LLC enters into a contract with Birk, the chief executive officer of Corporate Sales Inc., to create an app for the firm. T
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D. an incidental beneficiary.

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4 0
3 years ago
a commercial bank has $1,000,000 of customer checking deposits and actual reserves of $300,000. if the reserve ratio is 20 perce
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The maximum amount of new loans the bank can extend is $800,000.

<h3>What is the maximum amount of new loans the bank can extend?</h3>

The reserve ratio is the amount of deposits that must be kept as reserves with the central bank. The money that is not kept as reserves can be used to create loans.

Maximum loan amount = deposit - (reserve ratio x deposits)

1,000,000 - (0.2 x 1,000,000) = $800,000

To learn more about required reserves, please check: brainly.com/question/26960248

#SPJ11

8 0
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