Answer and Explanation:
a. A partner can report his share of the loss of partnership on his personal income tax return to the base limit during his or her partnership interest.
Its partnership interest is based on $45,000 and its share of loss of the partnership is $24,000
So W can report all of the $24,000 partnership loss on his personal income tax return.
b. W's partnership loss reported on his income tax return, and the cash distributed by the partnership to him will reduce his partnership interest base.
Now,
W's basis in his partnership interest at the end of 2014 is
= W's basis in his partnership interest - Partnership loss reported by W on his income tax return - Cash distributed to W by the partnership
= $45,000 - $24,000 - $12,000
= $9,000
Answer and Explanation:
The type of adjustment and the status of accounts before the adjustment is shown below:-
Type of adjustment Accounts before adjustment
(a) Accrued revenues Assets understated
Revenues understated
(b) Prepaid expenses Assets overstated
Expenses understated
(c) Accrued expenses Expenses understated
Liabilities overstated
(d) Unearned revenues Revenues understated
Liabilities overstated
(e) Accrued expenses Expenses understated
Liabilities understated
(f) Prepaid expenses Assets overstated
Expenses understated
Answer: $88,400
Explanation:
My corporation Plc
Corporate tax for the year
Operating incom $250,000
Interest received $10,000
Interest paid ($45,000)
Dividends received $6,000
Taxable income $221,000
Since the tax rate is 40%
Tax= 0.4x($221,000) = $88,400.
NOTES
Taxable income is (250000+10000+6000-45000)
Interest paid is in bracket because it's a deduction.
70% of dividends received is excepted from tax
0.3x20000=$6000
Dividends paid out is after tax has been deducted.
Answer:
Outcome fairness.
Explanation:
Outcome fairness can be described as the perception that the repercussion that is given out to employees in a work place Is just. Outcome fairness can also be described as the length in which the distribution of outcomes are said to be acceptable. Example of such outcome includes employees salary, benefits, promotions.
Outcome fairness can be greatly determined by expectation in which the outcomes will be distributed in the basis of the management knowledge or previous experiences with such situations.
Franco concluded a lack of outcome fairness in the way the management of Fundz Corp deal with their employees, this is because he felt the consequences given to him was not just due to the fact that he arrived late to the office due to personal emergencies that was beyond his control.
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Cement Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit.
During the first quarter, 3,000 units were purchased for $40 per unit.
Sales of 3,400 units at $65 per unit were made.
LIFO (last-in, first-out)
COGS= 3,000*40 + 400*25= 130,000
Sales= 3,400*65= 221,000
COGS= (130,000)
Gross profit= 91,000
