1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Goryan [66]
3 years ago
8

Kristie is a 30% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $280,000 and a charitab

le contribution of $30,000 . The partnership paid office expenses of $80,000 . In addition, KKM distributed $20,000 each to partners Kaylyn and Megan, and the partnership paid partner Kaylyn $20,000 for administrative services. Kristie reports the following income from KKM during the current tax year:__________
a. $54,000 ordinary income; $9,000 charitable contribution.
b. $60,000 ordinary income; $9,000 charitable contribution.
c. $36,000 ordinary income.
d. $54,000 ordinary income.
Business
1 answer:
ch4aika [34]3 years ago
6 0

Answer:

Kristie reports the following income from KKM during the current tax year: (A) $54,000 ordinary income; $9,000 charitable contribution.

Explanation:

From the provided data;

KKM's net ordinary income = $180,000 ($280,000 ordinary income - $80,000 of office expenses - $20,000 payment to Kaylyn).

Since the cash distributions to Kaylyn and Megan are not deductible.

Kristie's share of this income is equal to

30% of KKM's net ordinary income

= 30% 0f $180,000

=  $54,000.

In addition, Kristie reports 30% of partnership charitable contribution

= 30% of $30,000

= $9,000 of her share of the partnership's charitable contribution.

Therefore, Kristie reports the following income from KKM during the current tax year: $54,000 ordinary income; $9,000 charitable contribution.

You might be interested in
True or False: One reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors.
Ganezh [65]

Answer:

True

Explanation:

Predetermined overhead rate is estimated at the start of the period by dividing the estimated manufacturing overhead cost by an allocation base. Predetermined overhead rate is quite useful especially in eliminating seasonal effects. So, the above statement is a true one important reason to apply the predetermined overhead rate is to mitigate the effects of seasonal factors.

3 0
3 years ago
The flood account is set up as a chiasm. this means it is a _______________ story/account.
Anni [7]

The flood account is set up as a chiasm. this means it is a account story/account.

<h3>How do you explain chiasm?</h3>

A chiasmus is a rhetorical device used to create a stylized writing effect, in which the second part of a sentence is a mirror image of the first.

<h3>Chiasmus: What Is It?</h3>

"By day the frolic" is the first part of the statement.

"And the dance by night," reads the second half of the line.

<h3>What does the Bible's chiastic structure entail?</h3>

A literary device used in narrative motifs and other textual passages is the chiastic structure, often known as the chiastic pattern. The presentation of two concepts, A and B, along with their variations, A' and B', as A,B,B', and A' is an illustration of chiastic structure.

<h3>What is the significance of the chiastic structure of the Bible?</h3>

The chiastic structure, also referred to as the chiastic pattern, is a literary device employed in narrative motifs and other textual sections. The presentation of two ideas, A and B, along with their variations, A' and B', as A,B,B', and A', serves as an example of chiastic organization.

To Know more about chiasmus

brainly.com/question/2054931

#SPJ4

8 0
1 year ago
What are the benefits associated with free trade and globalization?
Drupady [299]

Answer:

It drives economic growth, enhanced efficiency, increased innovation, and the greater fairness that accompanies a rules-based system.

7 0
3 years ago
Choose the correct choice; At the current price level, producers supply $375 billion of final goods and services while consumers
Solnce55 [7]

Answer:

The price level is A) Above equilibrium.

Explanation:

Normally, every economist believe that a lower price attracts a higher demand. This is so when the behaviour of consumers are measured when choosing a product.  Many consumers go for a low priced product or cheaper product over a high priced product or expensive product irrespective of quality, taste or satisfaction derived from consuming them.

Price relating to market or in terms of quantity demanded and quantity supplied is referred to as equilibrium price or equilibrium quantity. When the market price is below equilibrium, quantity supplied of a product will be less than the quantity demanded for it because the price of goods are cheaper. But when price is above equilibrium, quantity supplied will be greater than quantity demanded because the price of goods is high.

7 0
3 years ago
In a _______ the general partners assume unlimited personal liability for the partnership debts, however, the limited partners a
DerKrebs [107]

Answer:  limited partnership

                                 

Explanation: In simple words, limited partnership refers to an arrangement having two or more general partners and limited partners. The general partners in such an arrangement is usually an entity such as a corporation and they bore unlimited liability and keeps track of the management.

While on the other hand, the limited partners are usually someone having goodwill or market experience. They have liability to the extent of their investment and do not take part in management.

4 0
3 years ago
Other questions:
  • Scott is an older individual applying for a job to work in a predominately​ millennial-aged workforce. His assumption that the i
    7·1 answer
  • What are the benefits of setting up a trust?
    15·1 answer
  • You are considering an investment in a mutual fund with a 4% load and expense ratio of 0.5%. You can invest instead in a bank CD
    10·1 answer
  • What is the purpise of a Appraisal Form?​
    5·1 answer
  • Why is diversity training important?
    13·1 answer
  • Olu’s African Sculptures is preparing their budgeted financial statements for the coming year, and has accumulated the following
    14·1 answer
  • The Gecko Company and the Gordon Company are two firms whose business risk is the same but that have different dividend policies
    14·1 answer
  • Jane bought a $3,000 audio system and agreed to pay for the purchase in 10 equal annual installments beginning one year from tod
    7·1 answer
  • Assuming the market interest rate is 10% per annum, how much would Coronado Industries record as a note payable if the terms of
    14·1 answer
  • True or False: An individual investor is more likely to engage in foreign direct investment than a corporation. True False
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!