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mezya [45]
3 years ago
15

Matt and Joel are equal partners in the MJ Partnership. For the current year ended December​ 31, the partnership has book income

of​ $80,000, which includes the following​ deductions: (1) guaranteed payments​ (salaries) to​ partners: Matt,​ $35,000; and​ Joel, $25,000; and​ (2) charitable​ contributions, $6,000. The book income amount does not include any sales of capital assets or Sec. 1231 assets or any taxminusexempt income. Based on the above​ information, what amount should be reported as ordinary income on the partnership​ return?
Business
1 answer:
Blababa [14]3 years ago
8 0

Answer:

$86,000

Explanation:

A partnership is a pass through entity that is not taxed directly, but instead its partners are taxed. Even the partners' salaries are recorded as drawings, not salary expense.

The partnership's total ordinary income = book income + any donations or contributions to charities = $80,000 + $6,000 = $86,000

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6. For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to reco
Vika [28.1K]

Explanation:

The journal entries are shown below:

1 Bad debt expense $18,000  

              To Allowance for doubtful account  $18,000

(Being the bad debt expense is recorded)

2 Allowance for doubtful account $350  

                             To Accounts receivable  $350

(Being the written off amount is recorded)

3 Accounts receivable $200  

                         To Allowance for doubtful account  $200

[Being account reinstated]  

Cash $200  

               To Accounts receivable  $200

(Being the payment is received)

4 Cash $400  

        Allowance for doubtful account $200  

                         To Accounts receivable  $600

(Being the amount received is recorded)

5 0
3 years ago
The ppt slides suggest the use of control charts and using deming's ideas of quality control to help with the management of asth
hichkok12 [17]
<span>The Deming's ideas of QC work in any process, including health conditions. If the randomly chose asthma patients are checked regularly/periodically and they follow the Demings' rule, it may be concluded that the treatment regime is successful at the required levels of health.</span>
6 0
3 years ago
Matthew's Fish Fry has a monthly target operating income of $7,200. Variable expenses are 60% of sales and monthly fixed expense
irina [24]

Answer:

The answer is C) 1.25

Explanation:

Operating Leverage= (operating income + fixed expenses) / operating income

Operating Leverage= ($7,200 + $1,800) / $7,200= 1.25

5 0
3 years ago
Specifics
bogdanovich [222]

The cost of buying and leasing is: A. buy: 14720; lease: 14996.

<h3>Cost of buying and leasing</h3>

1. Cost of Buying:

Total loan payment= 385× 48 months

Total loan payment= $18,480

Cost of buying = Down Payment + Loan payment + ( Opportunity cost ×Down payment× X term in years ) - Ending loan estimated value

Cost of buying= 2,000 +$18,480 + (2000 × 0. 03× 4 years ) - 6,000

Cost of buying= 2,000 + $18,480+240-6,000

Cost of buying= 14,720

2. Leasing:

Total Lease payment=295× 48 months

Total lease payment= $14,160

Leasing= Total lease payment + End of lease charges + ( Security deposit × Opportunity cost× X term in years))

Leasing= $14,160+ 800 + (300 ×0.03×4)

Leasing= $14,160+ 800 +36

Leasing=14996

Therefore the cost of buying and leasing is: A. buy: 14720; lease: 14996.

Learn more about Cost of Buying and leasing here: brainly.com/question/15694660

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3 0
2 years ago
In a task assignment situation, in how many different ways can five jobs be assigned to five machines if each job must be assign
Tcecarenko [31]
<span>120
   The simple answer is that 5 items can be arranged 5! (5 factorial) different ways. But let's expand upon that brief answer. We have 5 jobs and 5 machines with which to perform those jobs. So let's look at the 1st machine. Any of 5 of the jobs may be assigned to it. Now we have 4 jobs left unassigned. So let's look at the 2nd machine. For that machine, any of the 4 remaining jobs may be assigned to it, leaving 3 unassigned jobs. We can continue in that fashion, assigning at random one the of 3 remaining jobs to the 3rd machine, one of the 2 remaining jobs to the 4th machine, and finally, the only unassigned job to the 5th machine. So there's 5 * 4 * 3 * 2 * 1 = 5! = 120 different ways to assign those 5 jobs to all 5 machines.</span>
3 0
3 years ago
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