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
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

You might be interested in
FIRST ANSWER GETS BRAINLIEST!
klio [65]

Answer:

C

Explanation:

5 0
2 years ago
Enterprising people will make good office workers.<br> A.True<br> B. False
vaieri [72.5K]

Answer:

A.True

Explanation:

Enterprising means having or showing initiative and resourcefulness making it helpful in a office.

4 0
2 years ago
Read 2 more answers
A ______ provides the opportunity for distributed practice, one of the keys to deep and lasting learning.
baherus [9]
<span>A "32-day commitment" provides the opportunity for distributed practice, one of the keys to deep and lasting learning.
</span>
There are number of various advantages of making and keeping a 32-day commitment. To start with, it ensures that you invest some time in undertaking, which is basic to any achievement. Second, a 32-day responsibility naturally gives circulated hone, one of the keys to profound and enduring learning. And third, it encourages you to gain unmistakable ground toward your objective, along these lines raising your desires of progress and your inspiration to endure.
7 0
3 years ago
WILL GIVE BRAINLIEST!!
anyanavicka [17]

Answer:

Explanation:

Of free enterprise

7 0
3 years ago
A tax on gasoline that is applied at the point of purchase, like a sales tax, would likely cause an increase in the
Mademuasel [1]

The correct option is C. The consumer will have to pay more because the supply of gasoline will decrease, which would put upward pressure on the price.

<h3>What is Gasoline?</h3>

Gasoline, or petrol, is a transparent, volatile, flammable liquid hydrocarbon mixture used as a fuel, especially for internal combustion engines, and usually blended from several products of natural gas and petroleum.

Thus, the tax on gasoline at the point of purchase would increase the price consumers have to pay for gasoline.

Learn more about Gasoline here:

brainly.com/question/13402652

#SPJ1

8 0
2 years ago
Other questions:
  • The following are the assets and liabilities of Jill Carlson Realty​ Company, as of January ​31, 2018. Also included are​ revenu
    8·1 answer
  • Bond Calculations: 1) Avon Products Note 06.5% Coupon: 6.500% Maturity 5 years Rating: Moodys: BAA3 Price: $108.093 Calculate: Y
    9·1 answer
  • A consumer products company is analyzing data collected and published by trade associations and general business magazines. This
    13·1 answer
  • You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 6 percent, -14 percent, 12perce
    11·1 answer
  • _____is the meaning derived from words.<br><br> Syntax<br> Morphology<br> Semantics
    13·2 answers
  • What factors can lead to the development of mixed economie?
    13·1 answer
  • George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits unti
    10·1 answer
  • Bond X is noncallable and has 20 years to maturity, a 11% annual coupon, and a $1,000 par value. Your required return on Bond X
    9·1 answer
  • "is a practice concerned with increasing awareness, fostering learning, speeding collaboration and innovation, and exchanging in
    8·1 answer
  • georgia has an investment portfolio of five stocks. two of the stocks are energy companies, and three are computer manufacturers
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!