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Ostrovityanka [42]
3 years ago
13

Stephanie is a calendar year cash basis taxpayer. She owns a 50% profit and loss interest in a cash basis partnership with a Sep

tember 30 year-end. The partnership’s operating income (after deducting guaranteed payments) was $120,000 ($10,000 per month) and $144,000 ($12,000 per month), respectively, for the partnership tax years ended September 30, 2011 and 2012. The partnership paid guaranteed payments to Stephanie of $2,000 and $3,000 per month during the fiscal years ended September 30, 2011 and 2012. How much will Stephanie’s adjusted gross income be increased by these partnership items for her tax year ended December 31, 2011?
A. $60,000.
B. $72,000.
C.$84,000.
D. $90,000.
E. $108,000
Business
1 answer:
Nastasia [14]3 years ago
8 0

Answer:

d. 90,000

Explanation:

Amount received from partnership

                                                          2011                           2012

operating income                         60,000                         72,000

                                             (50% of 120,000)           (50% 0f 144,000)

guaranteed payments                  24,000                           36,000

                                              (2,000 × 12)                      (3,000 × 12)

    Total                                       84,000                            108,000

84,000 × 9/12 (from 1 jan 2011 - 30 sept 2011) = 63,000

108,000 × 3/12 (from 1 oct 2011 - 31 dec 2011) = 27,000

Total = 90,000 option d

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Which two of the three financial statements would you find Net Income on?
xxTIMURxx [149]

Answer:

C) Income Statement and Cash Flow Statement

Explanation:

The Income Statement shows a clear separate entry for the Net income which is calculated after all the deductions and additions.

Net Income is the first balance shown on the cash flow statement after which the calculations are carried out to find the flow of cash in and out of the company.

Net income is also shown in the Balance Sheet but not separately but together with retained earnings. It is added to the retained earnings and the amount is shown as a whole amount of retained earnings  or shown as a change in equity.

So best answer is C because the question asked is where would you find Net Income on?

Meaning separately. So it is separately present on Income Statement and Cash Flow Statement.

Otherwise it is present  on all three statements ( on balance sheet as part of retained earnings or equity).

6 0
3 years ago
Jack is yelling at Samantha because she was late last week. Unfortunately, the whole office can hear. Now Samantha is not only u
lukranit [14]

Answer:

In this case, Jack's "human/interpersonal skills" failed. The skills that Jack is failing to use are important for "managers."

Explanation:

From the statement above, we can assume that Jack's position is superior to that of Samantha. He is, probably, the manager. However, he yelled at Samantha last week because she was late. In this case, Jack failed in his "human skills." This is also known as<em> "interpersonal skills,"</em> which is <u>a set of skills related to interacting effectively with other people.</u>

A manager with good interpersonal skills knows how to listen to his subordinates. In fact, he should be an <em>active listener,</em> which means he should be observant upon listening to other people's explanation. He should also provide advice or solve problems without yelling.

Thus, this explain the answers.

6 0
3 years ago
SoldByAir provides drone services to the real estate industry, both residential and commercial. The purchasing manager is gettin
ladessa [460]

Answer:

The indifference point is 22,381 hours a year.

Explanation:

Giving the following information:

SecureAll:

Fixed costs= $900,000

In house:

Fixed costs= (100,000*4) + 30,000= $430,000

Variable costs= $21 an hour

First, we need to structure the cost formula for each option:

SecureAll= 900,000

In-house= 430,000 + 21*x

X= number of hours

Now, to calculate the indifference point, we need to equal both formulas and isolate X:

900,000= 430,000 + 21x

470,000/21= x

22,381= x

The indifference point is 22,381 hours a year.

8 0
3 years ago
At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivab
Marina86 [1]

Answer:

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

Explanation:

Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

($31,500+$900)

( To record its estimated bad debts expense)

Estimated Bad debts expense =Account receivables + Debit balance

Estimated Bad debts expense= $31,500 + 900

Estimated Bad debts expense=$32,400

7 0
3 years ago
An agenda is needed to conduct a purposeful meeting.
Rom4ik [11]
What do you need answered here?
8 0
3 years ago
Read 2 more answers
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