Do personal profits earned directly as a result of one partner's connection with the partnership belong to the firm:________

The trial balance of Tamarisk, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory

user100 [1]

Solution and Explanation:

Cost of goods sold section :

Beginning inventory, September 1, 2013 24350

Purchase 203160

Less: Purchase return and allowance -8250

Net purchase 194910

Add: Freight in 9080

Cost of goods purchased 203990

Cost of goods available for sale 228340

Less: Inventory august 31,2014 -24300

Cost of goods sold 204040

Note: Net purchases are calculated after deducting purchase return and allowances from the purchase. For calculating the cost of goods purchased, freight in is to be added.

8 0

3 years ago

Your client is 40 years old. she wants to begin saving for retirement with the first payment to come one year from now. she can

SpyIntel [72]

Given that a 40 years old woman wants to begin saving for retirement with the first payment to come one year from now. she can save $5,000 per year, and she invested it in the stock market, which she expects to provide an average of 9% in the future.

Part A:

The value of her investment at the age of 65 (25 years) is given by:

$FV=P \frac{(1+r)^n-1}{r}$ ,
where FV is the value of the investment n years from now; P is the periodic payment = $5,000; r is the rate of return = 9% = 0.09 and n is the number of years = 25 years.

$FV=5000\left( \frac{(1+0.09)^{25}-1}{0.09} \right) \\ \\ 5000\left( \frac{8.6231-1}{0.09} \right)=5000(84.70) \\ \\ =\$423,504.48$

Part B:

The value of her investment at the age of 70 (30 years) is given by:

$FV=P \frac{(1+r)^n-1}{r}$ ,
where FV is the value of the investment n years from now; P is the periodic payment = $5,000; r is the rate of return = 9% = 0.09 and n is the number of years = 30 years.

$FV=5000\left( 
\frac{(1+0.09)^{30}-1}{0.09} \right) \\ \\ 5000\left( 
\frac{13.2677-1}{0.09} \right)=5000(136.31) \\ \\ =\$681,537.69$ 

Part C:

If she retires at the age of 65 and she expects to live additional 20 years after retirement, the present value her investment where an equal amount is withdrawn at equal interval of times is given by:

$PV=P \frac{1-(1+r)^{-n}}{r}$
where PV is the present value = $423,504.48; P is the amount withdrawn at the end of each year; r is the rate of return = 9% = 0.09; n is the number of years = 20 years.

Thus,

$423,504.48=P\left( \frac{1-(1+0.09)^{-20}}{0.09} \right) \\ \\ =P\left(\frac{1-0.1784}{0.09}\right)=9.1285P \\ \\ \Rightarrow P= \frac{423,504.48}{9.1285} =\$46,393.42$

Therefore, the amount she will be able to withdraw at the end of each year after retirement is $46,393.42

Part D:

If she retires at the age of 70 and she expects to live additional 15 years after retirement, the present value her investment where an equal amount is withdrawn at equal interval of times is given by:

$PV=P \frac{1-(1+r)^{-n}}{r}$
where PV is the present value = $681,537.69; P is the amount withdrawn at the end of each year; r is the rate of return = 9% = 0.09; n is the number of years = 15 years.

Thus,

$681,537.69=P\left(
 \frac{1-(1+0.09)^{-15}}{0.09} \right) \\ \\ 
=P\left(\frac{1-0.2745}{0.09}\right)=8.0607P \\ \\ \Rightarrow P= 
\frac{681,537.69}{8.0607} =\$84,550.80$

Therefore, the amount she will be able to withdraw at the end of each year after retirement is $84,550.80

4 0

3 years ago

You are the project manager for Fun Days Vacation Resorts. Your new project assignment is to head up the Fun Days resort opening

Klio2033 [76]

Answer:

Project Time Management

Explanation:

Project Time Management

It is the component of the overall project management where a timeline is developed and analyzed for the project completion process .

It is a dynamic process and require input via different teams and individuals , that work together in an integrated manner to complete the project .

This process is refers to as the Project Time Management .

4 0

3 years ago

Pablo has a $63,000 basis in his partnership interest. On May 9 of the current tax year the partnership distributes to him, in a

olasank [31]

Answer:

1. How much is Pablo s realized and recognized gain on the distribution?

Pablo's realized gain = $25,000 (cash) + $16,000 (cash receivable) + $80,000 (land) - $63,000 (basis) = $58,000

Pablo's recognized gain = $0, since the cash distribution reduces his partnership basis to $38,000 ($63,000 - $25,000), the receivables have a $0 basis, and land distributions are not recognized as gains.

2. What is Pablo's basis in the receivables, land, and partnership interest following the distribution?

Pablo's basis in the receivables = $0

Pablo's basis in the land = $63,000 - $25,000 = $38,000

Pablo's partnership interest = $0

7 0

3 years ago

What are two ways that the free-enterprise system works to break the three powers of monopolies. (two ways per power, the powers

anyanavicka [17]

The free enterprise system can produce unfavorable effects when they reduce competition and protect inefficient competitors.Also,results are annoying when costs of legal intervention are greater than benefits for the consumers.
I hope it helps.
Thank you

8 0

3 years ago

Do personal profits earned directly as a result of one partner's connection with the partnership belong to the firm:_________