Given: -
Sarah's income = 25% of the partnership income but not less than $12,000.
Net income of partnership for the year = $32,000.
To find: -
1) Amount that can be deducted by partnership as guaranteed payment.
2) Income that Sarah is to report on her tax return.
Solution: -
Partnership income = $32,000
Sarah's share = 25% of 32000 = $8,000
But Sarah must receive $12,000 (Shortfall $12,000-$8,000=$4,000)
So, 1) $4,000 can be deducted by partnership as guaranteed payment.
2) Income that Sarah needs to report on her tax return = $12,000.
<span>the action of selling the same product at different prices to different buyers, in order to maximize sales and profits.
</span>
Answer:
$0
Explanation:
Since in the given situation there is a depreciation method change i.e. from the straight-line method to double-declining method so there would be no impact restrospectively.
Hence, there would be no cumulative impact as it creates the impact prospectively
So the impact would be zero
Based on the various cost rates and hours for XYZ Company, the labor efficiency variance is $2,000 unfavorable
<h3>What is the labor efficiency variance?</h3>
This can be found as:
= (Actual hours x Standard rate) - (Standard hours x Standard rate)
Solving gives:
= 83,000 - 85,000
= $2,000 unfavorable
Find out more on the labor efficiency variance at brainly.com/question/27404735
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