The answer & explanation for this question is given in the attachment below.
The amount that ACME Partnership should report as ordinary income is $83,000.
Data and Calculations:
Sales Revenue = $200,000
Cost of goods sold = 115,000
Gross profit = $85,000
Administrative expenses 2,000
Operating income = $83,000
Interest expense 13,000
Taxable income $70,000
Charitable contributions 2,000
Long-term capital gain 10,000
The operating income is the ordinary income before determining the eligibility of the charitable deductions and the long-term capital gain.
Thus, the ordinary income of ACME Partnership is $83,000.
Learn more: brainly.com/question/25056982
Answer:
$2,500
Explanation:
The computation of the amount of bonus to the old partner is shown below:
But before that first we have to find out the contributed capital which is
= $50,000 + $60,000 + $40,000
= $150,000
Now the interest rate is 25%
So, the capital after considering the interest rate is
= $150,000 × 25%
= $37,500
And, the new partner invested amount is $40,000
So, the amount of the bonus is
= $40,000 - $375,00
= $2,500
Skills that will be useful for a roofer:
1. I am physically fit and strong -
3. Math and shop class. Math is important because there will be measurements and counting involved.
4. Good at managing my own time.
