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mr Goodwill [35]
2 years ago
15

Acme Partnership reported the following items of income and expense: Sales $200,000 Cost of goods sold 115,000 Interest expense

on bank line of credit 13,000 Charitable contributions 2,000 Administrative expenses 50,000 Long-term capital gain 10,000 What amount should be reported as ordinary income
Business
1 answer:
Yanka [14]2 years ago
4 0

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

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Answer:

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Explanation:

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The partnership dissolves and a new partnership is created when one of the partners is removed, retired or deceased or even when a new partner is introduced. Thus, <em>partnerships have a limited life</em>.

8 0
3 years ago
The point at which birth and death rates balance is called
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Answer:

B balancing growth

Explanation:

4 0
3 years ago
Lucas Co. has a job-order cost system. For the month of April, the following debits (credits) appeared in the general ledger acc
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Answer:

direct material charge = $8500

Explanation:

given data

April 1 balance = $24000

April 30 Direct materials = 80000

April 30 Direct labor = 60000

April 30 Factory overhead = 54000

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so balance is = finished goods - ( balance + Direct materials + Direct labor + Factory overhead )

put here value

balance =  200000 - ( 24000 + 80000 + 60000 + 54000 )

balance = 18000

so here balance above $18000 is total manufacture cost of job no 100

so direct material charge for job no 100 is

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direct material charge = 18000 - 4500 - 5000

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5 0
3 years ago
A budgeting process where individuals who are impacted by a budget are directly involved in its development is​ called: A. parti
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Answer:

A. participative budgeting

Explanation:

Participative budgeting -

It refers to the type of method of budgeting , where the person implementing the budget as well as the person getting affected by the budget are involved in the process of creating the budget , is referred to as participative budgeting .

In this method the top - level managers are supposed to share the decision of budgeting with the bottom - level managers as well .

Hence , from the given information of the question ,

The correct answer is A. participative budgeting .

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A low-involvement consumer could be described as someone who does not observe much risk in a product after purchase and could continue using the product due to his or her reservation on the product instead of returning to the retailer where it was gotten. Ying discovers that she can manage the detergent as long as it's able to remove stain from her cloth even though it has a bad odour. She is seen as a low-involvement consumer.

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