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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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Explanation:

Lesson two unit lab for advertising sales promotion

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1)he had an approach to marketing he drew people in

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5 0
3 years ago
if dan's baseball card collection is stolen after he entered in to an agreement to sell the cards, the contract must be because
Pie

If dan's baseball card collection is stolen after he entered into an agreement to sell the cards, the contract must be discharged, because of the impossibility of performance.

What is the agreement?

A contract between two or more people to do something is referred to as an agreement. Two or more parties must agree to the terms of the agreement in order to create a legally binding commitment.

The baseball card collection entered into an agreement to sell the cards, the contract must be discharged, and the performance is impossible. The credit card was taken. This is the primary reason for the performance's impossibility.

As a result, the agreement of the discharge of the contract.

Learn more about the agreement, here:

brainly.com/question/24225827

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5 0
1 year ago
You have your choice of two investment accounts. Investment A is a 12-year annuity that features end-of-month $1,900 payments an
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Explanation:

6 0
3 years ago
ABC Company owns 30% of the outstanding shares of Teal Company. At the beginning of the current year, the carrying value of Teal
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Answer:

$69,000

Explanation:

Percentage of shares owned by ABC in Teal's company = 30%

This is an example of equity method investment , and a portion of the attributable income at the end of the year is earned and added to the initial stock.

Attributable income is the remaining income after dividends have been settled.

<u>Workings</u>

The opening carrying value of the shares on ABC balance sheet = 60,000

Profit made at the end of the period = 40,000

Dividends paid = 10,000

Attributable income to share holders = 40000-10000 = 30,000

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Carrying value at the end of the year = opening carrying value + portion of the attributable profit

=60000+9000=69000

6 0
3 years ago
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