Thomas had the following income: Wages $175,000 Dividend income $20,000 Interest income $5,000 Royalty income $7,000 Active partnership income $12,000 Active single member LLC income $5,000 What is his net investment income? $224,000 $44.000 $32.000 $19.000 $37.000
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- This year Sheila's income from her partnership is $225.000 Sheila's business deductions from the partnership total $440,000. Sheila also earns $170,000 of W-2 income and has $65,000 of investment income What is the amount of the excess business loss that is carried forward as a NOL? A.$0 B. $150.000 C. $200.000 D. $216.000E3 Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried.Share of profits from a partnership R 700 000Loan from partnership R 200 000Interest earned on savings account R 22 500Rental of second property R 77 000Local dividends received R 10 000He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out.Calculate his taxable income for the 2022/2023 year of assessment.The notes payable amount for Trent and Dana’s company totaled $55,000, and the accounts payable totaled $59,000. The total sale of noncash assets realized a gain of $7,400. If the partnership pays in full, how much will their creditors be paid? 1.$120,600 2.$106,600 3.$66,400 4.$114,000
- The following data pertain Ali,Saeed partnership for the first year of operations: Revenues OR360,000 Cost of goods sold OR150,000 Salaries expenses OR25,000 Interest expenses OR3,000 OR8,000 (for Insurance policy two years) The net income for the first year will be: Select one: a. OR178,000 b. OR174,000 C. OR210,000 d. OR182,000Alex, Barnes, Caleb and Davis have the following partnership business:Assets Liabilities and equitiesCash $55,000 Liabilities $40,000Current assets 30,000 Alex, capital 60,000Land 205,000 Barnes, capital 70,000Building and Equip’t 110,000 Caleb, capital 90,000 Davis, capital 140,000Total assets $400,000 Total Liab. and Eq’s $400,000The partners share profits and losses equally. Provide the partners’ ending capital balances in each of the followingindependent situations. a. Eldridge is added to the partnership after contributing $90,000 to the business. No goodwill or bonus is recorded. b. Eldridge contributes $100,000 in cash to the business and receives a 20% interest in the partnership. Eldridge’s $100,000…Required information Paul and Wayne equally own PW Partnership. Paul's basis was $30,000 and Wayne's basis was $22,000 at the beginning of the year. PW Partnership had the following income and expense items: Sales $ 330,000 Cost of goods sold 220,000 Guaranteed payment to Paul 40,000 Rent expense 24,000 Depreciation 33,000 Interest expense 4,000 Tax-exempt income 3,000 Health insurance premiums for Paul 3,600 Health insurance premiums for Wayne 3,600 PW Partnership's non-financial information is as follows: Name: PW Partnership Address: 5 Furniture Street, Anywhere, NC 28777 EIN: 56-1234567 Date Partnership Began: 01/01/10 Business Code: 442110 Principal Business Activity: Retail Principal Product or Service: Furniture Follows the Cash Method of Accounting b. Calculate Paul’s basis in his partnership interest.
- Determine John's AGI using the following information: Wages 50,000 Interest income 2,000 Dividend income 3,500 Net rental income 6,000 K-1 loss from limited partnership (3,000) Group of answer choices 58,500 55,500 61,500 0 please explain in best way without plagiasrism from other sites thnku9. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid tobanks, P2,000; interest allowances on average capital balances, P2,500 and partners’drawings, P8,000. How much is the partnership profit?X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits? A $14,000 B $22,000 C $26,000 D $26,667
- Question 1: Calculate the contribution, profit and loss sharing (Chapter 12) John Contribution-- $120,000 William Contribution-- $180,000 John received salary from the partnership $80,000 William received salary from the partnership $90,000 Capital allocation to each partner 12% Reminding profit and loss sharing equally. 50% to john 50% to William Equity Statement Net Income John William Total $650,000Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?18. Partner Quito had a beginning capital balance of P35,000 and made additional investments of P27,000 during the year. In the same year, Quito made drawings of P5,000 per month. The post-closing capital balance of Quito is P72,000. What is his share in the partnership profit? a. P70,000 b. P15,000 C. P60,000 d. P72,000