5-9A (concluded)In addition, the partnership owed $200 to Rudolph for work he performed during December. However, paymentfor this work will not be made until January of the following year. The state unemployment tax rate for the companyis 2.95% on the first $9,000 of each employee's earnings. Compute:a. Net FUTA tax for the partnership for this year.b. SUTA tax for this year..2$................. SHOW5-9A • LO 3, 4See Example 5-2 on page 5-9ME HOWThe partnership of Keenan and Kludlow paid the following wages during this year:M. Keenan (partner)..S. Kludlow (partner)..N. Perry (supervisor).T. Lee (factory worker).R. Rolf (factory worker).D. Broch (factory worker)S. Ruiz (bookkeeper)..C. Rudolph (maintenance).$85,00075,00053,00034,60029,8006,90025,4005,100

FUTA Tax - The Federal Unemployment Tax Act is a federal law which requires employers to pay a…

5-9A • LO 3, 4 See Example 5-2 on page 5-9 SHOW ME HOW The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner).. S. Kludlow (partner). N. Perry (supervisor). T. Lee (factory worker). R. Rolf (factory worker). D. Broch (factory worker) S. Ruiz (bookkeeper). C. Rudolph (maintenance). . $85,000 75,000 53,000 34,600 29,800 6,900 25,400 5,100

5-9A • LO 3, 4 See Example 5-2 on page 5-9 SHOW ME HOW The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner).. S. Kludlow (partner). N. Perry (supervisor). T. Lee (factory worker). R. Rolf (factory worker). D. Broch (factory worker) S. Ruiz (bookkeeper). C. Rudolph (maintenance). . $85,000 75,000 53,000 34,600 29,800 6,900 25,400 5,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $430,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,200 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $430,200 net indome by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to…
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The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $80,500 S. Kludlow (partner) 71,500 N. Perry (supervisor) 56,500 T. Lee (factory worker) 38,400 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,600 S. Ruiz (bookkeeper) 26,600 C. Rudolph (maintenance) 5,400 In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year$fill in the blank 1 b. SUTA tax for this year
Question 5 Allan, Bryan and Catty are partners in a partnership engaging in a food catering business. The terms of the partnership agreement until 30 September 2021 were as follows: Allan Bryan Catty RM RM RM Capital contribution Salary per annum Interest on capital per annum Partners' private expenses 90,000 60,000 105,000 75,000 72,000 54,000 5% 5% 5% 10,000 9,000 7,000 On 30 September 2021, Bryan withdrew as a partner. Upon the withdrawal of Bryan, the interest on capital for Allan and Catty was revised to 4% per year with the other terms remaining the same. The profit or loss is shared equally among the partners throughout the whole year. The provisional adjusted income for the year ended 31 December 2021 was RM280,926. The capital allowance on the plant and machinery was RM4,000. The partnership made a cash donation of RM6,000 to an approved institution on 30 June 2021. Required: Compute the divisible income for the partnership and the total income of the partners for the year of…
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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions.
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
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