Alex and Addison are married and have the following income items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 itemized deductions and no children or other dependents.
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Q: Why is the answer not $4,000? Shouldn't the ratio be 1:2?
A: Computation of Total Loss:
Married filing jointly and surviving spouses | $25,900 |
---|---|
Married filing separately | 12,950 |
Head of household | 19,400 |
Single | 12,950 |
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- The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $14,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $40,000 Chase Chloe Total Salaries $4 Remaining income allocation Total division of income B. $12,000 Chase Chloe Total Salaries Remaining income allocation Total division of income C. S(10,000) Chase Chloe Total Salaries Remaining income allocation Total division of income %24 %24 %24 %24 %24 %24 %24 %24Case 1 Mazin, Mansoor and Malik started a partnership firm on January 1, 2019. They contributed RO. 50,000, RO. 40,000 and RO. 30,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Mazin is to be paid salary of RO. 12000 p.a. and Mansoor commission of RO. 2,500 every 6 months. It also provided that interest on capital be allowed @ 6% p.a. The drawings for the year were: Mazin RO. 6,000, Mansoor RO. 4,000 and Malik RO. 2,000. Interest on drawings was RO. 270 for Mazin, RO.180 for Mansoor and RO. 90 for Malik. The net amount of profit as per the profit and loss account for the year ended 2019 was RO. 35,660. Question: Prepare the necessary accounting entries, the profit and loss appropriation account and the partners' capital accounts. Based on the above information answer the following ‘3’ questions. (Do not upload any documents in the moodle) 31. Identify which one of the following accounting entry for payment…Ratio Analyses for Victor and Maria Review the financial statements of Victor and Maria Hernandez and the financial ratios provided below. Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez, January 1, 2018 Dollars Percent ASSETS Monetary Assets Cash on hand 1,200 0.3 Savings account 4,200 1.1 Victor's checking account 2,700 0.7 Maria's checking account 3,300 0.8 Tax refund due 700 0.2 Rent receivable 650 0.2 Total Monetary Assets $ 12,750 3.3% Tangible Assets Home 192,000 49.0 Personal property 9,000 2.3 Automobiles 9,500 2.4 Total Tangible Assets $ 210,500 53.7% Investment Assets Fidelity mutual funds 4,000 1.0 Scudder mutual fund 4,500 1.1 Ford Motor Company stock 2,500 0.6 New York 2038 bonds 4,100 1.0 Life insurance cash value 5,400 1.4 IRA accounts 34,400 8.8 Real estate investment 114,000 29.1…
- ACCOUNTING 308 TAX RETURN PROJECT #1 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda owns her own business. They file a joint return. Personal items: Wages / Salaries $75,000 (Includes both Lance and Wanda) Interest Income 1,100 Child support payments to John Allen 7,200 Lottery winnings 630 Federal income tax withholding 5,800 State income tax withheld 2,500 Wanda was previously married to John Allen, they divorced several years ago (prior to 2018). Under the divorce decree, Wanda was obligated to pay alimony to John. She paid him $7,200 throughout the year. Wanda is the owner of her own business. Throughout the year she earned $20,000 of taxable income from this business (taxed as an S-Corp). Additionally, Lance and Wanda had: (1)Sale of LMN publically traded stock on 8/15/2020 for $8,000 (originally purchased for $7,000 on 1/15/2016) (2)Sale of QRS publically…Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $56,000 Adjustments: none Deductions: $4502 state taxes $1000 theft loss Tax credit: $3000 i Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)Part A Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 Revenue Expenses $ $ 11,600,000 Salaries & Wages Employer NIS Contribution Rent and Rates 7,600,000 1,400,000 2.400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties 115,000 Drawings 105,000 14,225,000 Net Loss 2,625,000 Notes to the Income Statement 1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain 2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual…
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- Question: What is Patrick's equity balance at December 31, 2021 after dividing the profit?On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets and liabilities. ACCOUNTS MALACHI HAGGAI P 136,000 P 76,000 48,000 Cash Accounts Receivable 88,000 304,000 364,000 480,000 Inventories Machinery Accounts Payable Notes Payable 440,000 144,000 216,000 140,000 60,000 Malachi decided to pay-off his notes payable from his personal assets. It was also agreed that Haggai's inventories were overstated by P24,000 and Malachi machinery was over-depreciated P20,000. Haggai is to invest/withdraw cash in order to receive a capital credit that is 20% more than Malachi's total net investment in the partnership. Immediately after the formation, compute for the following: 1. Total cash of the partnership 2. Total assets of the partnership 3. Total capital of the partnership