How much is the share of Lorna share in the net income? * P89,235.00 P90,382.50 P90,735.00 P91,350.00 answer not given On July 1, 2020, Lorna and Verna decided to form LOVE partnership whichearned net income of P180,000 at the end of the year. The capital accountsof the partnership show the following transaction.Lorna, CapitalDebitCreditVerna, CapitalCreditDebitJuly 1September 1 P6,000P80,000P50,000October 110,00010,0009,000December 1Partners agreed to give interest of 12% per annum on average capital andthe balance of profits to be divided equally.

Answer: Concept: The net income is distributed in following manner: 1. Firstly, interest @12% is…

Answered: How much is the share of Lorna share in…

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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Problem 12-20 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an S corporation, shows $230,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received § 1231 gain Depreciation recapture income Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each). Cost of goods sold Feedback a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income Check My Work ($46,000) 6,900 20,700 16,100 23,000 11,500 (13,800) (27,600) (207,000) Feedback ✓is: b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders?
Subject: accounting
An individual is a head of household. What is her standard deduction? a.$18,350 b.$24,800 c.$12,400 d.$18,650 e.None of these choices are correct.
X Your answer is incorrect. William, who is single, has the following items for the current year: Wages Rental loss Interest income Capital gains NOL carryforward from 2017 Mortgage interest expense Real estate taxes State income taxes What is William's net operating loss for the current year? Loss tA $54,500 ($76,500) $1,750 $2,550 ($13,500) $12,500 $6,000 $3,500 $ 53200
CASE 26 All taxpayers are VAT taxpayers. Prices given are VAT not included: Sale by Mr. A to Mr. B for P140,000; Sale by Mr. B to Mr. C for P280,000; Sale by Mr. C to Mr. D for P560,000; Sale by Mr. D to Mr. E for P750,000. (a) Value-added tax payable by Mr. B? (b) Value-added tax payable by Mr. C? (c) Value-added tax payable by Mr. D?
X derived the following income in 2020, shade A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to capital gains tax and D if it is exempt
Schedule Z-lIf your filing status is Head of household The tax is: If your taxable income is: of the But not amount Over- over- over- $0 $13,850 10% 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b form
please
58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D. some other answer
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition

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