M. Keenan (partner) $110,000 S. Kludlow (partner) 98,000 N. Perry (supervisor) 53,000 T. Lee (factory worker) 32,100 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,200 S. Ruiz (bookkeeper) 24,100 C. Rudolph (maintenance) 5,300 The partnership of Keenan and Kludlow paid the following wages during this year: 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

M. Keenan (partner) $110,000 S. Kludlow (partner) 98,000 N. Perry (supervisor) 53,000 T. Lee (factory worker) 32,100 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,200 S. Ruiz (bookkeeper) 24,100 C. Rudolph (maintenance) 5,300 The partnership of Keenan and Kludlow paid the following wages during this year: 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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 24P

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H1.
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) > In addition, the partnership owed $200 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 $ 235.8 X b. SUTA tax for this year S 1,413 X $85,000 75,000 53,000 34,600 29,800 6,900 25,400 5,100 Feedback 4
Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?
Arnold (A), Bower (B), and Chambers (C) are partners in a small manufacturing firm whose net assets are as follows: (attached)The partnership agreement calls for the allocation of profits and losses as follows:a. Salaries to A, B, and C of $30,000, $30,000, and $40,000, respectively.b. Bonus to A of 10% of net income after the bonus.c. Remaining amounts are allocated according to profit and loss percentages of 50%, 20%, and 30% for A, B, and C, respectively.Unfortunately, the business finds itself in difficult times: Annual profits remain flat at approximately $132,000, additional capital is needed to finance equipment which is necessary to stay competitive, and all of the partners realize that they could make more money working for someone else, with a lot fewer headaches.Chambers has identified Dawson (D) as an individual who might be willing to acquire an interest in the partnership. Dawson is proposing to acquire a 30% interest in the capital of the partnership and a revised…
driana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne?Gonzalez: $fill in the blank 1Van Horne: $fill in the blank 2 I got this question wrong for Gonzalez I put 49500 and Van home 24750 wrong.
Carla Vista Co. reports net income of $67,000. Partner salary allowances are Pitts $12,000, Filbert $8,000, and Witten $4,000. Indicate the remaining income and division of net income to each partner, assuming the income ratio is 56 : 20 : 24, respectively.
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash, and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also took Kelley’s $92,500 longterm note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $25,000, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $34,000 cash and Kelley withdrew $20,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $90,000. 1. Prepare journal entries to record (a) the partners’ initial capital investments, (b) their cash withdrawals, and (c) the December 31 closing of both the withdrawals and Income Summary accounts. 2. Determine the balances of the partners’ capital accounts as of…
Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Dee is to be lowed a salary of P 28,000 and that Cee is to be guaranteed P 21,000 as his share of the profits. During the first year of operation, service revenue are P 180,000, while expenses total P 96,000. What amount of net income should be credited to Bee's capital account? What amount of net income should be credited to Dee's capital account?
Ozzello Property Management is organized as a partnership. The owners, Lorenzo, Erwin, and Michelle, share profits and losses 30:30:40. Ozzello has the following results for the current year: Management fees $211,400 Long-term gain on sale of investments 21,700 Short-term loss on sale of investments 3,000 Salaries paid to employees 65,700 Office rent 43,300 Office expenses 20,100 What is the business income of each partner?
John Prado and Ayana Nicks formed a partnership, dividing income as follows:1. Annual salary allowance to Prado, $10,000 and Nicks, $28,000.2. Interest of 5% on each partner’s capital balance on January 1.3. Any remaining net income divided equally.Prado and Nicks had $20,000 and $50,000, respectively, in their January 1 capital balances. Net income for the year was $30,000.How much net income should be distributed to Prado and Nicks?
Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Dee is to be allowed a salary of P 28,000 and that Cee is to be guaranteed P 21,000 as his share of the profits. During the first year of operation, service revenue are P 180,000, while expenses total P 96,000. What amount of net income should be credited to Bee's capital account?
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $92.000 cash, and Kelley contributed land valued at $73,600 and a bulding valued at $103.600. The partnership also took Kelley's $82000 long-term note payable associated with the land and bullding. The partners agreed to share Income as follows: Eckert gets an annual salary allowance of $30,000, both get an annual Interest allowance of 9% of their Initial capital Investment, and any remalning Income or loss Is shared equally. On October 20, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. After adjusting and closing entrles are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $76.000. Required: 1a. & 1b. Prepare journal entries to record the partners' initial capital Investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of Income, and then prepare journal entries to close Income Summary and the partners'…

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bartleby, a Learneo, Inc. business

M. Keenan (partner)	$110,000
S. Kludlow (partner)	98,000
N. Perry (supervisor)	53,000
T. Lee (factory worker)	32,100
R. Rolf (factory worker)	27,000
D. Broch (factory worker)	6,200
S. Ruiz (bookkeeper)	24,100
C. Rudolph (maintenance)	5,300