Question

Mr. AB, a senior partner in a designing firm has a 30% share in earnings. In...

Mr. AB, a senior partner in a designing firm has a 30% share in earnings. In 2019, he transferred to the firm property with a current fair value of 25000 that originally cost him 30,000 and made a capital withdrawal of 130,000

If his ending capital balance was 60,000 less than his beginning capital balance, how much wqs the partnership net income in 2019?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer -

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ritchie, a partner in the partnership that carries the name Car Parts has a 30% participation...
Ritchie, a partner in the partnership that carries the name Car Parts has a 30% participation in the partnership profits. His capital account had a net decrease of P48,000 during the year. During the same year, Ritchie withdrew P104,000 (charged against his capital account) and contributed property valued at P20,000 to the partnership. What was the net income of the business for that year? Group of answer choices 120,000 440,000 132,000 36,000 Flag this Question Question 22 pts On April...
What is the earnings per share? Orange Inc.’s common stock sold for $2.75 per share at...
What is the earnings per share? Orange Inc.’s common stock sold for $2.75 per share at the end of this year. The company paid a common stock dividend of $0.55 per share this year. It also provided the following data excerpts from this year’s financial statements: Ending Balance Beginning Balance Cash $35,000 $30,000 Accounts receivable $60,000 $50,000 Inventory $55,000 $60,000 Current assets $ 150,000 $ 140,000 Total assets $450,000 $460,000 Current liabilities $60,000 $40,000 Total liabilities $ 130,000 $ 120,000...
2. Barber and Atkins are partners in an accounting firm and share net income and loss...
2. Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $303,000, and Atkins's beginning partnership capital balance for the current year is $317,000. The partnership had net income of $328,000 for the year. Barber withdrew $99,000 during the year and Atkins withdrew $28,000. What is Barber's ending equity? A. 631,000 B. 532,000 C. 382,000 D. 467,000 E. 368,000 3. A company must repay...
11. Bread Corporation is a C corporation with earnings of $150,000. It paid $60,000 of dividends...
11. Bread Corporation is a C corporation with earnings of $150,000. It paid $60,000 of dividends to its sole shareholder, Gerald. Gerald also owns 100% of Butter, an S Corporation. Butter had net taxable income of $40,000 and made a $30,000 distribution to Gerald. What total income will Gerald report from Bread and Butter’s activities?        $90,000        $190,000        $150,000        $100,000 12. At the first of the year, Arch and Bean contribute cash equally...
2 . Identify which of the following statements is true: If an S Corporation has no...
2 . Identify which of the following statements is true: If an S Corporation has no accumulated earnings and profits, the amount distributed to a shareholder will not increase the shareholder's basis in the stock        If a C Corporation does not distribute its income to its shareholders, double taxation of the income will occur.        C Corporation operating losses are deductible by the individual shareholders        S Corporation operating losses are never deductible by the individual...
Financial information at 30 June 2020 of Great Ltd and its subsidiary company, Wall Ltd, is...
Financial information at 30 June 2020 of Great Ltd and its subsidiary company, Wall Ltd, is shown below. At 1 July 2017, the date Great Ltd acquired its 80% shareholding in Wall Ltd, all the identifiable assets and liabilities of Wall Ltd were at fair value except for the following assets: Carrying amount Fair value Plant (cost $75,000) $49,000 $55,000 Land 29,000 37,000 The plant has an expected life of 10 years, with benefits being received evenly over that period....
Multiple Choice Questions \Indicate the best answer in the space provided 1. The difference between regulations...
Multiple Choice Questions \Indicate the best answer in the space provided 1. The difference between regulations and revenue rulings is that _____ a. Revenue rulings are not limited to a given set of facts and regulations are limited b. Revenue rulings are the direct law-making powers of Congress and regulations are not c. Revenue rulings require approval by the Secretary of the Treasury; regulations do not d. Revenue rulings do not have the authority of regulations; regulations are a direct...
Question 1: (25 marks) On 1 July 2015, I Ltd. acquired a 30% interest in one...
Question 1: On 1 July 2015, I Ltd. acquired a 30% interest in one of its suppliers, G Ltd., at a cost of 13,650. The directors of I Ltd. believe they exert 'significant influence' over G Ltd. The equity of G Ltd. at acquisition was: Share capital (20000 shares) $20,000 Retained earnings $10,000 All the identifiable assets and liabilities of G Ltd. at 1 July 2015 were recorded at fair value except for some depreciable non-current assets with a fair...
Revision Questions 1.     Non-Current Assets Provide the journal entries for the following transaction: Matthew built a...
Revision Questions 1.     Non-Current Assets Provide the journal entries for the following transaction: Matthew built a new building to store supplies for his business. The builder charged $250,000, the electrician cost $10,000 and a painter cost 5,000. A compulsory fire safety inspection was conducted and cost $1,000. Matthew is still worried about the building burning down and has purchased 12 months insurance for $10,000 which covers the value of the building in case of destruction. Matthew calculated that the above...
14. Jim, single, took out a mortgage on his home for $590,000 five years ago. In...
14. Jim, single, took out a mortgage on his home for $590,000 five years ago. In September of this year, when the home had a fair market value of $620,000 and he owed $550,000 on the mortgage, he took out a home equity loan for $80,000. Will used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest? a. $70,000. b. $80,000. c....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT