Lloyd and Harry, equal
partners, form the Ant World Partnership. During the year, Ant
World had...
Lloyd and Harry, equal
partners, form the Ant World Partnership. During the year, Ant
World had the following revenue, expenses, gains, losses, and
distributions:
Cost of Goods
Sold
$
85,000
Cash
Distribution to Harry
$
15,000
Municipal Bond
Interest
$
1,500
Short-Term
Capital Gains
$
4,500
Employee
Wages
$
40,000
Rent
$
10,000
Charitable
Contributions
$
25,000
Sales
$
175,000
Repairs and
Maintenance
$
5,000
Long-Term
Capital Gains
$
12,000
Fines and
Penalties
$
5,000
Guaranteed
Payment to Lloyd
$...
there is equal partners, form the Ant World Partnership.
During the year, Ant World had the...
there is equal partners, form the Ant World Partnership.
During the year, Ant World had the following revenue, expenses,
gains, losses, and distributions:
Cost of Goods Sold $ 91,500
Cash Distribution to Harry $ 16,300
Municipal Bond Interest $ 2,800
Short-Term Capital Gains $ 5,800
Employee Wages $ 41,300
Rent $ 11,300
Charitable Contributions $ 26,300
Sales $ 181,500
Repairs and Maintenance $ 6,300
Long-Term Capital Gains $ 13,300
Fines and Penalties $ 6,300
Guaranteed Payment to Lloyd $ 26,300...
A is a partner in the ABC partnership. Under the partnership
agreement A is entitled to...
A is a partner in the ABC partnership. Under the partnership
agreement A is entitled to $10,000 each year for his services,
which are ordinary in nature and performed in his capacity as a
partner. A’s share of the partnership’s profits and losses, after
deduction of the services payment, is one third. For 2007 the
partnership’s income, before deduction of the $10,000 payment to A,
consisted of $4,000 of ordinary income and $15,000 of long-term
capital gain. A and the...
The partnership agreement of the G&P general partnership
states that Gary will receive a guaranteed payment...
The partnership agreement of the G&P general partnership
states that Gary will receive a guaranteed payment of $17,400, and
that Gary and Prudence will share the remaining profits or losses
in a 45/55 ratio. For year 1, the G&P partnership reports the
following results:
Sales revenue
$
90,200
Gain on sale of land (§1231)
$
7,300
Cost of goods sold
$
(46,700
)
Depreciation—MACRS
$
(14,500
)
Employee wages
$
(20,000
)
Cash charitable contributions
$
(5,600
)
Municipal bond...
KLMN Partnerships financial records show the following:
gross
receiptd from sales
$ 670,000.00
cost of
goods...
KLMN Partnerships financial records show the following:
gross
receiptd from sales
$ 670,000.00
cost of
goods sold
$ (460,000.00)
operating
expenses
$ (96,800.00)
business
meals and expenses
$ (6,240.00)
section
1231 loss on equipment sale
$ (13,500.00)
charitable contribution
$ (1,500.00)
distribution of partners
$ (10,000.00)
Refer to
the facts in the preceding problem. Mr. T is a 10 percent general
partner in KLMN. During the year, he received a $1000 cash
distribution from KLMN.
A.
Compute Mr. T's share...
Jack and Jill are owners of UpAHill, an S corporation. They own
25 and 75 percent,...
Jack and Jill are owners of UpAHill, an S corporation. They own
25 and 75 percent, respectively. UpAHill Corporation (an S
corporation) Income Statement December 31, Year 1 and Year 2 Year 1
Year 2 Sales revenue $ 175,000 $ 310,000 Cost of goods sold (60,000
) (85,000 ) Salary to owners Jack and Jill (40,000 ) (50,000 )
Employee wages (15,000 ) (20,000 ) Depreciation expense (10,000 )
(15,000 ) Miscellaneous expenses (7,500 ) (9,000 ) Interest income
(related...
Question: Jack and Jill are owners of UpAHill, an S corporation.
They own 25 and 75...
Question: Jack and Jill are owners of UpAHill, an S corporation.
They own 25 and 75 percent, respectively. ...
Jack and Jill are owners of UpAHill, an S corporation. They own
25 and 75 percent, respectively.
UpAHill Corporation (an S corporation)
Income Statement
December 31, Year 1 and Year 2
Year 1
Year 2
Sales revenue
$
175,000
$
310,000
Cost of goods sold
(60,000
)
(85,000
)
Salary to owners Jack and
Jill
(40,000
)
(50,000
)
Employee wages...
Question: Jack and Jill are owners of UpAHill, an S corporation.
They own 25 and 75...
Question: Jack and Jill are owners of UpAHill, an S corporation.
They own 25 and 75 percent, respectively. ... Jack and Jill are
owners of UpAHill, an S corporation. They own 25 and 75 percent,
respectively. UpAHill Corporation (an S corporation) Income
Statement December 31, Year 1 and Year 2 Year 1 Year 2 Sales
revenue $ 175,000 $ 310,000 Cost of goods sold (60,000 ) (85,000 )
Salary to owners Jack and Jill (40,000 ) (50,000 ) Employee wages...
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740...
Net sales
$7,245,088
$6,944,296
$6,149,218
Cost of goods sold
(5,286,253)
(4,953,556)
(4,355,675)
Gross margin
$1,958,835
$1,990,740
$1,793,543
General and administrative
expenses
(1,259,896)
(1,202,042)
(1,080,843)
Special and nonrecurring items
2,617
-
-
Operating income
$701,556
$788,698
$712,700
Interest expense
(63,685)
(62,398)
(63,927)
Other income
7,308
10,080
11,529
Gain on sale of investments
-
9,117
-
Income before income taxes
$645,179
$745,497
$660,302
Provision for income taxes
254,000
290,000
257,000
Net income
$391,179
$455,497
$403,302
Net income per share
$1.08
$1.25
$1.11...