Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem -
Wiley Coyote also operates a mobile telephone dealership, Rocketfone, in partnership with Ralph Sheepdog from premises owned by Wiley. A partnership agreement specifies that all income and losses are to be shared in the ratio of 2:1. Transactions recorded by the partnership during 2015/16 were as follows.
Receipts
$
Income from trading
396,000
Fully franked dividends from Investopedia Ltd
28,000
Proceeds from sale of shares in Lamb Supreme Ltd*
7,000
Payments
Trading stock and overheads
84,000
Salary paid to Wiley
75,000
Salary to Anita Coyote**
45,000
Rent paid to Wiley (includes $30,000 paid on 30 June 2016 for 12 months in advance)
55,000
Interest paid to Ralph on loan
17,000
Interest on capital paid to Wiley
15,000
Interest on capital paid to Ralph
12,000
Superannuation contributed on behalf of Wiley
24,000
* the shares had been purchased in 2012 for $1,000
** Thecommissioner has issued a private ruling indicating that a salary of $45,000 was reasonable.
Required: With full explanation:
(i) Determine the net income of the Rocketfone;
(ii) Determine the distribution of the net income to the partners: and
(iii) List any other items that you believe should be considered in the preparation of Wiley's tax return.
I have attached the question in file. Please include all workings as well. Wiley Coyote also operates a mobile telephone dealership, Rocketfone, in partnership with Ralph Sheepdog from premises owned by Wiley. Determine the net income of the Rocketfone.
maze companys cash and cash equivalents consist of cash and marketable securities. last year the companys cash account
records. the following transactions occurred in the first month of operations1.nbspnbsp direct materials requisitioned
Would this proposal make the federal income tax system as a whole more progressive or less progressive? Briefly explain.
Using a search engine, search the internet for information about Electronic Invoice Presentment and Payment. You may have more success by searching for the terms EIPP and invoices together in one search.
Significant influence over Harrison is achieved by this acquisition. Harrison distributed a dividend of $2 per share during the year and reported net income of $560,000. What is the balance in the Investment in Harrison account found in the financ..
the united world corporation has three subsidiaries.
ravenna manufacturing is preparing its master budget for the first quarter of the upcoming year the following data
rich inc. acquired 30 of doane corp.s voting stock on january 1 2010 for 400000. during 2010 doane earned 160000 and
What are some of the simplifying conventions a company can use to calculate depreciation for partial years?
How does the FIFO method differ from the average costing method of process costing system? Provide an example of FIFO and explain.
Go to the United States Department of Labor Website to read " Health Plans and Benefits". This Website communicates the current regulations and federal involvement in employee benefits. Navigate the Website to become familiar with its contents
granite works maintains a debt-equity ratio of 0.65 and has a tax rate of 32 percent. the firm does not issue preferred
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd