Reference no: EM13320190
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $50,000 at the beginning of the tax year. The partnership profits for the tax year were $270,000. Changes in their capital accounts during the tax year were as follows:
| |
Faye
|
|
Gary
|
|
Heidi
|
|
Total
|
|
Beginning balance
|
$50,000
|
|
$50,000
|
|
$50,000
|
|
$150,000
|
|
Withdrawals
|
(20,000)
|
|
(35,000)
|
|
(10,000)
|
|
(65,000)
|
|
Additional contributions
|
-0-
|
|
-0-
|
|
5,000
|
|
5,000
|
|
Allocation of profits
|
90,000
|
|
90,000
|
|
90,000
|
|
270,000
|
|
Ending balance
|
$120,000
|
|
$105,000
|
|
$135,000
|
|
$360,000
|
|
In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partner) in premiums paid for group term life insurance on the partners. Faye and Gary are 39 years old, and Heidi is 35 years old. Other employees are also eligible for group term life insurance equal to their annual salary. These premiums of $10,000 have been deducted in calculating the partnership profits of $270,000.
Each partner's gross income from the partnership for the tax year is $_________
Community Property (LO. 3)
Liz and Doug were divorced on December 31 of the current year after 10 years of marriage. Their current year's income received before the divorce was as follows:
|
Doug's salary
|
$41,000
|
|
Liz's salary
|
$55,000
|
|
Rent on apartments purchased by Liz 15 years ago
|
$8,000
|
|
Dividends on stock Doug inherited from his mother 4 years ago
|
$1,900
|
|
Interest on a savings account in Liz's name funded with her salary
|
$2,400
|
|
Allocate the income to Liz and Doug assuming that they live in:
a. California.
Doug: $ Liz: $
b. Texas.
Doug: $ Liz: $
|
What is the expected total cost of the units produced
: Variable cost per unit is budgeted to be $4.00 and fixed cost per unit is budgeted to be $3.00 in a period when $4,000 units are produced. If production is actually 6,500 units.
|
|
Design the weir structure in order to accommodate the design
: Along the length of the channel the bed drops by an average of 2.5 metres every kilometre. Historic accounts indicate that the maximum flow of water in the channel prior to the construction of the gauging structure was 1.4 m.
|
|
Explain the photons emitted by hydrogen atoms
: What is the frequency of the photons emitted by hydrogen atoms when they undergo transitions from n=5 to n=3.
|
|
Calculate the income allocation
: Doctors Maben, Orlando, and Clark have been in a group practice for several years. Maben and Orlando are family practice physicians, and Clark is a general surgeon.
|
|
Premiums paid for group term life insurance
: In arriving at the $270,000 of partnership profits, the partnership deducted $2,400 ($800 for each partner) in premiums paid for group term life insurance on the partners.
|
|
Determine the amount of ice melted
: Steam at 100 degrees C is added to ice at 0 degrees C. Find the amount of ice melted and the final temperature when the mass of steam is 13 g and the mass of ice is 48 g
|
|
The production manager notes
: Prepare a forecasted contribution margin income statement that shows the results at the sales level computed in part 4. Assume an income tax rate of 30%.
|
|
Determine the pressure in the tank indicated by strain gage
: The cylindrical wall of the tank is 6mm thick, has a 600mm inside diameter, and is made of steel with E = 200 GPa and v = 0.30. Determine the pressure in the tank indicated by a strain gage reading of 280*10^-6 in/in.
|
|
Explain the electrons emitted by the titanium surface
: Titanium(6.94x10^-19 J and silicon (7.77x10-^19 J) surfaces are irradiated with UV radiation with a wavelength of 245 nm. what is the wavelength of the electrons emitted by the titanium surface
|