### Calculate the amount of income from partnership

Assignment Help Accounting Basics
##### Reference no: EM1310203

Quince Interests is a partnership with a tax year that ends September 30, 2012. During that year, Potter, a partner, received \$3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was \$23,000. For October through December of 2012, Potter received guaranteed payments of \$4,000 per month. Calculate the amount of income from the partnership that Potter should report for his tax year ended December 31, 2012.

#### Questions Cloud

 What is the temperature t of the concorde''s skin in flight : Heat is extracted from a certain quantity of steam at 100 degrees celsius. Thus the steam changes into ice at 0 degrees celsius. If this energy were used to accelerate the ice from rest, what would be the linear speed of the ice. Amount of amortization to pension expense : The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year? Sketching the yield curve for series of bonds : In excel, calculate interest rate for each bond. In excel, sketch the yield curve for this series of bonds. Discuss on performance metrics and conversion rate : Discuss on Performance metrics and Conversion rate and Abandonment rate & Return on investments, Potential ethical issues facing an e-business Calculate the amount of income from partnership : Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012. Need to a problem based on profit maximization : A clothing manufacturer produces clothing in five locations in the U.S. In a move to vertical integration, the company is planning a new fabric production plant which will supply fabric to all five clothing plants. Property in complete liquidation : In the current year, Orion Corporation (E & P of \$2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of \$300,000. Computing gross profit of the project : Must you project that firm gross profit will rise next year? If you project that gross profit will rise is the increase a result of volume growth price growth or both? Managing the collection of receivables : Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?

### Write a Review

#### Realized gain on transaction

Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of \$400,000. What is Alvin’s realized gain (loss) on this transaction?

#### Determining the basis for loss

Marsha Moore gave property with an adjusted basis of \$28,000 to Alfred when the fair market value of the property was \$25,000-What is Alfred’s basis for gain? What is his basis for loss?

#### Determining the economic value of us division

Bella Vista’s U.S. Division reported sales of \$300,000-The economic value added of the U.S. Division is

#### Change in accounting estimate

A change in an accounting estimate is: how much depreciation expense should the company recognize on December 31, 2010?

Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.

#### Expense which is related to the company sole

In year 1 Laylor Company has revenues of \$100,000, advertising expense of \$22,000, depreciation of \$15,000-what is expected for last four years. The cost of capital is 10%.

#### Financing sources city enterprise fund

A city's Enterprise Fund issued revenue bonds with a face value of \$10,000,000-the Enterprise Fund will report total other financing sources in the amount of

#### Equal el partnership interest

Emma and Laine form the equal EL Partnership. Emma contributes cash of \$100,000. Laine contributes property with an adjusted basis of \$40,000 and a fair market value of \$100,000.

#### Proper accounting treatment of machine

Discuss the proper accounting treatment of \$273,000 (\$714,000 − \$441,000) by which the cost of the first machine exceeded the cost of subsequent machines.

#### Compute the npv of the cash flows

Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.

#### Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

#### Calculating and displaying loan in balance sheet

Show the loan in the balance sheet of the company