Calculate the partner distributive shares of partnership

Assignment Help Accounting Basics
Reference no: EM133139774

Question - A partner owns a 25-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit.

Gross sales

$400,000

Cost of goods sold

220,000

Wages

100,000

Net Section 1231 gain

50,000

Casualty loss

10,000

Interest

5,000

Depreciation

20,000

Business bad debt

5,000

Charitable contributions

5,000

Show all your work (don't just give me a lump sum) for the following.

1) Calculate the partner's distributive shares of partnership ordinary income or loss.

2) Calculate the partner's distributive shares of separately stated items.

Reference no: EM133139774

Questions Cloud

Create instructor narrated powerpoint presentation : Create an instructor's narrated PowerPoint presentation to teach students about internal and external validity.
Explain why project management in healthcare : Explain why Project Management in healthcare is so important. Provide an example where Project Management would be useful.
Reliability and validity in the assessment of anxiety : Discuss challenges related to reliability and validity in the assessment of anxiety
Describe recent changes made in the selected organisation : Describe recent changes made in the selected organisation. Identify with justification whether they are incremental changes or quantum changes.
Calculate the partner distributive shares of partnership : A partner owns a 25-percent interest in a partnership. Calculate the partner's distributive shares of partnership ordinary income or loss
Who are magnolia brands major competitors : Who are Magnolia Brands' major competitors? What other factors are affecting the growth of Magnolia Brands? What challenges or threats might Magnolia Brand face
Changes made in air asia malaysia organisation : Describe recent changes made in the Air asia malaysia organisation. Identify with justification whether they are incremental changes or quantum changes.
Readings and ongoing operations : Any differences in resource assignment and planning that you have noticed between projects as described in the readings and ongoing operations.
Purposes of personality tests for employees : What are the purported purposes of personality tests for employees? What are the primary criticisms of such tests? Give an example of how an employer might comm

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd