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In the current year, the DOE Partnership received revenues of 100,000 and paid the following amounts: 20,000 in rent and utilities, a 30,000 guaranteed payment to 60% partner Dave, 6,000 to partner Ethan for consulting services, and 10,000 as a distribution to partner Olivia. In addition, the partnership earned 4,000 of interest income during the year. Dave's basis in his partnership interest was 35,000 at the beginning of the year, and include a 10,000 share of partnership liabilities. The partnership created 30,000 of liabilities during the year.
a. How much income must Dave report for the tax year and what is the character of the income?
b. What is Dave's basis in his partnership interest at the end of the tax year?
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Write an analysis about test of liquidity that compare Radio Shack and Conn's to Best buy.
A detailed analysis and evaluation of company'ssolvency , liquidity and profitability position. Develop common-sized income statements for most recent two years, and comment on items which you deem important.
Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
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