Compute jose gross income from the partnership

Assignment Help Financial Accounting

Reference no: EM13142643

Jose, a cash method taxpayer, is parter in j&t accounting services, a calender year partnership. under the partnership agreement, jose is to receive 20% of the partnership's profits and lossed. each partner is allowed to withraw $12000 each month for his or her living expenses. jose withdrew $144000 during the year as his monthly draw in 2010. in february of each year, the partnership computes its net profit and decides how much should be retained in the business. the balance of the earnings is distributed to the partners in early march. in march 2010, jose recieved $20000 as a distribution of 2009 profits, and in march 2011, jose received $30000 as his share of distributed 2010 profits. The pertnership earnings before partners' withdrawals for 2010 totaled $900000. compute jose's gross income from the partnership for 2010

Reference no: EM13142643

Questions Cloud

Calculate equivalent units of production for the year : Of those started, 80,000 were finished and the remaining 40,000 were left 20% complete. Calculate equivalent units of production for the year using the weighted average method.

Generally accepted auditing standards : Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards. a) Describe three major functions of the audit working papers. b) Distinguish between the permanent working paper file and the curre..

Persuasive claim: overcharged and unhappy : You want to straighten out this matter, and you can't do it by telephone because you suspect that you will need a written record of this entire mess. Write a claim request to Customer Service, Country Inn, Inc., 428 Church Street, Nashville, TN 37219..

What is the process of movement of carbon dioxide : What is the process of movement of carbon dioxide from, for example, your toe to outside the body? What organs, arteries and veins does it pass through?

Compute jose gross income from the partnership : The pertnership earnings before partners' withdrawals for 2010 totaled $900000. compute jose's gross income from the partnership for 2010

Define concept of cstr : Concept of CSTR, A lagoon is to be designed to accommodate an input flow of 0.10 m^3/s of nonconservative pollutant with concentration 30.0mg/L and reaction rate 0.20/day

What are the names of the arteries and veins : When oxygen moves from outside the body to inside the body to, for example, your toe, what are the names of the arteries and veins it goes through?

Find probability-more women are in engineering workforce : Women make up 24% of the science and engineering workforce. In a random sample of 400 science and engineering employees, what is the probability that more than 120 are women?

Example of third-degree price discrimination : Describe the process by which the competitive market establishes a price at which all firms are just earning normal profits.

User Account

All Pages