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

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Disclosure of notes payable in financial statements

Disclosure of notes payable in financial statements - How much of the $1,000,000 notes payable could be classified as present in Reeds balance sheet at December, 2007?

  Determine the costs per equivalent unit for may

Finding  the equivalent units for materials and conversion - Determine the costs per equivalent unit for May?

  What is the estimated cost of common equity using the capm

If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC?

  Illustrate what should campbell record enacted tax rates

What should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?

  Calculate the equity method balance in corgan investment

Calculate the equity method balance in Corgan's investment in smashing, inc., account as of december 31, 2011. prepare the worksheet adjustment for the december 31, 2011, consolidation of corgan and smashing.

  Direct or indirect cost of the immunization center

For each cost listed above, show whether it is a direct or indirect cost of the Immunization Center, whether it is indirect or direct cost of immunizing exacting patients.

  Illustrate what is the required rate of return on the stock

The company has 1.25 million shares of common stock outstanding. The current stock price is $40. The historical return on equity (ROE) of 11 percent is expected to continue in the future. Illustrate what is the required rate of return on the stock..

  How much overhead should be applied to customer order

How much overhead should be applied to the above customer order? After executing activity-based costing (ABC), the company's accountant identified the subsequent related information:

  Purpose a report that reconciles the total cost

Purpose a report that reconciles the total cost assigned to the ending work in process inventory and the units transferred out with the costs in the beginning inventory and costs added during the period.

  Show over head application to job

Over head application to job-  How much overhead should be applied to Job No. B12

  Would you expect npv based on net income to be higher

Would you expect the NPV based on net income to be higher or lower than the NPV calculated using cash flows?

  What is the difference between actual and budgeted costs

If Francis had actual variable overhead costs of $58,500 for 9,000 vases produced, what is the difference between actual and budgeted costs for variable overhead?

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