Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Rowdy Fun is an outdoor equipment retailer focused on selling outdoor activities gear. Thomas has a 33.33% profits and capital interest and the limited partners hold the remaining 66.66% of the profits and capital interests. Their profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
Additional Information
Financial Statements
Income Statement
For year ended December 31, 2013
Sales
975,000
Sales returns and allowances
(25,000)
Cost of goods sold
(300,000)
Gross profit from operations
650,000
Other Income:
Interest from Money Market
3,500
Gain for sale of statue
15,000
Gross income
668,500
Expenses:
Employee wages
(125,000)
Interest on accounts payable
(2,000)
Payroll and property taxes
(45,000)
Supplies
(26,000)
Rent on retail building
(20,000)
Depreciation on furniture and fixtures
(15,400)
Advertising
(4,000)
Guaranteed payments to Thomas Kyle
(40,000)
Utilities
(16,000)
Accounting and legal services
(5,000)
Meals and entertainment
(500)
Charitable Contributions
(375)
Miscellaneous expense
(425)
Total expenses
(299,700)
Net Income for Books
368,800
She has a large amount of income from other sources and is in the 35% marginal tax bracket. Would Jane's tax situation be better if Good Co. Were a proprietorship or a C corporation? Explain why."
How much would its accounts receivable decline and what cash flow from sales is expected in March
The original lawsuit filed in the HP case claimed that the executives breached their fiduciary responsibilities. What are the fiduciary responsibilities of executives and members of the board of directors to shareholder? Explain how were these obl..
Evaluation of Variable cost per unit and Using the high-low method, what is the variable cost per unit
Preparation of collection forecast form sales - Find the collection forecast for June?
Compute the number of days required by Kraft to sell its average inventory. Compute Kraft’s inventory turnover for the year.
What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
Calculate the gross margin percentage (Gross Profit divided by Net Sales) for each period presented in the income statement. What trend in gross margin do you observe and what factors may be causing this trend?
Currently the federal government maintains a dual system of accounts--budgetary and proprietary accounts. What are the two types of accounts? Why does the federal government keep two types?
Calculate the ratios from General Electric (GE) Form 10-K or annual report and calculate the ratios. I do not have the 10-K form, because it is 200 plus pages. It will be too big to scan. Please use Yahoo Finance to find it.
explain the reason for any two of the seven internal control procedures and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices.
Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd