User Account

All Pages

Find the total final tax to be withheld by the partnership

Assignment Help Financial Accounting
Reference no: EM132717270

Problem 1: Ms. Gina owns 40% of the capital and profits of Cebu Ventures, a business partnership engaged in the trade of tourist souvenirs. Cebu Ventures reported P200, 000 net income in 2014. Compute the total final tax to be withheld by the partnership on Gina's profit sharing.

a. P 0

b. P 8,000

c. P 10, 000

d. P 20, 000

Reference no: EM132717270

Questions Cloud

Identify prenatal and physiological factors : Identify prenatal and physiological factors - Discuss potential implications of these prenatal factors for the child's current and future functioning
Find how much final tax will be withheld from the dividend : Find How much final tax will be withheld from the dividend distribution to Zamboanga Corporation? Zamboanga Corporation, a resident corporation
Find how much final tax will be withheld by wise ventures : Find How much final tax will be withheld by Wise Ventures? Teddy is a venturer sharing 50% in the profits of Wise Ventures, an unincorporated joint venture
Find how much final tax withheld from raymond : Find how much final tax withheld from Raymond? Raymond owns 20% of the capital and profits of a general professional partnership.
Find the total final tax to be withheld by the partnership : Ms. Gina owns 40% of the capital and profits of Cebu Ventures, Find the total final tax to be withheld by the partnership on Gina's profit sharing.
How much final tax must have been withheld by vodka inc : How much final tax must have been withheld by Vodka, Inc.? Mr. Seigfried, a resident citizen, received P100, 000 dividend income from Vodka, Inc.,
What amount is recognised as income in the statement of loss : What amount is recognised as income in the statement of profit or loss in respect of the reversal of the impairment of this asset in the year ended
How many years will take to grow to be : How many years will it take for K197,000 to grow to be K554,000 if it is invested in an account with quoted annual interest rate of 8% with monthly compounding
What is managerial accounting and discuss with examples : What is managerial accounting? Discuss with examples. How managerial accounting course is help in your professional future, problem-solving

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what net amount that will be charged to pension expense

What is the net amount that will be charged to pension expense for Scout's 20X6 fiscal year end?Actuarial loss due to a change in assumptions used.

  Prepare the journal entries for year three

Prepare the journal entries for Year 3 to record all the activity described above and prepare journal entry for the combined effect of all entries.

  What is the expected return for each of the two portfolios

What is the expected return for each asset over the 3-year period? What is the expected return for each of the two portfolios? Which portfolio do you recommend?

  Compute the companys predetermined overhead rate

Logan Products computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that 41,000 direct labor-hours would be required for the period's estimated level of production. Compute t..

  Assuming the securities are classified as trading

The following information is available for Quigley Company at December 31, 2014, regarding its investments. Securities Cost Fair Value 500 shares of Runner Corporation common stock $ 25,000 $ 40,000 7,000 shares of Sher-tor Corporation preferred stoc..

  Discuss the merits and risks of kgc ltd

Discuss the merits and risks of KGC Ltd. including a "Triple Bottom Line" aspect to its reporting approach. Discuss the nature of "Legitimacy" and the importance of KGC Ltd. maintaining legitimacy in the eyes of the traditional land-owners, the gov..

  Classify and give reasons for the cash flows falling

The Company has profit before taxes. Classify and give reasons for the cash flows falling under the operating activities and under the investing activities.

  How much advertising expense should be allocated

Advertising expense totaled $90,000 for the current year, and departmental sales were: How much advertising expense should be allocated to each department?

  What is per unit manufacturing cost under variable costing

Canvas Co. sells its product for $90 per unit. During 2016, it produced 36,000 units and sold 35,000 units (there was no beginning inventory). Costs per unit are: direct materials $30, direct labor $24, and variable overhead $18. Fixed costs are: $43..

  What is the effect on the accounting equation

What is the effect on the accounting equation when cash dividends are declared? What is the effect on the accounting equation when cash dividends are paid?

  Prepare journal entries for the investments in sas

On August 31, 2010, a company purchased 10,000 shares of stock for $30 per share. Management recorded the stock in the securities available for the sale portfolio. The following information pertains to the price per share of stock.

  Compute for the company ending inventory

Purchases totaled Php 85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute for the company's Ending Inventory.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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