Partner in the kkm partnership

Assignment Help Accounting Basics
Reference no: EM13140551

Tom is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of 160,000 and a charitable contribution of 10,0000. The distributed 10,000 each to partners Kaylyn and Kristie, and the partnership paid partner Megan 20,000 for administrative service. kaylyn reports the following ncome from KKM during the current tax year: 12, ordinary income

Reference no: EM13140551

Questions Cloud

How many moles of pcl_5 can be produced : How many moles of PCl_5 can be produced from 21.0 g of P_4 and excess Cl_2?
Skills learned at aiu online : 500-word essay on how you intend to use the skills learned at AIU Online to benefit others and society?
Investments in equity securities : Presented below are unrelated cases involving investments in equity securities. Indicate the accounting required for each case separately.
Define a saturated npn transistor : A saturated npn transistor has a base to emitter applied voltage of 0.6V. The collector to emitter voltage is 0.2V. The collector current is 12mA
Partner in the kkm partnership : Tom is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of 160,000 and a charitable contribution of 10,0000.
Calculate the amount that the company will actually receive : Calculate the amount that the company will actually receive from the sale of the bonds, and the amount of both the quarterly and the total annual cash interest that the company will be required to pay.
Calculate allelic and genotypic frequencies : A very large population of randomly-mating laboratory mice contains 40% red mice. Red coloring is caused by the double recessive genotype, "rr". Calculate allelic and genotypic frequencies for this population.
Explain operational amplifier - finding the offset voltage : Operational amplifier - Finding the offset voltage, An operational amplifier has a gain of 20. The input voltage is 125mV and the input bias current is zero.
Discussions that have occurred in the tda : Write an article arguing this position. You may or may not agree with this proposition. However, based upon the materials covered in this course and the discussions that have occurred in the TDAs, you should be able to articulate a cogent, persuas..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the major objectives of financial reporting

Identify the major users of financial reporting and the types of information each will use.

  Principle payment of cash on a note payable

A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?

  Problem regarding total overhead variance

Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is:

  Use of computer time on a remote supercomputer

Which of these is least likely to be an example of cloud computing service?

  Determine the eliminating entries

Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.

  Minimizing errors in projections

Break even analysis utilizes both current and projected figures. In a rapidly changing economy, there are many individuals who are finding that their initial break even analyses were incorrect.

  Financial accounting-periodic inventories

Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.

  Problem regarding cost of goods sold

Cost of goods sold for 2010 was $3,600,000. If Butler Company had used FIFO during 2010, its cost of goods sold for 2010 would have been ??

  Write an analysis about test of liquidity

Write an analysis about test of liquidity that compare Radio Shack and Conn's to Best buy.

  Explain the differences in operating income

There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.

  Anticipated revenue and estimated rate of return

The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.

  Discuss the inherent audit risk

Discuss the inherent audit risk with the use of account receivable confirmation letters and how this risk can be minimized by the auditing firm.

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