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
Determine the days sales uncollected for both companies as of the end of the present period. Which company is doing a better job in managing the collection of its receivables?
Find the tax impact on the CEO and determine what is the tax impact on the corporation, please be very specific in your answer.
Tom had chosen to go to the exhibition because her family is in Indonesia and he took the opportunity to visit them while she was there. The conference ran for three days and she stayed on for an additional five days at her parents' home.
Evaluate what is Alvin's recognized gain (loss) on this transaction and find what is Alvin's tax basis in his new building?
Evaluate all the relevant overhead variances for department, and prepare a memo that explain what each one means.
What is the allowed itemized deduction for state income taxes for 2013?
Evaluate the tax rules for a parsonage usually? Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?
Prepare a partial income statement presentation for the income before tax, provision for income tax, and net income for 20X7. (The best example for this is page four of a corporate income tax return-schedule M-1.)
Evaluate the NPV, and the Profitability Index (PI) for this project. Could this project be undertaken?
Find the amount of depreciation expense that needs to be recorded at end of the first year if 710,000 units were produced?
Do you agree or disagree? Why? How could you suggest this issue be resolved?
Describe the 401 K limits and special treatment for highly-compensated employees. Document how, as a tax analyst, you see this program. Document what, if any, will be the tax implications of this program.
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