prior marriage that ended in 2015) 8,000 Nonbusiness long-term capital gains 5,000 Nonbusiness short-term capital losses 7,000 Business short-term capital losses 4,000 Business long-term capital gains 2,000 IRA contributions 5,000 Charitable contributions 9,000 Medical expenses 7,550 Property taxes
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Milt, married and filing jointly, reports the following items for 2022:
| Sales |
$200,000 |
| Business expenses |
210,000 |
| Interest income |
3,000 |
| Dividends |
5,000 |
| Salary (spouse) |
20,000 |
| Alimony received (from prior marriage that ended in 2015) |
8,000 |
| Nonbusiness long-term |
5,000 |
| Nonbusiness short-term capital losses |
7,000 |
| Business short-term capital losses |
4,000 |
| Business long-term capital gains |
2,000 |
| IRA contributions |
5,000 |
| Charitable contributions |
9,000 |
| Medical expenses |
7,550 |
| Property taxes |
7,450 |
| Federal disaster area personal casualty loss on personal property (after the $100 floor) |
35,000 |
| Loss on stolen bonds |
12,640 |
Milt has two dependent children. If Milt and his wife file a joint return, compute their net operating loss for 2021.
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- E3 Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried.Share of profits from a partnership R 700 000Loan from partnership R 200 000Interest earned on savings account R 22 500Rental of second property R 77 000Local dividends received R 10 000He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out.Calculate his taxable income for the 2022/2023 year of assessment.During the 2020 income year, the Timms Brothers Partnership recorded a net income of $300,000. The business also recorded a net loss of $220,000 during the 2019 income year. If all 4 brothers share equally in partnership profits and losses, what is the income to be distributed to each partner in the 2020 financial year? Select one: a. $75,000 b. $130,000 c. $20,000 d. $55,000On January 1, 2024, John Jarell, Andrew Martin, and Susan Montgomery formed a partnership by investing $100,000, $100,000, and $120,000 respectively. During the remainder of the year, John Jarell withdrew cash of $45,000, Andrew Martin withdrew $15,000 and Susan Montgomery withdrew $39,000. In addition, the following schedule shows how net income is allocated. Net income: Salaries: Interest: John Jarell Andrew Martin Susan Montgomery Total 100,000 21,000 5,000 26,000 Total salary and interest: Remainder to be allocated: Remainder allocated between partners: 8,000 Balance of net income to be allocated: Total to be allocated to each partner: Date 34,000 18,000 5,000 23,000 8,000 31,000 Page GJ2 F Debit Credit 21,000 6,000 27,000 b) Calculate the post-closing balance in each partners' capital account. John Jarell, Capital Andrew Martin, Capital Susan Montgomery, Capital. 8,000 35,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in…
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- ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS? Use Philippine tax lax11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. (see attached image, kindly answer it based on your knowledge, thank you!) Direction: Give the entries to record the distribution based on the following two independent cases: a) Partner's drawings are not used in determining the average capital balances b) All changes in capital and drawing should be considered in determining the average capital balances. 12. Bert, Ben and Bello are partners in a sports equipment store with capital investments of P150,000, P200,000 and P300,000, respectively. Partnership agreement provides for the following monthly salary of P10,000 to Ben who is the managing partner, 12% interest on capital contributions, remaining profit to be allocated equally. Direction: For Ben to be credited for a…7. Em and Fifty formed a tax consulting partnership on February 1, 2018. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2022, Fifty sold his interest to Julie for $150,000. The following is the income statement of the partnership: Em and Fifty Income Statement For the year ended December 31, 2021 Gross revenue $424,400 Expenses: Office expenses $69,000 Rent 58,300…
- Current Attempt in Progress The Ivanhoe Partnership reported profit of $66,000 for the year ended February 29, 2024. Salary allowances are $49,500 for H. Robinson and $27,500 for S. Lewi. Interest allowances of 5% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2023, were as follows: H. Robinson $79,000 (Cr.) and S. Lewi $52,000 (Cr.). Any remainder is shared equally, Calculate the division of profit to each partner. Profit allocated to partners H. Robinson S. LewiAmber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. The total net income after tax for 2019 is P320,000. Direction: Give the entries to record the distribution based on the following two independent cases: a.) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets and liabilities. ACCOUNTS MALACHI HAGGAI P 136,000 P 76,000 48,000 Cash Accounts Receivable 88,000 304,000 364,000 480,000 Inventories Machinery Accounts Payable Notes Payable 440,000 144,000 216,000 140,000 60,000 Malachi decided to pay-off his notes payable from his personal assets. It was also agreed that Haggai's inventories were overstated by P24,000 and Malachi machinery was over-depreciated P20,000. Haggai is to invest/withdraw cash in order to receive a capital credit that is 20% more than Malachi's total net investment in the partnership. Immediately after the formation, compute for the following: 1. Total cash of the partnership 2. Total assets of the partnership 3. Total capital of the partnership