Calculate each partner share of net income for the period

Assignment Help Business Management

Reference no: EM13101090

Q. EZ Manufacturing Company is a partnership among Yolanda Gonzales, Willie Todd and Linda Yeager. The partnership contract states that partnership profits will be split equally among the three partners. During the current year Gonzales withdrew $25,000, Todd withdrew $23,000 and Yaeger withdrew $30,000. Net Income of EZ Manufacturing Company amounted to $180,000. A. Calculate each partner's share of net income for the period. B. Explain the effects, if any, that partnership operations would have on the individual tax returns of the partners. C. Prepare a statement of partner's equity for the year. Assume that partners' capital accounts had beginning balances of $50,000, $60,000 and $40,000 respectively for Gonzales, Todd & Yeager.

Reference no: EM13101090

Questions Cloud

Interval and sample means : The diameter of small Nerf balls manufactured at a factory in China is expected to be approximately normally distributed with a mean of 5.2 inches and a standard deviation of .08 inch. Suppose a random sample of 20 balls is selected. Find the inte..

Case study - harbor dunes golf course : Harbor Dunes Golf Course was recently honored as one of the top public golf courses in South Carolina. The course is situated on land that was once a rice plantation, offers some of the best views of saltwater marshes available in the Carolinas.

Explain how to classify those applications : outlines explain how to classify those applications and which have the greatest potential to convey competitive advantage?

Evaluate the major of csf for an e-commerce environment : Critical Success Factor (CSF) are the indispensable business, technology and human factors that help to achieve the desired level of organization goals. Critically evaluate the major of CSF for an E-commerce environment.

Calculate each partner share of net income for the period : Calculate each partner's share of net income for the period. Explain the effects, if any, that partnership operations would have on the individual tax returns of the partners. Prepare a statement of partner's equity for the year.

Learning about the regression effect : A human resources director, on learning about the regression effect, decides to hire people who have been fired by their previous employer for poor performance.

Change period based question : Sandy notices a dog tied to a chain behind a fence and recognizes it as belonging to an acquaintance who lives a couple of blocks away. Sandy goes to the acquaintance's house and says, "Your dog is tied up in someone's yard, and for $100 I will tell ..

What is the ratio of the final total charge : Consider three identical metal spheres, A, B, and C. Sphere A carries a charge of +8q. Sphere B carries a charge of -q. Sphere C carries no net charge. Spheres A and B are touched together and then separated.

Explain the typical day in life and challenges : Suppose you are the African parent living in 2006. Start off by describing yourself and state of your family. Describe where you reside in Africa.

User Account

All Pages