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!
Problem -
Wiley Coyote also operates a mobile telephone dealership, Rocketfone, in partnership with Ralph Sheepdog from premises owned by Wiley. A partnership agreement specifies that all income and losses are to be shared in the ratio of 2:1. Transactions recorded by the partnership during 2015/16 were as follows.
Receipts
$
Income from trading
396,000
Fully franked dividends from Investopedia Ltd
28,000
Proceeds from sale of shares in Lamb Supreme Ltd*
7,000
Payments
Trading stock and overheads
84,000
Salary paid to Wiley
75,000
Salary to Anita Coyote**
45,000
Rent paid to Wiley (includes $30,000 paid on 30 June 2016 for 12 months in advance)
55,000
Interest paid to Ralph on loan
17,000
Interest on capital paid to Wiley
15,000
Interest on capital paid to Ralph
12,000
Superannuation contributed on behalf of Wiley
24,000
* the shares had been purchased in 2012 for $1,000
** Thecommissioner has issued a private ruling indicating that a salary of $45,000 was reasonable.
Required: With full explanation:
(i) Determine the net income of the Rocketfone;
(ii) Determine the distribution of the net income to the partners: and
(iii) List any other items that you believe should be considered in the preparation of Wiley's tax return.
I have attached the question in file. Please include all workings as well. Wiley Coyote also operates a mobile telephone dealership, Rocketfone, in partnership with Ralph Sheepdog from premises owned by Wiley. Determine the net income of the Rocketfone.
your friend is getting ready to start a new business and she wants to know whether she should use the cash or accrual
a product sells for 255 per unit and its variable costs per unit are 153. the fixed costs are 416000. what is the
the cost accountant for the larsen manufacturing co. has provided you with the following information for the month of
At the beginning of the year, Hernandez Company had total assets of $781,587 and total liabilities of $503,090. Answer the following (((independent questions.)))))
Soft Cushion Company (SCC) is highly decentralized. Each division is empowered to make its own sales decisions. The Assembly Division can purchase a key component-stuffing-from the Production Division or from external suppliers.
Besides, she says, net income is negatively impacted by additional depreciation and will cause the company's stock price to go down. What stakeholder interests are in conflict?
madison industries has equivalent units of 2000 for materials and for conversion costs. total manufacturing costs are
You own a restaurant and just negotiated a decrease in the cost of steaks by25 cents a steak. You normally sell 300,000 steak dinners ayear. Your business pays an average of 30 percent in income taxes. What is the annual tax cost of this increase ..
The following information was drawn from the annual report of Active Wilderness Adventures (AWA).
detmer holdings ag of zurich switzerland has just introduced a new fashion watch for which the company is trying to
Stellar Packaging Products uses absorption costing to compute additional compensation eligibility for managers.
Write a memo to the budget managers in an organization, assuming you are the CEO. Your memo should direct budget managers not to utilize this approach, but also offer a logical rationale, and perhaps an alternative solution.
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