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
Rowdy Fun expensed $23,000 of signs and display cases for tax purposes.
Financial Statements
Rowdy Fun
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
Illustrate what would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume?
At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,00 during 2011. What was the noncontrolling interest's share of Sparis net income for 2011?
Frauds still occur in the corporate world as recently as in 2011. Are you aware of any major frauds that occurred in 2011? Why did those companies fail to prevent them?
The end of year Account Payable is $30,000, and the beginning of year Account Payable is $10,000. If cost of goods sold for the year is $210,000,the amount of cash paid to suppliers is?
If projected net cash flow for February is ($15,000); beginning cash balance is $6,000; minimum cash balance is $5,000; beginning loan balance is $8,000, what will be the cumulative loan balance at the end of March?
The future value of one for five periods at 8% is 1.46933. The future value of an ordinary annuity for five periods at 8% is 5.8666. The present value of an ordinary annuity for five periods at 8% is 3.99271. What was cost of the machine to Jenks?
Illustrate what is the purpose behind congress’ taxing capital gains at a rate lower than ordinary income and will this lower tax rate help to stimulate investment spending and the economy?
its taxable income for determining the accumulated earnings tax is $230,000. What is corporation total tax liability?
Compute the cost allocation rate for each activity. Calculate the average manufacturing cost of each sewing machine assuming direct Materials are $175 per machine.
Bear population. To estimate the size of the bear population on the Keweenaw Peninsula, conservationists captured, tagged, and released 50 bears.
What was Disney's amount of working capital at year-end 2004? Did it change significantly and Compute the working capital ratio at year-end 2004 and year-end 2003. Did it improve or deteriorate between 2003 and 2004?
Even small businesses require plant, property and equipment to compete and normally rely on some form of debt to finance itself. Let's start up a company that sells auto parts like Napa or Auto Zone. What assets would we require? How might we fin..
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