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Simone is a claendar year cash basis taxpayer. She ownes a 50% profit and loss interest in a cash basis partnership with a September 30 year-end. The partnership's operating income(after deducting guaranteed payments) was $72,000 ($6000 per month) and $96,000 ($8000 per month), respectively, for the partnership tax years ended September 30, 2010 and 2011. The partnership paid gauranteed payments to Simone of $1000 and $2000 per month during the fiscal years ended September 30, 2010 and 2011. How much will Simone's adjusted gross income be increased by these partnerhip items for her tax year ended December 31, 2010?
a. 12000
b. 15000
c. 48000
d. 55000
e. none of the above
Prepare a "target" diagram showing the list of steps your friend should follow.
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
Kinney Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute..
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
What are some of the arguments in favor of using the indirect (reconciliation) method as opposed to the direct method for reporting a statement of cash flows?
What are the combined total department costs for the producing departments after allocating the service department costs?
Sarah came home one day to find significant water damage in her home. Apparently one of the hoses to her washing machine had worn out and split, spilling water all over the place. Over the next month, mildew appeared as well.
Discuss three major factors that have contributed to the recent increase in the number of lawsuits aganist auditors and the size of awards to plaintiffs.
Evaluate earnings per share
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
The main reason to prepare a differnetial analysis report is to: a. Decide between two options b. See if there has been a difference in net income over a period of time such as 5-10 years'
Calculate the annual rate of return for each asset in each of the 10 preceding years, and those values to find the average annual return for each asset over the 10-year period.
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