Rex became a partner with a 30 interest in the partnership

Assignment Help Accounting Basics
Reference no: EM13588340

Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2014, the partnership generated $400,000 of taxable income, and Rex withdrew $100,000. In 2015, the partnership had $600,000 of taxable income, and Rex withdrew $200,000.

What is Rex's gross income from the partnership in 2014 and 2015?

Reference no: EM13588340

Questions Cloud

What is the value of the inductance l so that the above : question what is the value of the inductance l so that the above circuit carries the largest current?data r
Consider the three numbers prove thatnbsp thenbsp : consider the three numbers651000 - 82014 - 31773nbsp 791212 - 92412 22001nbsp andnbsp 244493 - 58192 71777.prove
Prepare any summary documents you believe might help : giturdone.com is an internet wholesaler of a variety of commercial software applications. on january 1 2007 the
A reflecting telescope has a main mirror with fm 540 mm if : question a reflecting telescope has a main mirror with fm 540 mm. if an eyepiece with a magnification of 5 is used
Rex became a partner with a 30 interest in the partnership : rex became a partner with a 30 interest in the partnership profits when he invested 200000. in 2014 the partnership
A pendulum sweeps out an angle of 125 during its motion how : a pendulum sweeps out an angle of 12.5 during its motion. how far does the pendulum bob the ball at the end of the rope
An optical disk drive in your computer can spin a disk at : question an optical disk drive in your computer can spin a disk at up to 10000 rpm. if a particular disk is spun at
Tis year randy paid 28000 of interest randy also paid : this year randy paid 28000 of interest. randy also paid 2500 of interest on his car loan and 4200 of margin interest to
How would you modify the sampling strategy if the company : audits. between quarterly audits a company checks its accounting procedures to detect problems before they become

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd