Reference no: EM133104332
Question - Janice Li and Michael Warren operate a paralegal firm as a partnership. Michael deposited a cheque in the amount of $1,500 from Client A to the firm's mixed trust account on Monday. Janice wrote a cheque for $500 from the firm's mixed trust account for Client A's disbursements on Tuesday. On Wednesday, Michael and Janice were advised that the cheque for $1,500 from Client A was returned NSF.
Q1. How would a withdrawal in the month of November affect Laurel Waldman's equity for that month?
1. It would have no effect
2. Her equity would increase
3. Her equity would decrease
4. None of the above
Q2. What is Laurel Waldman's capital on November 30, 20**?
1. $250
2. $1,500
3. $2,000
4. $3,500
Q3. If Laurel Waldman paid herself the $1,500 net income her firm received in November, how much of that could she claim as an expense on her tax return?
1. All of it
2. Half of it
3. A portion of it less deductions
4. None of it
Q4. Another name for the net income Laurel Waldman received in November 20** is _______.
1. Equity
2. Expenses
3. Profit
4. None of the above
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