The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) S. Kludlow (partner) N. Perry (supervisor) T. Lee (factory worker) R. Rolf (factory worker) D. Broch (factory worker) S. Ruiz (bookkeeper) C. Rudolph (maintenance) $85,000 75,000 53,000 34,600 29,800 In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until J year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year 616.8 X b. SUTA tax for this year 2,796.6 X 6,900 25,400 5,100

The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) S. Kludlow (partner) N. Perry (supervisor) T. Lee (factory worker) R. Rolf (factory worker) D. Broch (factory worker) S. Ruiz (bookkeeper) C. Rudolph (maintenance) $85,000 75,000 53,000 34,600 29,800 In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until J year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year 616.8 X b. SUTA tax for this year 2,796.6 X 6,900 25,400 5,100

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 24P

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The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $80,500 S. Kludlow (partner) 71,500 N. Perry (supervisor) 56,500 T. Lee (factory worker) 38,400 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,600 S. Ruiz (bookkeeper) 26,600 C. Rudolph (maintenance) 5,400 In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year$fill in the blank 1 b. SUTA tax for this year
The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) S. Kludlow (partner) N. Perry (supervisor) T. Lee (factory worker) R. Rolf (factory worker) D. Broch (factory worker) S. Ruiz (bookkeeper) C. Rudolph (maintenance) > In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year $ 235.8 X b. SUTA tax for this year S 1,413 X $85,000 75,000 53,000 34,600 29,800 6,900 25,400 5,100 Feedback 4
The Smith and Jones partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $160,000 for Smith and $80,000 for Jones. At the beginning of the year, Smith's Capital account had a balance of $320,000, while Jones' Capital account had a balance of $280,000. Net income for the year was $200.000. The balance of Jones' Capital account at the end of the year after closing is Essay Toolbar navigation B I U S E E E v
M. Keenan (partner) $110,000 S. Kludlow (partner) 98,000 N. Perry (supervisor) 53,000 T. Lee (factory worker) 32,100 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,200 S. Ruiz (bookkeeper) 24,100 C. Rudolph (maintenance) 5,300 The partnership of Keenan and Kludlow paid the following wages during this year: In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year$fill in the blank 1 b. SUTA tax for this year
The partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of January 1, 20--, were $41,000 for C. Rummel and $25,000 for V. Kang. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $43,000 for Rummel and $34,000 for Kang, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 60-40 basis. Required: 1. Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year. 2. Prepare a statement of partners’ equity for the year ended December 31, 20--, and the partners’ equity section of the balance sheet on that date. 3. Prepare closing entries for the partnership as of…
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue $ 83,200 Gain on sale of land (§1231) 6,300 Cost of goods sold (40,700) Depreciation—MACRS (16,600) Employee wages (16,600) Cash charitable contributions (3,400) Municipal bond interest 5,600 Other expenses (4,800) Note: Negative amounts should be indicated by a minus sign. Required: a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss). b. Compute Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1, assuming G&P is a limited partnership and Gary is a limited partner. PLEASE…
The net income of the Mohammad and Ahmed partnership is 250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of 200,000 (Mohammad) and 300,000 (Ahmed) have been allocated. At the beginning of the year, Mohammad's Capital account had a balance of 500,000 and Ahmed's Capital account had a balance of 650,000. What is the balance of Mohammad's Capital account at the ?end of the year after profits and losses have been distributed 825,000.a O 375,000.b O 625,000 .cO 575,000.d O
Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $418, 200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $418, 200 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments.
Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $385,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $385,200 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $385,200 net income in the ratio of their beginning capital investments. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Ries Bax Thomas Percentage of Total Equity $150,000/$320,000 $54,000/$202,000 $128,000/$320,000 × Income Summary Allocated Income to Capital
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On March 1, Eckert and Kelley formed a partnership. Eckert contributed $92.000 cash, and Kelley contributed land valued at $73,600 and a bulding valued at $103.600. The partnership also took Kelley's $82000 long-term note payable associated with the land and bullding. The partners agreed to share Income as follows: Eckert gets an annual salary allowance of $30,000, both get an annual Interest allowance of 9% of their Initial capital Investment, and any remalning Income or loss Is shared equally. On October 20, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. After adjusting and closing entrles are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $76.000. Required: 1a. & 1b. Prepare journal entries to record the partners' initial capital Investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of Income, and then prepare journal entries to close Income Summary and the partners'…
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash, and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also took Kelley’s $92,500 longterm note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $25,000, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $34,000 cash and Kelley withdrew $20,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $90,000. 1. Prepare journal entries to record (a) the partners’ initial capital investments, (b) their cash withdrawals, and (c) the December 31 closing of both the withdrawals and Income Summary accounts. 2. Determine the balances of the partners’ capital accounts as of…