KLMN Partnerships financial records show the following: Gross receipts from sales $670,000 Cost of goods sold
Question:
Gross receipts from sales ………………………… $670,000
Cost of goods sold ………………………………. (460,000)
Operating expenses ………………………………. (96,800)
Business meals and entertainment ……………… (6,240)
Section 1231 loss on equipment sale …………… (13,500)
Charitable contribution ………………………… (1,500)
Distributions to partners ………………………… (10,000)
Compute KLMN’s ordinary business income for the year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (19 reviews)
Gross receipts from sales 670000 Cost of goods sold 460000 Ope...View the full answer
Answered By
Ajeet Singh
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life.
I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge.
I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields.
Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a teacher. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
4.90+
7+ Reviews
15+ Question Solved
Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
Question Posted:
Students also viewed these Business Law questions
-
Aging of accounts receivable. Hamilia S.A.'s financial records show the following balances in its accounts receivable for fiscal 2008: Hamilia uses the aging-of-accounts-receivable procedure for...
-
Ms. Xie, who is in the 39.6 percent tax bracket, is the sole shareholder and president of Xenon. The corporations financial records show the following: Gross income from sales of goods $1,590,000...
-
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash ...................................................... $10,000 Accounts receivable...
-
John Woods' weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using an $80 value for each exemption and the tax rate schedule below, what is Woods' federal income tax...
-
One mass, m1 = 0.215 kg, of an ideal Atwood machine (see Fig. 4.42) rests on the floor 1.10 m below the other mass, m2 = 0.255 kg, (a) If the masses are released from rest, how long does it take m2...
-
Determine the p-value that would be used to complete the following runs tests: a. Ho: The sequence of gender of customers coming into the gym was random; Ha: The sequence was not random; with n(A) =...
-
Asian Pacific Crisis. The Asian financial crisis that began in July 1997 wreaked havoc throughout the currency markets of East Asia. a. Which of the following currencies had the largest depreciations...
-
On January 1, 2014, Prince Corporation acquired 70% of the 100,000 outstanding voting shares of Song Limited for a cash consideration of $1,015,000. On that date, shares of Song Limited were trading...
-
Match log; 6-logg 2 with the logarithm that has the same value. log, 12 log; 36 log 3 log; 64
-
1. In communicating the changes in philosophy and practice within PepsiCo, should CEO Indra Nooyi and her management team use formal or informal channels of communication? Give examples of each. 2....
-
Rochelle is a partner in Megawatt Partnership. For 2015, her schedule K-1 from the partnership reported the following share of partnership items: Ordinary income $25,000 Section 1231 loss (3,000)...
-
Refer to the facts in the preceding problem. Mr. T is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. a. Compute Mr. Ts share of partnership...
-
In Exercises 1524, use Greens Theorem to evaluate the line integral. [(e-/ - y) dx + (e-3/2 + x) dy C: boundary of the region lying between the graphs of the circle x = 6 cos 0, y = 6 sin 0 and the...
-
Employee federal income tax withholdings are based on what two factors?
-
A manager is enthusiastic about a system approach to management which an organization recently adopted. Which of the following terms is least descriptive of the systems approach to management? a....
-
In an orientation session for new managers, the following comments were made. Which view is inconsistent with the contingency approach to management? a. Management can be a very complex process. b....
-
Various surveys have indicated that between 1972 and 1979, the number of audit committees increased by about: a. 5%. b. 10%. c. 30%. d. 40%. e. 50%.
-
Which of the following is false? Management principles a. Are statements based on valid causal relationships. b. Help improve the outcome of a manager's decisions. c. Come from beliefs, experiences,...
-
In just 0.30 s, you compress a spring (spring constant 5000 N/m), which is initially at its equilibrium length, by 4.0 cm. What is your average power output?
-
In the circuit shown in Figure 4, a battery supplies a constant voltage of 40 V, the inductance is 2 H, the resistance is 10, and l(0) = 0. (a) Find l(t). (b) Find the current after 0.1s.
-
A researcher is randomly selecting a treatment group of 10 human subjects from a group of 20 people taking part in an experiment. In how many different ways can the treatment group be selected?
-
Three unmarried and childless sisters live together. All are of advanced age and in poor health, and each owns a significant amount of wealth. Each has a will that passes her property to her...
-
Three unmarried and childless sisters live together. All are of advanced age and in poor health, and each owns a significant amount of wealth. Each has a will that passes her property to her...
-
Elizabeth, a widow since 2000, made taxable gifts of $3 million in 2011 and $4 million in 2015. She paid no gift tax on the 2011 transfer. What is her tax base for determining any gift tax on the...
-
Assignment A partnership is a legal entity formed by two or more people who agree to share the profits and losses of a business. Partnership accounting is the process ofrecording and reporting the...
-
Which statement below correctly describes merchandise inventory?Multiple choice question.Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased...
-
Consulta las fuentes orientadas y otras de inters relacionadas con la asignatura y realiza las siguientes actividades: Con los conocimientos adquiridos en la unidad y las orientaciones del...
Study smarter with the SolutionInn App