FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alan and Katie have been trading for many years. The partnership agreement allocates Alan a salary of 20,000 and Katie 15,000 per annum. The balance

image text in transcribed
Alan and Katie have been trading for many years. The partnership agreement allocates Alan a salary of 20,000 and Katie 15,000 per annum. The balance of the profits are shared in the ratio 3.1. For the year ended 30 June 2020 the partnership had tax adjusted profits of 90,000. What are the partners' assessable trading profits for 2020/21

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Socionomic Theory Of Finance

The Socionomic Theory Of Finance

Authors: Robert R. Prechter

1st Edition

0977611256, 978-0977611256

More Books

Students also viewed these Finance questions

Question

★★★★★
1. In your opinion, are the demands for conformity that Titeship has placed on his salesforce legitimate or nonlegitimate? Explain. 2. How do you feel about Titeships decision to place Randy on...

Answered: 1 week ago

Question

★★★★★
A manufacturer of outdoor brass lamps and mailboxes has received numerous complaints about premature corrosion. The manufacturer has identified the cause of the problem as the low-quality lacquer...

Answered: 1 week ago

Question

★★★★★
1. What is the ideal team member?

Answered: 1 week ago

Question

★★★★★
Andy Simmons is a CPA with his own accounting and tax practice. He occasionally does an audit for small business clients. One day an audit client shows Andy a letter from the local Property Tax...

Answered: 1 week ago

Question

★★★★★
Alan and Katie have been trading for many years. The partnership agreement allocates Alan a salary of 20,000 and Katie 15,000 per annum. The balance of the profits are shared in the ratio 3.1. For...

Answered: 1 week ago

Question

★★★★★
o assess the effect of an intervention such as the productivity of an employee before and after a training class, one would conduct a(n) ____

Answered: 1 week ago

Question

★★★★★
Identity Theft Resource Center (ITRC) provides consumer and victim support, public education, and advice. Marlenas grandmother is concerned her identity has been stolen. Help Marlena reconcile her...

Answered: 1 week ago

Question

★★★★★
Your company recently hired a new administrative assistant, Maryam Arjmand. On her first day, you stopped by her desk to meet her. During your conversation, you told her to let you know if there was...

Answered: 1 week ago

Question

★★★★★
In the stat crunch, where in stat command will I use for this questions. I go from T stat but it always says error as "it says no rows in data set" I don't get it Open the StatCrunch data file Zoeys....

Answered: 1 week ago

Question

★★★★★
Starting at 5:00 AM, every half hour there is a flight from San Francisco airport to Los Angeles International airport. Suppose that none of these planes is completely sold out and they have always...

Answered: 1 week ago

Question

★★★★★
Customers entering a hardware store are asked how many rooms are in their house. The results are displayed in the following frequency table. Which histogram accurately summarizes the data? Select the...

Answered: 1 week ago

Previous Question Next Question