Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please see below. I have on more 15 question test too if you are available. A characteristic of partnerships that makes it unattractive to potential

Please see below. I have on more 15 question test too if you are available.

A characteristic of partnerships that makes it unattractive to potential business owners is the ________. (Points : 20)
expense of organization unlimited personal liability flow-through of taxes to partners at the personal level requirement of a charter from the state

Question 2.2.In a partnership, the procedures for admitting a new partner and the method of sharing profits and losses among partners should be outlined in the ________. (Points : 20)
partnership agreement articles of organization charter granted by the state corporate bylaws

Question 3.3.Watson Company pays approximately $30,000 in property taxes per year. The bills are received in September and are paid in December. Watson chooses to accrue property tax expense each month throughout the year. After all the bills are received at the end of September, what would be a good estimate for the balance in the accrual account? (Points : 20)
$0 $15,000 $22,500 $30,000

Question 4.4.The partnership of ABC is made up of partner A, partner B, and partner C. The partnership allocates profits and losses in a ratio of 3:2:5, respectively, to partners A, B, and C. The partnership reported a net loss of $20,000 in the previous year. How will this loss affect Partner Bs capital account? (Points : 20)
it will increase by $4,000 it will decrease by $4,000 it will increase by $2,000 it will decrease by $2,000

Question 5.5.Drew earns an hourly wage of $22.00. He is paid overtime at a rate of 1.5 times his regular pay for any hours he works over 40 hours per week. Drew gets paid every two weeks. The following information is used to calculate his withholding deductions:

Insurance

$60.00

Federal withholding rate

15%

State withholding rate

6%

Social Security Tax withholding rate

5.65%

Charitable deductions

$5.00

For the two-week period ending June 10, 20X2, Drew worked 92 hours and earned at least 40 hours in each week. What is Drews gross pay for this period? (Points : 20)
$1526.43 $2,156.00 $2,024.00 $1,760.00

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

Step: 3

blur-text-image

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

Fundamental Managerial Accounting Concepts

Authors: Thomas P Edmonds, Philip R Olds

9th Edition

1259969509, 9781259969508

More Books

Students also viewed these Accounting questions

Question

1. Avoid conflicts in the relationship

Answered: 1 week ago

Question

1. What will happen in the future

Answered: 1 week ago