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

Question

1 Approved Answer

QUESTION 2 Janet and John are partners sharing profits 60:40. For the years ended 30 June 2019 and 2020 the partnership made profits of 100,000

image text in transcribed
QUESTION 2 Janet and John are partners sharing profits 60:40. For the years ended 30 June 2019 and 2020 the partnership made profits of 100,000 and 150,000 respectively. John's taxable trading profits in 2009/10 are: A 30,000 A 40,000 A 50,000 A 60,000

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

Intermediate Accounting Volume 2

Intermediate Accounting Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

13th Canadian Edition

1119740444, 9781119740445

More Books

Students also viewed these Accounting questions

Question

★★★★★
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid...

Answered: 1 week ago

Question

★★★★★
The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, "This is a golden opportunity." The mine will cost $3,400,000 to open and will...

Answered: 1 week ago

Question

★★★★★
What is the procedure for testing the importance of two or more variables in a multiple regression model?

Answered: 1 week ago

Question

★★★★★
As a result of the recent mortgage crisis, many banks reported record losses to their mortgage receivables and other assets based on the decline in these assets fair values. Requirements 1. What...

Answered: 1 week ago

Question

★★★★★
The following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is as follows: A. Find the missing value for outings revenue,...

Answered: 1 week ago

Question

★★★★★
McDonalds and Buffalo Wild Wings: Comparing two restaurant chains (LO 6-1) McDonalds Corporation franchises and operates more than 36,000 fast-service restaurants around the world. Buffalo Wild Wings...

Answered: 1 week ago

Question

★★★★★
Presented below are selected account balances for Swifty Co. as of December 31, 2020. Inventory 12/31/20 $59,970 Cost of Goods Sold $223,818 Common Stock 75,590 Selling Expenses 16,076 Retained...

Answered: 1 week ago

Question

★★★★★
The professional football club, Highbury Academicals, is considering acquiring a highly successful German international footballer. The transfer fee will be 42m, half of which is payable immediately...

Answered: 1 week ago

Question

★★★★★
Alexandria is evaluating an idea to open her own business. The initial investment is estimated to be $100,000. The investment horizon is 5 years. She will use a 5-year straight-line depreciation...

Answered: 1 week ago

Question

★★★★★
identify ARB (4x4 company) international strategy What are the positive and negatives of their internationalization strategy what would you do diffrently?

Answered: 1 week ago

Question

★★★★★
Quarter Demand (units) 1 2,300 2 2,400 3 2,600 4 2,100 Beginning Inventory 200 units Inventory holding cost $10 per unit at end of quarter Hiring workers $4 per unit Firing workers $8 per unit unit...

Answered: 1 week ago

Question

★★★★★
The rational number 22/7 has been used as an approximation to the number since the time of Archimedes. First, show that: L x(1-x)4 1+x dx = 22 7 - . We will now use properties of this integral to see...

Answered: 1 week ago

Question

★★★★★
4. Of the compensation, benefits, and incentives practices we discussed in, which would you recommend JDV implement, and why?

Answered: 1 week ago

Question

★★★★★
8. Describe the main retirement benefits.

Answered: 1 week ago

Question

★★★★★
2. Why does Joie de Vivre offer free hotel stays to all employees as part of its incentive plan?

Answered: 1 week ago

Previous Question Next Question