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Wendy and Charles are in partnership operating a restaurant. They share profits and losses in the ratio 7 0 : 3 0 . The following
Wendy and Charles are in partnership operating a restaurant. They share profits and losses in the ratio : The following is the partners income statement for Wendy and Charles Income statement for the Year Ending December $ Operating sales Revenue....................................................................................... Less Cost of Sales: Beginning Inventory... Purchases of Inventory... Cost of Inventory Available for Sale Less Ending Inventory... Cost of Sales.......................................................................................................... Gross Income........................................................................................................ Less Operating Expenses Electricity........................................................................... Rates................................................................................... Delivery Expense............................................................... Wages and Salaries... Depreciation of Building and Kitchen Equipment Penalty on GCT for not paying over Tax on time Total Operating Expenses.................................................................................. Net Operating Income........................................................................................ Additional Information $ of the delivery expenses were for Wendys private use. Capital allowances have been computed at $ Charles is years and received pension income of $ per month. Wendy received professional fees for consultancy work done gross of $ During Wendy and Charles paid estimated tax of $ and $ respectively. $ of the $ salary was paid to Charles. You are required to: a Show all working in details of the new partnership adjusted profit statement and the partners annual returns. THIS IS THE RD TIME IM SENDING THIS QUESTION AND I KEEP GETTING WRONG ANSWERS.
Wendy and Charles are in partnership operating a restaurant. They share profits and losses in the ratio : The following is the partners income statement for
Wendy and Charles
Income statement for the Year Ending December
$
Operating sales Revenue.......................................................................................
Less Cost of Sales:
Beginning Inventory...
Purchases of Inventory...
Cost of Inventory Available for Sale
Less Ending Inventory...
Cost of Sales..........................................................................................................
Gross Income........................................................................................................
Less Operating Expenses
Electricity...........................................................................
Rates...................................................................................
Delivery Expense...............................................................
Wages and Salaries...
Depreciation of Building and Kitchen Equipment Penalty on GCT for not paying over Tax on time
Total Operating Expenses.................................................................................. Net Operating Income........................................................................................
Additional Information
$ of the delivery expenses were for Wendys private use.
Capital allowances have been computed at $
Charles is years and received pension income of $ per month.
Wendy received professional fees for consultancy work done gross of $
During Wendy and Charles paid estimated tax of $ and $ respectively.
$ of the $ salary was paid to Charles.
You are required to:
a Show all working in details of the new partnership adjusted profit statement and the partners annual returns. THIS IS THE RD TIME IM SENDING THIS QUESTION AND I KEEP GETTING WRONG ANSWERS.
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