Saturday
April 19, 2014

Homework Help: Accounting HELPPPP

Posted by Aby on Wednesday, April 18, 2012 at 3:37pm.

Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year:

Sales $180,000
Cost of Goods Sold 105,000
Guaranteed Payment to Ron Richards 25,000
Depreciation 11,000
Interest Expense 1,000
Tax-Exempt Income 1,500
Health Insurance Premiums for Jim Johnson 700
Health Insurance Premiums for Ron Richards 700


Calculate Jimís share of ordinary income from the partnership. Calculate Jimís share of separately stated items that will appear on his Schedule K-1 from Richards and Johnson, LLP.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Tax (HELP Plz) - Jim Johnson has 40% interest in Richards and Johnson, LLP. The ...
Accounting - Journalize the following transactions for Tammy Company: Sept. 1 ...
Interest - In 6 years, Jim wants to have $47,230 to buy a new car. (a) How much ...
math (simple interest) - Susan collected $1.20 interest after 6 months. What was...
Finance Accounting - One of the advantages of borrowing is that interest is ...
Mathematics - Last year Jim's gross weekly pay was $920 and he received $520 in ...
History - Can somebody please look this over and let me know if I am right with ...
Accounting - When calculating the times interest earned ratio, you you include "...
accounting - I need an understanding of a few matters in my accounting class: 1...
Math - A $20,000 deposit was placed in a bank paying 5.75% interest compounded ...

Search
Members