Debra and Lawrence have an equal partnership. This year, after expenses, the partnership had a profit of $200,000 . Debra and Lawrence will each pay taxes on:
a. whatever they receive from the partnership.
b. $50,000.
c. $100,000.
d. None of the above. The partnership itself will pay the taxes on the business's profit.
c
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Gross profit is calculated as ________.
A) sales revenue less sales discounts and allowances B) sales revenue less operating expenses C) net sales revenue less sales discounts D) net sales revenue less cost of goods sold
What should employees typically do to earn bonuses under the Scanlon plan?
A. They should improve their performance year after year so that they re-earn the bonus during each performance period. B. They should follow a defined set of quality standards to produce the desired outcome. C. They should produce products at a rate much higher than the standard production time. D. They should keep labor costs to a minimum and produce as much as possible with that amount of labor. E. They should create goodwill with customers and close as many sales as possible.
Kamper Company sells two products Big Z and Little Z. Current direct material and direct labor costs are detailed below. Next year, the company wishes to use a plantwide overhead rate with direct labor hours as its allocation base. Next year's overhead is estimated to be $475,000. The direct labor and direct materials costs are estimated to be consistent with the current year. Direct labor costs $20 per hour and the company expects to manufacture 32,000 units of Big Z and 9,000 units of Little Z next year. DirectMaterialper UnitDirectLabor Dollarsper UnitBig Z$6 $17 Little Z$12 $8 What are total estimated direct labor hours for this next year?
A. 916,000 total DLH. B. 30,800 total DLH. C. 300,000 total DLH. D. 1,025,000 total DLH. E. 616,000 total DLH.
If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:
A. 9. B. 3. C. 7. D. 5.