Acme Partnership reported the following items of income and expense: Sales $200,000 Cost of goods sold 115,000 Interest expense on bank line of credit 13,000 Charitable contributions 2,000 Administrative expenses 50,000 Long-term capital gain 10,000 What amount should be reported as ordinary income

Answers

Answer 1

The amount that ACME Partnership should report as ordinary income is $83,000.

Data and Calculations:

Sales Revenue =          $200,000

Cost of goods sold =       115,000

Gross profit =                 $85,000

Administrative expenses  2,000

Operating income =    $83,000

Interest expense             13,000

Taxable income           $70,000

Charitable contributions 2,000

Long-term capital gain  10,000

The operating income is the ordinary income before determining the eligibility of the charitable deductions and the long-term capital gain.

Thus, the ordinary income of ACME Partnership is $83,000.

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Related Questions

In the _____ stage of the advertising development process, Fallon account managers and clients must set the campaign budget. Campaign budgets can range from a few thousand dollars for online advertising to a few million for a network television advertisement.

Answers

Answer:

Planning Phase

Explanation:

Question 3 of 10
What is the main purpose of a credit bureau?
A. To consolidate credit card debt
B. To collect and report credit information
C. To get borrowers the best interest rate
D. To provide easy credit
SHIRE

Answers

Credit bureaus provide some of the information creditors and lenders use to help them make important lending decisions. While credit bureaus collect credit information in order to make it available to certain third parties, the decision to deny or approve someone credit ultimately lies with the lender or creditor.

The main purpose of a credit bureau is B. To collect and report credit information

What is the purpose of the credit bureau system?

It collects information from a wide variety of financial and nonfinancial entities, including microfinance institutions and credit card companies, and provides comprehensive consumer credit information with value-added services such as credit scores to private lenders.

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I sent a survey to severalpersonnel departments to determine how many companies use online job resources

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How did it go?????????

The effect on the accounting equation of declaring a dividend that will be paid at a later date includes a(n):

Answers

Answer:

- decrease in stockholders’ equity

- increase in liabilities

Explanation:

The effect on the accounting equation of declaring a dividend that will be paid at a later date includes decrease in stockholdersequity and increase in liabilities.

What is  stockholders’ equity?

Stockholders' equity describes the assets that are still held by a company after all liabilities have been paid. This amount can also be determined by adding share capital and retained earnings, less treasury stock. It is obtained by deducting total liabilities from total assets.

Share Capital plus Retained Earnings minus Treasury Shares equals Stockholders' Equity. This equation, also referred to as the investor's equation, requires you to first calculate the share capital and then determine the business's retained earnings.

The calculation of shareholders' equity takes into account four factors: outstanding shares, additional paid-in capital, retained earnings, and treasury stock. A firm has sufficient assets to cover its liabilities if shareholders' equity is positive; otherwise, it has more liabilities than assets.

Thus, decrease in stockholders’ equity and increase in liabilities.

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True or false: Social shopping involves sending e-mails to specific customers about new products that may be of interest to them.

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True: Social shopping involves sending e-mails to specific customers about new products that may be of interest to them.

Social shopping is the use of social media by customers to share experience among themselves. This may even include the sending of e-mails to specific customers about new products that may be of interest to them.

Social shopping allow customers to discuss, share, and shop thereby sharing ideas among one another.

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when a country that exported a particular good abandons a free-trade policy and adopts a no-trade policy

Answers

Answer:

producer surplus increases and total surplus decreases in the market for that good.

The ________ rate is the interest rate specified, sometimes referred to as the coupon rate, stated rate, or nominal rate. Multiple choice question. market

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The ________ rate is the interest rate specified, sometimes referred to as the coupon rate, stated rate, or nominal rate. Multiple choice question. market

Answer: Contract

All of the following can be associated with asset-backed securities except A) the securitization of assets. B) minimal risk. C) pooling individual assets into larger financial securities to be sold to investors. D) expected cash flow from credit card debt, leases, auto loans, and mortgages.

Answers

Answer:

B-minimal risk

Sell-side marketplaces are similar to the _________ model; _________ auctions are the key mechanism.

Answers

Answer:

B2C; forward

Explanation:

Sell-side marketplaces are similar to the B2C model; forward auctions are the key mechanism.

What is B2C model?

The term "business-to-consumer" (B2C) refers to a model of commerce between a company and a single customer. Although B2C is a term that can refer to any form of direct-to-consumer selling, it is currently often used in relation to operating an online store, sometimes referred to as ecommerce.

Business to Consumer (B2C) enterprises are different from Business to Business (B2B) organizations in that they concentrate on selling their goods or services directly to consumers rather than other businesses. .

Shopify is one prominent B2C startup that has created a platform to let small sellers sell their goods online and reach a larger audience.

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The National Park Service's efforts to attract, maintain, and enhance relationships with customers and visitors to the park is an example of

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The example that the National Park Service shows by attracting, maintaining, and enhancing relationships with customers and visitors is D. relationship marketing.

Relationship marketing offers goods and services to customers through sales and advertising that achieve long-term customer value. The relationship is built and maintained with existing customers to attract new customers.

Thus, the NPS's efforts enable it to build lifetime customer loyalty that ensures long-term value creation.

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bonds that require payment of the full principle amount of the bond at the end of the loan term are referred to as

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The type of bonds which requires payment of the full principal amount of the bond at the end of the loan term is known as Term bond.

The Term bond are debt securities which are issued by companies or government to investors with scheduled maturity dates.

In other word, the term bond matures on a specific date in the future.

The period of term bond is the between the time of bond's issuance and the  scheduled maturity period.

Therefore, in conclusion, the term bond is the bond requires payment of the full principal amount of the bond at the end of the loan term.

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If a customer gives his broker-dealer an order to sell his stock if it falls to or below 69 and will not accept a price below 69, the order is A) a stop limit order. B) a sell limit order. C) a buy limit order. D) a stop order.

Answers

Answer:

D Stop Order

Explanation:

When an order is entered , the customer has directed that it should not be engaged until the stock is at or below 69, a STOP order. Because the client will not accept an execution below 69 it is a stop limit order.

Leadership ability is important to managers because

a-business will not hire a manager without leadership skills

b-leadership helps managers satisfy employees needs while also meeting the goals of the business

c- managers must get work done whether or not employees want to do it

Answers

It seems like B. Leadership helps managers satisfy employees needs while also meeting the goals of the business

If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is:

Answers

Answer:

8.0 percent

Explanation:

To find the unemployment rate you:

Divide the number of people unemployed by the number of people in labor force (Employed and Unemployed)Then, multiply the number by 100

Hope this Helps

A limited resource of some type that restricts the company's ability to satisfy demand is a(n) ______.

Answers

Answer:

constraint

Explanation:

......................

Answer:

constraint

Explanation:

when a limited resource of some type restricts the company's ability to satisfy demand. The correct measure to look at when handling a constraint.

One of the first things to do to prepare for a job interview is to _____. A. Ask for a formal offer letter b. Plan how to spend your first paycheck c. Research the company d. Send a follow-up letter Please select the best answer from the choices provided A B C D.

Answers

Answer:

c reasearch the company

Explanation:

Answer:

C is correct

Explanation:

i took the test

I am confused here. Help me, tomorrow is my exam. Is tailoring a secondary activity or tertiary? Bcoz a tailor also makes suits etc and also fixes them. For example if my coat has a cut, the tailor will repair it.​

Answers

I think it might be tailor

Hello student

Answer:

Tailor is tertiary activity of economy

Explanation:

because it makes service not manufacturing goods and items.

________ teams have been found to have a positive effect on productivity and attitudes of control, yet no impact on job satisfaction or organizational commitment.

Answers

According to the management system, self-managed teams have been found to have a positive effect on productivity and attitudes of control, yet no impact on job satisfaction or organizational commitment.

This is because self-managed teams are responsible for taking part in the planning and scheduling of the workflow process.

They are also involved in the technical part or tasks of the job, thereby making the work cumbersome with a high probability of low job satisfaction.

Because self-managed teams are involved in planning and workflow processes, they positively affect productivity and control attitudes.

Hence, in this case, it is concluded that the correct answer is "Self-managed teams."

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how many barrels of oil are used per day in the u.s. 2021

Answers

Answer:

about 18.19 million barrels

A dividend _______ is the amount of the dividend expressed as a percentage of the stock's market price,

Answers

Answer:

dividend yield

The dividend yield, expressed as a percentage, is a financial ratio (dividend/price) that shows how much a company pays out in dividends each year relative to its stock price. The reciprocal of the dividend yield is the price/dividend ratio.

in the u.s. economy, the money supply is controlled by the

Answers

Answer:

the fed

Explanation:

I just serched it up

Answer:

The money supply is controlled by the U.S government

If you want to go more in-depth it’s the federal reserve

Explanation:

Hope my answer helps

When sales were down for the third month in a row, the sales manager called a meeting of all sales staff in order to analyze the situation and attempt to come up with some solutions. This example illustrates:

Answers

Answer:

problem-focused coping.

Explanation:

Problem-focused coping is that kind of coping aimed at resolving the stressful situation or event or altering the source of the stress.

________ is a set of interdependent organizations that help make a product or service of a company available for use by consumers or business users.

Answers

Distribution Channel is the answer

Simar Sales Co. sells and installs kitchen appliances. Simar guarantees parts and labor for one year after installation. Simar would record potential claims in a(n) _______ account.

Answers

Based on accounting principles, Simar Sales Co. sells and installs kitchen appliances. Simar guarantees parts and labor for one year after installation. Simar would record potential claims in a(n) Warranty Liability account.

This is because a Warranty Liability account is a type of account that is established to record the number of the repair or replacement costs that a company expects to incur for commodities already shipped or services already conducted.

Warranty Liability account or Estimated Warranty Liability account are used mostly by firms that offer products that have warranty periods.

Hence, in this case, it is concluded that the correct answer is a Warranty Liability account.

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Answer:

Estimated Warranty Liability

Explanation:

What direction of change in velocity could explain the price level increasing by a smaller percentage than the money supply? What would this change in velocity imply about the frequency with which money changes hands?

Answers

1. A direction of change in velocity that explains an increase in price level by a smaller percentage than the money supply is: A decrease in velocity.

2. An effect of this change in velocity (decrease) with respect to the frequency with which money is exchanged (changes hands) is that: A decline or decrease in velocity simply means that money changes hands less frequently.

What is money?

Money can be defined as a recognized economic unit that is generally accepted by the people as a medium of exchange for goods and services, as well as repayment of debts such as loans and taxes across the world.

Hence, money is a financial asset that is typically used for the purchase of goods and services.

What is the velocity of money?

The velocity of money refers to a measure of the rate at which money is being used by consumers for the purchase of goods and services.

Basically, the velocity of money can be used to achieve the following:

Measure the economic and financial health of a country.Measure the rate at which money is being exchanged (changes hands).Measure the circulation of money in an economy.

Mathematically, the velocity of money is calculated by using this formula:

[tex]V = \frac{PY}{M}[/tex]

Where:

P is the price level.M is the quantity of money.Y is the level of production or quantity of output.

Generally, an increase in price level by a smaller percentage than the quantity of money supplied represents a decrease in the velocity of money. Also, an effect of a decrease in velocity with respect to the frequency with which money is exchanged (changes hands) simply means that money changes hands less frequently.

In conclusion, the frequency with which money is exchanged (changes hands) should be equal to the quantity of money in an economy multiplied by the average number of times each unit of currency (money) is being spent by the people living in a country.

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in the united states, the nation’s fiscal policy is conducted by

Answers

Answer:

By both the executive and legislative branches. 

the table shows data that were collected from people who attended a certain high school basketball game and indicates the team each person rooted for and whether each of these people purchased food during the game. a person who attended the game will be selected at random. which of the following correctly interprets mutually exclusive events represented by the table?

Answers

The statement that correctly represents mutually exclusive events represented by the table is rooting for the home team and rooting for the away team.

Mutually exclusive events are events that cannot occur together. If one event occurs, then the other event cannot occur. For example, if you roll a dice once, you cannot get a five and three at the same time. It would be either of the two.

Looking at the table, you cannot root for the home team and the away team at the same time. A person has to choose which team to root for. Also, you can either purchase food or not purchase food. Thus, these are the mutually exclusive events.

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Management estimates that 1% of the $100,000 of credit sales will be uncollectible. The Allowance for Doubtful Accounts has a $100 unadjusted debit balance. The adjusting entry to record estimated bad debts includes a ______. (Select all that apply.)

Answers

Based on the information given the appropriate adjusting entry to record estimated bad debts includes a:

Debit to bad debt expense of $1,000

Credit to allowance for doubtful accounts of $1,000

Adjusting journal entries

Debit Bad debt expense $1,000

Credit Allowance for doubtful accounts $1,000

(1%×$100,000)

(To record estimated bad debts)

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Answer:

credit to Allowance for Doubtful Accounts of $1,000

debit to Bad Dept Expense of $1,000

When freelancers sell to publisher the right to use a piece only once, and there is no guarantee that it has not been published elsewhere first, this arrangement is known as a transfer of

Answers

Answer:

One time rights.

Explanation:

Commission merchants are __________ who receive goods, primarily agricultural products, on consignment.

Answers

Answer:

Dealers

Explanation:

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