Ms. Kim is a general partner who holds a 50% interest in Mustang Partnership. This year, Mustang earned ordinary business income of $200,000 before accounting for any payments to partners. Mustang also received $8,000 in qualified dividend income and $3,000 of municipal bond interest income. During the year, Mustang paid Ms. Kim a $60,000 guaranteed payment for services to the partnership plus an additional cash distribution of $30,000 (assume Mustang made no payments to any other partner). Ms. Kim’s ordinary income tax rate is 25% and long-term capital gain and dividend tax rate is 15%. At the beginning of the year, Ms. Kim’s basis in her Mustang Partnership interest was $270,000.
a. Determine the tax cost of Ms. Kim’s share of Mustang partnership’s income for the year (ignore self-employment tax and the QBI deduction). (15 points)
b. Determine Ms. Kim’s after-tax cash flows from her investment in Mustang partnership for the year. (10 points)
c. Determine Ms. Kim’s basis in her Mustang Partnership interest at the end of the year. (5 points)
In: Finance
The Primo Company had a total payroll of $240,605.13 for the first quarter of the current year. It withheld $28,131.67 from the employees for federal income tax during this quarter. The company made the following deposits in a qualified bank depository for the amount of the income and Social Security and Medicare taxes withheld from the employees and for the company's contribution to the FICA tax: $19,450 on February 6; $19,450 on March 4; and $19,450 on April 5. Primo Company's bookkeeper is now filling out Form 941 (quarterly return), which is due by the end of April. Complete the following to determine the amount of the check that the company must send to the IRS for the undeposited taxes due. Round your answers to the nearest cent.
A. total SS and mdicare to be paid for quarter
B. Total Taxes
C. Total Deposits
D. Undeposited Taxes due IRS
In: Accounting
whaich accurately describes amortization? A Method under macrs to determine the portion of the year to depreciate property both in year placed in service and when disposed B. a method in macrs to expense cost usually paid by buye to research title of real propety C. method in macrs to expense the original cost of property plus certain additions and improvements minus certain deductions as depreciation and casuaty losses D a ratable deduction for the cost of intangible property over its useful life
In: Accounting
If real property is sold during the year the property taxes must be allocated between the buyer and seller based on the numbr of days the property was held by each party? true or false ?
Accounting subject
In: Accounting
On July 1 of year 1, Elaine purchased a new home for $795,000. At the time of the purchase, it was estimated that the property tax bill on the home for the year would be $15,900 ($795,000 × 2%). On the settlement statement, Elaine was charged $7,950 for the year in property taxes and the seller was charged $7,950. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $16,900. Elaine wrote a $16,900 check to the local government to pay the taxes for that calendar year. (Elaine was liable for the taxes because she owned the property when they became due.) What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)
Multiple Choice $0.
$7,950.
$8,450.
$8,950.
$16,900.
In: Accounting
An arborist would like to know if the mean growth (in inches) per year of flowering pear trees is different than white fir trees. A random sample of 37 flowering pear trees is taken, where the age of each tree is recorded. A white fir tree of the same age is located for a total of 37 white fir trees. The growth in height over a 1-year period for each tree in the study is carefully recorded. Summary statistics are given below.
| Difference | n | Mean Diff | Std. Err. |
| d = Pear - Fir | 37 | -1.8 | 0.66 |
Can you conclude the mean yearly growth is different between flowering pear and white fir trees? Use a significance level of 0.01.
Ho:μd=0Ho:μd=0
Ha:μd<0Ha:μd<0
Ho:μd=0Ho:μd=0
Ha:μd≠0Ha:μd≠0
Ho:μd=0Ho:μd=0
Ha:μd>0Ha:μd>0
In: Statistics and Probability
The nurse is admitting a 68-year-old patient with a history of ovarian cancer to the medical unit. She had surgery 2 months ago and has had pain ever since the surgery. She reports that she has been taking oxycodone at home, but that the pain is “never gone”
1-The patient describes her pain as a 10 on a scale of 0-10, deep, occasionally cramping, and sharp or stabbing. She waves her hand over her chest and abdomen when asked to pinpoint the location of the pain, How should the nurse document this assessment of pain?
In: Nursing
We measured weight gain in students in their freshmen year to see if the Freshmen 15 is real or not. My hypothesis for whether there will be a difference in weight gain between males and females was that it would be fairly the same.
The data we got was:
For females, the mean is 2.640, the standard deviation is 5.961, the maximum is 15.4 and the minimum is -8.8. For male, the mean is 2.544, the standard deviation is 10.808, the maximum is 24.2 and the minimum is -28.6.
We got the same mean for both, but different standard deviations. What does this mean? If the data is more spread out for males, does that mean that the weight gain was different for males despite pretty much the same mean? Did I support or not support my hypothesis? What can I further say about the data to support that answer?
In: Statistics and Probability
Suppose you plan to save $6,000 at the end of each coming year for the next 32 years from now for retirement. The interest rate is 4%. How much will you have 32 years from now?
Given that you will have $376208.81 saved on the day you retire, how much will you be able to spend each year starting at the end of the first year of retirement, if you want to spend in perpetuity?
In: Finance
Dayton company had sales revenue of $900,000 for the year. In addition, the following information is available related to the cost of the units sold:
| Beginning Inventory | $ 480,000 |
| Purchases | 233,000 |
| Freight-in | 8,300 |
| Purchase Discounts | 25,000 |
| Purchases Allowances | 5,300 |
| Operating expenses | 177,000 |
| Ending inventory | 243,000 |
At what amount would the company report gross profit?
A. $439,700
B. $452,000
C. $460,300
D. $430,000
In: Accounting