FNSACC601 Quiz 3 - review
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Which of the following is not an example of a partnership for tax
purposes?
Select one:
a. A trust and a company operating a wholesale manufacturing
business
b. None of the answers are correct
c. A husband and wife receiving rent from a jointly owned
property
d. An individual and a company operating a caravan park
e. Two brothers jointly operating a retail business
Which of the following is true of a partnership?
Select one:
a. All partnerships must have a partnership agreement
b. All partnerships must lodge an income tax return
c. A partnership is not directly liable for income tax
d. Assessable income less deductions equals taxable income
e. None of the answers are correct
Question 3
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Which of the following is not true of the partners in a partnership?
Select one:
a. None of the answers are correct
b. Partners must include their share of partnership net income
as assessable income
c. Partners may defer their share of partnership net loss to claim
as a deduction in a future tax year
d. Partners are entitled to claim a tax offset equal to their share
of franking credits from a partnership
e. Partners are to include their share of partnership net loss as a
deduction
Which of the following amounts is assessable income for a
partnership?
Select one:
a. Interest charged to a partner's current account on their
drawings
b. None of the answers are correct
c. Interest received from a partner on their drawings
d. A capital gain on the disposal of partnership property
e. Franking credits from a fully franked dividend
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Which of the following is allowed as a deduction of a partnership?
Select one:
a. None of the answers are correct
b. Interest paid to partners on capital balances
c. Salaries paid to partners according to a partnership
agreement
d. A capital loss on the disposal of a partnership asset
e. Interest paid to partners on loans
The definition of a partnership in general law is the same as the
definition of a partnership in tax law.
Select one:
True
False
Joint owners of property who receive income from the property are
considered as partners for tax purposes.
Select one:
True
False
Companies are excluded from the definition of partnership.
Select one:
True
False
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As a partnership itself does not pay income tax, it does not need to
lodge a partnership tax return.
Select one:
True
False
Each partner is individually taxed on their share of partnership net
income.
Select one:
True
False
The partnership net income is divided between the partners in
accordance with their profit/loss sharing ratio.
Select one:
True
False
A partner’s salary is subject to PAYG withholding.
Select one:
True
False
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Reporting Stockholders' Equity
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized, and 2,000 shares have been reacquired.
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Paid-In Capital in Excess of Par-Common Stock
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Stockholders' Equity
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Cost of Materials Issuances
Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:
a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.
Received
Receiving
Report
Number
Received
Quantity
Received
Unit Price
Issued
Materials
Requisition
Number
Issued
Quantity
Issued
Balance
Amount
Date
Balance
Quantity
Balance
Amount
Balance
Unit Price
309
200
$7.00
July 1
July 5
125
$750
$ 6.00
125 V
750 V
6.00
7401
240
July 10
422
400
$8.00
July 201
7639
325
July 26
b. Determine the balance of wire cable at the end of July,
1,280
c. Determine the total amount of materials transferred to Work in Process for July.
4.070
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- lem Set: Modx * CengageNOWv2 | Onl X * Cengage Learning B Milestone Two Guideli x G module ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=.. eBook Show Me How Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $830 $1,090 Temporary investments 1,200 1,500 Accounts receivable 820 910 Inventory 2,100 2,500 Accounts payable 1,900 2,500 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining? Check My Work 56°F Mostly 39arrow_forwardOnline Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/6/1 EY Accounting Assessment Total 00:55.46 Finish Test Section 1 of 1 Section #1 v 12 5. 7 8. 6. 10 11 7 of 45 All 2 43 Question #7 GRevisit Choose the best option Wages paid to own employees who have redecorated the office are O capital expenditure. debited to profit and loss account. debited to premises account., O credited to profit and loss account. Frev Question Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:12 PM metti 1/16/2021arrow_forwardAssignment: Chapter 12 Homework Time Remaining: 0:58:20 Questions Problem 12.08 (New Project Analysis) 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 0 eBook Assignment Score: 78.57% Save Submit Assignment for Grading Question 4 of 14 ► Check My Work You must evaluate the purchase of a proposed spectrometer for the R&D department. The purchase price of the spectrometer including modifications is $140,000, and the equipment will be fully depreciated at the time of purchase. The equipment would be sold after 3 years for $32,000. The equipment would require an $8,000 increase in net operating working capital (spare parts inventory). The project would have no effect on revenues, but it should save the firm $43,000 per year in before-tax labor costs. The firm's marginal federal-plus-state tax rate is 25%. a. What is the initial investment outlay for the spectrometer after bonus depreciation is considered, that is, what is the Year 0 project cash flow? Enter your answer as a positive value.…arrow_forward
- plem Set: Mod x * CengageNOW2| On x * Cengage Learning B Milestone Two Guidel x G module 5 problem se x+ ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. еBook Show Me How Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $272,000. Legal fees paid were $1,780, delinquent taxes assumed were $14,700, and fees paid to remove an old building from the land were $21,700. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $960,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. Next Previous 3:20 PM Check My Work 11/28/2021 56 Farrow_forwardSUMMATIVE ASSESSMENT ACTIVITIES 60% pass mark Instructions: The following assignments must be completed by you in full. Read the instructions carefully and ensure that you cover all the requirements of the assignments thoroughly. Check to ensure that you have referenced each Assignment correctly and included all the required attachments Important note: Should any additional information / documents be required or attached, kindly ensure that you have referenced them accurately as identified in each section. Remember: This is a NOF Level 6 qualification requiring comprehensive, in depth evidence that clearly shows your ability to analyse and evaluate, if there are any sections where you do not have workplace evidence, simulate the activities through role play Case Study Hash-Singh CC trading under Kop lee Foods is a food manufacturing company based in Julius industrial Park situated in Rustenbure. The company was founded in 1942 by the offspring of the Gani family who was sent as…arrow_forward-et: Mod x * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel x G module 5 problem set x om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. O eBook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Previous Next Check My Work. 3:34 P 56°F Mostly cloudy A O E O 40 11/28/2 (田arrow_forward
- Unit VI Assignment Instructions: This assignment involves answering a series of questions, and each question provides you with an opportunity to accomplish the following course learning outcome: 8. Critique interview techniques. Be sure to answer each question, save all of your work in this template, and submit it in Blackboard for grading. 1. After answering the last question, Jason said thank you and the interview was over. Briefly describe one or more techniques that Jason could have used to improve the conclusion of his interview. Your response should be at least 75 words. 2. Danielle was interviewing for a position, and the interviewer asked for her salary requirements. As Danielle was not expecting to hear that question, she mumbled for a minute before eventually saying $40,000.00, which is low for someone with her experience. Briefly describe one or more techniques…arrow_forwardt: Modi X * CengageNOWv2 | On x * Cengage Learning m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. CD B Milestone Two Guideli x G module 5 problem set x A eBook Show Me How Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $41,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 C. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 Next Previous 3:24 PM Check My Work 11/28/2021 56°F Mostly cloudy a O E - A 0 home delete prt sc %23arrow_forwardQuestion 26 Performance Appraisal Score Pay Quartile Еxcellent Very Good Good Needs Improvement Poor $13.01 - 15.00 5% 4% 3% 0% 0% $11.01 - 13.00 6% 5% 4% 3% 0% $ 9.01 - 11.00 7% 6% 5% 4% 0% $ 7.00 - 9.00 8% 7% 6% 5% 0% Fred is currently making S12.00/hour and received an Excellent on his performance appraisal. Wilma is currently making $11.50:hour and rececived a Very Good on her performance appraisal. Dottie is currently making $10.00/hour and received a Good on her performance appraisal. Barney is currently making SI1.50/hour and received a Needs Improvement on his performance appraisal. Based on her current pay and her performance appraisal score, Wilma can receive what percentage merit pay increase? a. 4% b. 5% C. 6% d. 7%arrow_forward
- bapps/assessment/take/launch.jsp?course_assessment_id%3_241590_1&course_id%3_394102_18content_id%3D2675287 1&step3D My Info K12 Customer Supp... Class Connect LogMeln123 6 Microsoft Office 365 PeopleSoft Online.. E MG estion Completion Status: O 21.95% QUESTION 6 Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced, and its product sells for $3.00 per unit. What is the company's break-even point, i.e., at what unit sales volume would income equal costs? O 211,000 units O 296,000 units O 200,000 units 250,000 units QUESTION 7 Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096 capacity. In millions, how large could sales have been if the company had operated at full capacity?arrow_forwardrive - Google Drive Z My Drive - Google Drive x + Front Desk Operations 2020 - Go X + akeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogress3false * Tp ix o TVCC Email P My Math Lab | Log In to Canvas XMathway | Calculus.. N Netflix . Cengage Login Login Read Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,500 units, 30% completed): Direct materials (3,500 x $10.60) $37,100 Conversion (3,500 x 30% x $6.80) 7,140 $44,240 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction…arrow_forwardQuiz 4: Module 4- Requires Respondus L Started: Nov 16 at 6:41am Quiz Instructions Quiz 4 covers the content from Module 4. The quiz has a 45-minute timer t question at a time but you can go back and change your answers if you nee Quiz answers can be viewed for 72 hours after the final due date, Be sure to Question 17 An anecdote is a type of analogy | metaphor Sumile comparison example Previousarrow_forward
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