Gerrald Express is a partnership business registered in Singapore. The partners are Glenn and Kim. Each of the partners contributed $50,000 as capital to the partnership and they share equally in the profits and losses.

The partnership carries on the business of marketing services. In the financial year ended 31 December 2020, the partnership recorded a net loss of $79,000 after charging the following items of expenses:

Interest on capital paid equally to the partners $5,000
Glenn salary and bonus 12,000
Kim salary and bonus 15,000
Kim’s airfares for business purposes 4,800
Glenn’s taxi fare reimbursements for business 1,200
Motor car expenses reimbursed to employees 3,000
Depreciation 6,000
Interest on loans to fund operating expenses 2,800

Besides his involvement in partnership business, Glenn is also the Executive Officer of a medium size Company in Singapore. He was paid annual remuneration of $78,000 for the year ended 31 December 2020.

His spouse has no income for last year and has 2 children aged 19 and 12. The son is serving National Service and Glenn did not perform any active NS training in the previous year.

Required:

a) Compute the amount of tax adjusted profit or loss of the Gerrald Express partnership for the year of assessment 2021; [8 marks]

b) Compute the assessable income of Glenn for the year of assessment 2021; [12 marks]


c) State the major difference in a partner’s liability to utilise the losses arising from a partnership and from a limited liability partnership. [10 marks]

Answers

Answer 1

Answer:

i dont knowpls mark me as brinlest

Explanation:


Related Questions

What of the following would not be relevant in a make-or-buy decision? What of the following would not be relevant in a make-or-buy decision?
Select one:
a. Avoidable fixed cost
b. Incremental fixed costs
c. Unavoidable variable costs
d. Opportunity costs

Answers

Tje correct answer is c. Unavoidable variable costs. Options that would not be relevant in a make-or-buy decision are unavoidable variable costs.

What are unavoidable variable costs?

Corresponds to a type of expense that cannot be avoided, that is, it is an expense associated with other costs, such as interest rates, depreciation and taxes, being costs that do not depend only on the purchase decision, but costs arising from a commitment to use such expense.

In the make-or-buy decision process, it is necessary for organizations to carry out a structured and organized budget, to better allocate their resources between goals, income and expenses, in order to have greater control of their costs and a more strategic decision-making.

Therefore, the purchase decision process must be based on strategic planning to meet objectives and goals aligned with your needs and best opportunities.

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Sunland Company has 1050 shares of 4%, $100 par value, cumulative preferred stock and 52500 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock

Answers

Based on the information given the annual dividend on the preferred stock is : $4,200.

Using this formula

Annual dividend=Number of shares× Par value× Shares Percentage

Where:

Number of shares=1050 shares

Par value=$100 par value

Shares Percentage=4% or 0.04

Let plug in the formula

Annual dividend=1050shares× $100×0.04

Annual dividend=$4,200

Inconclusion the annual dividend on the preferred stock is : $4,200.

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Determine which of the following statements is correct regarding the relationship of ending inventory and beginning inventory.
A. The beginning inventory of the current period is the beginning inventory of the previous period.
B. The beginning inventory of the previous period is the ending inventory of the current period.
C. The ending inventory of the previous period is the ending inventory of the current period.
D. The ending inventory of the previous period is the beginning inventory of the current period.

Answers

The relationship between ending inventory and beginning inventory is ending inventory of the previous period is the beginning inventory of the current period.

Ending inventory is inventory that remains unsold at the end of a particular period of time. Beginning inventory is inventory that a business has in stock at the beginning of a particular period.

Ending inventory is a function of beginning inventory, cost of goods purchased, cost of goods sold.

Ending inventory = beginning inventory + cost of good bought - cost of good sold.

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Suppose that you are an orange grower. Would you expect the demand for your
orange to be more elastic or more inelastic? Why

Answers

It should be noted that the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded.

It should be noted that an elastic demand simply means a situation whereby a change in the price of a good lead to a larger change in the quantity demanded.

In this case, the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded. For example, an increase in price will make the customers buy other fruits.

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What is the balance between supply and demand called ?

Answers

Answer:

I think it is Market equilibrium

The balance between supply and demand is known as the market equilibrium.

The supply and demand are determined through the price mechanism in a free market. Such as if the goods or services are bought more frequently then their prices will go up and vice versa.

This means that the price mechanism helps to determine what goods are to be produced. In the case where the demand for good increase will result in price go up and will ultimately result in producers supplying more of those goods.

This system of price helps to scale the point where competing demands may be weighed by the consumer or producer requirements.

However, the movement towards the price equilibrium and the resulting balance between the supply and demand is known as the market equilibrium.

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Suppose Yummy Treats Bakery issues common stock in exchange for a building. Yummy Treats Bakery should record the building at Question content area bottom Part 1 A. the par value of the stock given. B. its book value. C. its market value. D. a value assigned by the board of directors

Answers

Based on the information given Yummy Treats Bakery should record the building at: C. its market value.

Market value is the value of an asset in the market or the amount at which an asset will be sold in the market.

Building is an asset and since common stock was issued out in exchange for a building ,  the best options is that Yummy  treats bakery should record the building at the market value the asset or the building.

Inconclusion  Yummy Treats Bakery should record the building at: C. its market value.

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On October 1, 2014, Dakota Company issued an $800,000, 10%, nine-month interest-bearing note. If the Dakota Company is preparing financial statements at December 31, 2014, the adjusting entry for accrued interest will include

Answers

Based on the information given the adjusting entry for accrued interest will include debit to Interest Expense of $20,000.

The appropriate adjusting entry to record the given transaction is:

Dakota Company journal entry

December 31, 2014

Debit Interest Expense

Credit Interest Payable $20,000

($800,000×10%×3/12)

(To record accrued interest)

Inconclusion  the adjusting entry for accrued interest will include debit to Interest Expense of $20,000.

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A hurricane hits the coast of the United States, destroying oyster farms. Afterward,
oyster farmers have far fewer oysters to sell to stores and restaurants.
What is this situation an example of?
A. Incentive
B. Demand
C. Scarcity
D. Trade-off

Answers

Answer: C. Scarcity

The situation is an example of scarcity.
The answer would be Scarcity because they are short supply do to the hurricane.

Which type of reinforcement schedule results in the quickest learning

Answers

A continuous reinforcement schedule (CRF) presents the reinforcer after every performance of the desired behavior. This schedule reinforces target behavior every single time it occurs, and is the quickest in teaching a new behavior.

I bad at explaining things but a easy way to learn quicker (for me anyways) is by taking notes and going over them everyday and reading a little ahead then you have to. Also by going at your pace first till you get use to it before you start pushing your self a little harder.

This helps a lot but than again every one is different so I would honestly juts say to go slow at first and work your self up that way it would he a lot easier on you if you want to learn faster

What are your goals that you want to achieve in 5 years?

Answers

Answer:

Consider Why the Job Interests You

Research the Business

Don't Worry If You Don't Know What Kind of Career You Want to Pursue

Be Enthusiastic

Be Realistic

Explanation:

Select the correct answer
What type of income is received through rent?
A. earned income
B. passive income
C. portfolio income
D. business income

Answers

It is B. passive income

Answer:

earned income is received through rent

Help buissness help help help

Answers

answer is Mucus Fleming as he is a sports player. (:

Answer:

milton fredman

Explanation:

what's the net price equivalent rate of 9/15/18

Answers

Answer: 0.6357 (in decimal form)

What do you think the curves would look like in the next 100 years?

Answers

Answer:The last 100 years have seen a massive fourfold increase in the population, due to medical advances, lower mortality rates, and an increase in agricultural productivity made possible by the Green Revolution.

What low-risk investment can provide Kazuo income when he retires?
a. real estate
b. stocks
c. bonds
d. ira’s

Answers

Answer: D

Explanation:

Which of the following statements is CORRECT? Question 9 options: The AFN equation for forecasting funds requirements requires only a forecast of the firm's balance sheet. Although a forecasted income statement may help clarify the results, income statement data are not essential because funds needed relate only to the balance sheet. Dividends are paid with cash taken from the accumulated retained earnings account, hence dividend policy does not affect the AFN forecast. A negative AFN indicates that retained earnings and spontaneous liabilities are far more than sufficient to finance the additional assets needed. If the ratios of assets to sales and spontaneous liabilities to sales do not remain constant, then the AFN equation will provide more accurate forecasts than the forecasted financial statements method. Any forecast of financial requirements involves determining how much money the firm will need, and this need is determined by adding together increases in assets and spontaneous liabilities and then subtracting operating income.

Answers

AFN has negative and positive sides. The correct statement is A negative AFN indicates that retained earnings and spontaneous liabilities are far more than sufficient to finance the additional assets needed.

AFN is known as Projected increase in assets – spontaneous increase in liabilities – any increase in retained earnings.

When the AFN value is negative, it means the action or project that is underwork will bring about extra income for the company, which can be invested in another place.

Additional funds needed (AFN) is known as financial term used when a business intends to widen its operations.

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Who should have a financial emergency plan in place?


Those with high risk

Everyone, regardless of financial health

Those with bad credi.

Those in a state of bankruptcy

Answers

Answer:

I think B. Everyone, regardless of financial health.

Explanation:

Anything can happen but, if they have a backup financial emergency plan, it can go smoother.

Hope this helps :)

I think b because everyone should have it

When a company enters the market with a high price for their new innovation, which pricing strategy have they used

Answers

Answer:

iprob info

Explanation:

State one effect the great depression had on many Americans?

Answers

Answer:

Great Depression

EXPLANATION:

I hope this helps (:

In general, which type of marketing do you think is most effective for events: push or pull marketing? If you were an event marketer, how would you decide how much push and pull marketing to use? Discuss how an event's ability to help us escape from everyday life and worries can be advantageous for marketeif you were an event marketer how would you decide how much push and pull marketing to use ​

Answers

Push marketing strategies in a way force the potential customer to consume by generating a need that previously did not exist through strategies such as great deals or discounts, bombastic advertisements, etc.

In turn, the pull marketing strategies seek to attract customers in a smoother way, that is, by convincing consumers about the essential characteristics of the product through medium and long-term transformations, such as changes in packaging.

Therefore, push strategies serve to generate consumption in the short term, while pull strategies serve to generate consumption in the medium and long term.

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Question 1 of 15.
#1. Objective A: Left Turn
True False
Mark for follow up

Answers

True is ur answer I hope it helps you

Based on the question above, the correct answer goes thus:

True

Objectivity

To be objective implies that you State facts as it is devoid of your opinions. According to the available text, left turn is true

In conclusion, we can conclude that the correct answer is true

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Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000. The firm carries eight items in inventory: four raw materials, two work-in-process items, and two finished goods. Table 12.3 shows last year’s average inventory levels for these items, along with their unit values. a. What is the average aggregate inventory value? b. How many weeks of supply does the firm have? c. What was the inventory turnover last year?

Answers

a. The average aggregate inventory value is $336,000.

b. The number of weeks of supply that the firm has is 3 weeks, approximately (2.69 ($336,000/$6,500,000 x 52).

c. The inventory turnover of Sapphire Aerospace for last year was 19.3x.

Question Completion:

Category        Part Number        Average           Value        Total      Category

                                              Inventory Units    per Unit      Value        Totals

Raw Materials      RM-1                20,000               $1        $20,000

Materials             RM-2                 5,000                 5          25,000

                            RM-3                 3,000                 6           18,000

                            RM-4                  1,000                 8            8,000      $71,000

Work-in-process WIP-1                 6,000                10         60,000

                            WIP-2               8,000                 12         96,000   $156,000

Finished goods   FG-1                  1,000                65         65,000

                            FG-2                   500                88         44,000   $109,000

Total value of inventory                                               $336,000  $336,000

Inventory turnover = Cost of goods sold/Average inventory

= 19.3x ($6,500,000/$336,000)

Thus, the average inventory value is $336,000, while the inventory turnover was 19.3x.

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Davis Manufacturing Company had the following data:
January 1 December 31
Accounts receivable $27,000 $33,000
Materials inventory 22,500 6,000
Work in process inventory 70,200 48,000
Finished goods inventory 3,000 15,000
Collections on account were $625,000.
Cost of goods sold was 68% of sales.
Direct materials purchased amounted to $90,000.
Factory overhead was 300% of the cost of direct labor.

a. Compute sales revenue (all sales were on account).
$ ___________________

b. Compute cost of goods sold.
$ ______________

c. Compute cost of goods manufactured.
$ _______________

d. Compute direct materials used.
$ ________________

e. Compute direct labor incurred.
$ ________________

f. Compute factory overhead incurred.
$ __________________

Answers

a) The computation of the sales revenue is $631,000.

b) The computation of the cost of goods sold is $429,080.

c) The computation of the cost of goods manufactured is $441,080.

d) The computation of the direct materials used is $106,500.

e) The computation of the direct labor incurred is $78,095.

f) the Computation of the factory overhead incurred is $234,285.

How are the figures above computed?

The ledger accounts of the inventory accounts can help in the computation of the above figures as shown below.

Data and Calculations:

                                              January 1     December 31

Accounts receivable               $27,000        $33,000

Materials inventory                   22,500            6,000

Work in process inventory       70,200          48,000

Finished goods inventory          3,000           15,000

Collections on account were $625,000

Cost of goods sold was 68% of sales.

Direct materials purchased amounted to $90,000

T-Accounts:

Accounts receivable:

Beginning balance   $27,000

Sales (missing)        631,000

Cash collection                       $625,000

Ending balance                         $33,000

Cost of goods sold is $429,080 ($631,000 x 68%).

Materials inventory

Beginning balance   $22,500

Purchases                   90,000

Work in process                        106,500

Ending balance                          $6,000

Work in process inventory

Beginning balance    $70,200

Materials inventory    106,500
Direct labor                  78,095

Factory overhead     234,285

Finished goods inventory        $441,080

Ending balance                          $48,000

Finished goods inventory

Beginning balance        $3,000

Work in process         $441,080

Cost of goods sold                      $429,080

Ending balance                                15,000

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The Medical Device Makers Association does not include all manufacturers of medical and surgical instruments. The association refuses to deal with any parties who do not carry the products of its members. This is Group of answer choices a situation that neither restrains trade nor harms competition. subject to analysis under the rule of reason. not within the scope of the Sherman Act. a per se violation of antitrust law.

Answers

The word per se is often means the act is illegal in some countries. The above Scenario is known to be a per se violation of antitrust law.

The Per se rule is often used in the cases that involves price fixing, group boycott etc. This kind of case often needs a lot of inquiry before it is handled.

There are different kinds of per se violations of antitrust law. Some other  business practices that can be said to be per se illegal under antitrust laws are:

When there is an horizontal market allocation agreementsWhen some particular horizontal group did boycotts by competitorsWhen there is tying arrangements etc.

Antitrust laws is known to hinder the act of lowering the price in a specific geographic area so as to drive out competition.

Federal antitrust laws aim to keep the unity and peace of the free and open market competition both in the geographic areas and in types of products or services.

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what are the functions of middle level management​

Answers

Answer:

Middle management is at the center of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff.

Middle managers are accountable to top management for their department's function. They provide guidance to lower-level managers and inspire them to perform better.

Hope this helps you !!

Michelle is typing an e-mail to team members. The e-mail includes some issues that were discussed during a meeting and decisions that were made. Michelle is writing the _____.

Answers

Answer:

issues that were discussed in the meeting

Explanation:

Arthur is a tax preparer doing business as a sole proprietor. Under what circumstances could he receive a pass-through deduction that is not limited as a result of it being an SSTB?

Answers

It should be noted that the condition where he'll get a pass-through deduction is that he has a taxable income.

A pass-through deduction refers to a business that isn't subject to corporate income tax. Rather, such a business is taxed at individual income tax rates.

From the information given, the condition where Arthur will get a pass-through deduction is that he has a taxable income. Also, the deduction cannot be more than 20% of the taxable income.

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3 of 45
In order to determine exactly what portion of a mortgage loan the VA will guarantee on behalf of
a qualified veteran, the borrower must apply for a

Answers

Answer:

Certificate of Eligibility (COE)

Explanation:

In order to determine exactly what portion of a mortgage loan the VA will guarantee on behalf of a qualified veteran, the borrower must apply for a Certificate of Eligibility (COE).

The Certificate of Eligibility (COE) is a letter issued by the Department of Veterans Affairs (VA), which attests the eligibility of the veteran for a VA-backed home loan. There are a few ways to obtain a COE:

Through mail, by filling out the VA Form 26-1880 (Request for Certificate of Eligibility).Through the VA's website.Through lenders.

Veterans must also have at least one of the following Character of Service (COS) requirements upon discharge from the military: Honorable, General, Uncharacterized, and Under Honorable Conditions.  

what is the most technical challenge for mr?

Answers

Answer:

       The most technical challenge for true AR/MR is maintaining accurate spatial registration of real and virtual elements such that the deviation is within the perceptual limits of the human sensory system.

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

Imagine you own a company that makes YOUR FAVORITE PRODUCT.

Answers

Answer:

I am not sure what you want me to answer but Ill give you my P.O.V

Explanation:

If I had my own company with my favorite product I would have created more of the things related to that product. And invest my money in other products I enjoy using. And improve on that product make it better.

I would probably use that product and make more products that people like
Other Questions
please please help! 11. Which of the following parenthetical citations uses punctuation correctly?O A. Mr. Wednesday is described as having "a craggy, square face with pale grey eyes" (Gaiman 23).O B. Mr. Wednesday is described as having "a craggy, square face with pale grey eyes (Gaiman 23)."O C. Mr. Wednesday is described as having "a craggy, square face with pale grey eyes," (Gaiman 23).O D. Mr. Wednesday is described as bbying "a craggy, square face with pale grey eyes" (Gaiman 23) Julie goes to the store to buy grapes. Grapes cost $1.09 per pound. Write an equation to help Julie determine the total amount, y, she will pay for a given number of pounds of grapes, x? Consider the figure below. Write the equation of the line of reflection. _____ = ______ A 2N and an 6N force pull on an object to the right and a 4N force pulls on the object to the left. If the object has a mass of 0.25 kg what is its acceleration? Making a PredictionWarm-UpWhich of these topics do you predict to find in a text about immigrant children? Check any that apply.child-immigration statisticsages of immigrant childrenpersonal stories of children immigrantsreasons why children are leaving their home countrieshow children immigrate to other countries Is the relationship between the temperature scales proportional?Why or why not? Completa en tu cuaderno la siguiente rutina de pensamiento sobre la importancia de la nutricin. x and y simplifying problem. Please explain how to do thiese. I will gove 15 points How could you distinguish a compound from a mixture Pls help Ill brainlest ASAP Write a two- column proof. Given: 3x = x + 12 Prove: x =5 Explain how a stream sort rocks Plz help me with this question how does photojournalism highlight and define important moments in history and culture? Read the excerpt from "In Response to Executive Order 9066. " Ive packed my galoshes and three packets of tomato seeds. Denise calls them love apples. My father says where were going they wont grow. Read the excerpt from "Mericans. " Shes so busy taking Juniors picture, she doesnt notice me and Keeks. "Hey, Michele, Keeks. You guys want gum?" "But you speak English!" "Yeah," my brother says, "were Mericans. " Which of the statements best describes both excerpts? Okita uses the tomato, a food native to the Americas, to highlight the speakers American identity, while Cisneros uses the English language to give her characters an American identity. The writers use bleak imagery to convey the sense of isolation they feel from their respective cultures. The speaker of Okitas poem feels a sense of loss at the prospect of being moved from her home, while the speaker of Cisneross short story longs to leave her current location and return to America. The American identity of both speakers is highly questionable, as they frequently refer to their foreign identities. PLEASE HELP!!! Which type of map would help show the geographic details of a particular region? A: PoliticalB: PhysicalC: Special PurposeD: All of these maps would be able to show that. Jules has significant pain and bleeding when he brushes his teeth. What should he tell his dentist at his upcoming appointment?My teeth hurt sometimes.My toothbrush is too hard.My teeth feel fine most of the time.When I brush, I feel pain and my gums bleed. Quotes should be typed ___________.CreativelyBeautifullyExactlyWILL MARK BRAINLY NO BOS Solve each inequality 3+1/2(3-x)