14) Determine the dollar amount of net profit for a venture with the following f

Question

14) Determine the dollar amount of net profit for a venture with the following financial information: revenues= $5 00; return on assets-20%; and asset turnover:200 times. a. $10,000 b. $25,000 $50,000 d. $60,000 e. $75,000 Partnerships are treated with pass-through taxation. This means that profits and losses of the business pass directily through to investors on the basis specified in the partnership a. True False B 16) Patent Trolls are firms authorized by the U.S. Congress t help reduce the number of patent-related lawsuits. aTrue False A 17) In which form of business organization are the owners ngt offered the protection of limited liability? proprietorship b. limited partnership c. Corporation d. subchapter S corporation e. limited liability corporation ion should be used for questions 18 and 19. The following is a partial 2015 The following informati personal income tax schedule for a single filer: Taxable Income Beginning Ending BracketMarginal $1 Amount Amount Tax Rate $9,225 a122,s 33. $9,225 Co.10. $9,225$37,450 $28,225 0.15 300 021s 0.25 $37,450 90,750 $3,300 The cumulative dollar amount of ncometaxespaidbyasingle filer who has taxable income 18) of $37 450 would be a. $1 b. $922.50 c. $4,233.75 (a) $5,156.25

Explanation / Answer

Dear student, only one question is allowed at a time. I am answering the first question

14)

Assets turnover

= Net Sales / Average total assets

So, 2 = $500,000 / Average total assets

So, Average total assets = $500,000 / 2

= $250,000

Now, Return on assets

= Net income / Average total assets

So, Net income = Average total assets x Return on assets ratio

= $250,000 x 20%

= $50,000

So, option c is the correct option

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