3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The results of the operations for 2021 taxable year were provided below: JOINT VENTURE LJ FERMIN Gross Income 5 000 000 3 000 000 2 000 000 Business Expenses 3 000 000 2 000 000 1 500 000 The income tax due of LJ in 2021 is:

3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The results of the operations for 2021 taxable year were provided below: JOINT VENTURE LJ FERMIN Gross Income 5 000 000 3 000 000 2 000 000 Business Expenses 3 000 000 2 000 000 1 500 000 The income tax due of LJ in 2021 is:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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