Homework Answers
Income Distribution
| Particulars | Amount |
| Net Income | 273000 |
| Less Interest @ 7% on capital | -10500 |
| Balance | 262500 |
| Less :Annual Salalry to Stevens | -150150 |
| Balance Net income | 112350 |
| Income to Conyers (1/3) | 37450 |
| Income to Stevens (2/3) | 74900 |
| Interest on capitals | |
| Interest on Conyrs' capital (69000 x 7%) | 4830 |
| Interest on Stevens' capital (81000 x 7%) | 5670 |
| Total | 10500 |
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Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $124,830. 2. Interest of 6on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 182 Conyers and Stevens had $48,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $219,000. How much is distributed to Convers and Stevens Note: Compute partnership share....
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $112,560. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Bernard, 1:2. Conyers and Bernard had $60,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $201,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Bernard of $132,240. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Bernard, 1:2. Conyers and Bernard had $72,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $228,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Poodle of $109,740. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $57,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $186,000. How much is distributed to Conyers and Poodle? Note: Compute partnership...
Dividing Partnership Net tncome Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as...
Dividing Partnership Net tncome Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follons: 1. Annual salary allowance to Conyers of $109,620. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net inceme divided to Conyers and bernard, 1:2 Conyers and Bernard had $57,000 and $111.000, respectively, in their January 1 capital balances. Net inoonme for the year was $109,000. How much is distributed to Conyers and Bernard Note: Compute partnership...
Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to...
Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Bernard of $92,340. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Bernard, 1:2. Conyers and Bernard had $81,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $ Bernard: $
Why is my answer wrong? How should it be done? EDIT: I think I understand where...
Why is my answer wrong? How should it be
done?
EDIT: I think I understand where I went wrong, but I still want
to make sure I'm correct.
For the remaining income, I get a total of $102,360. I missed
the ratio and thought it was divided equally, so should it be:
Conyers $34,120 ($102,360 x 1/3)
Bernard $68,240 (102,360 x 2/3)
Are the calculations above correct?
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership,...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Queen of $92,400. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Stevens, 1:2. Queen and Stevens had $45,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $165,000. How much is distributed to Queen and Stevens? Note: Compute partnership share. Queen: $...
Calculator Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bowerformed a partners , dividing income...
Calculator Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bowerformed a partners , dividing income as follows 1. Annual salary allowance to Boxer of $179,760. 2. Interest of 5% on each partner's capital balance on January 1 3. Any remaining net income divided to Conyers and Boxer, 112. Conyers and Bower had $72.000 and $87,000, respectively, in the January 1 c e s et income for the year was $321,000. How much is trued to Canyers and Boer? hare...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $99,120. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Stevens, 1:2. Queen and Stevens had $81,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $168,000. How much is distributed to Queen and Stevens? Note: Compute partnership...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $124,830. 2. Interest of 6on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 182 Conyers and Stevens had $48,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $219,000. How much is distributed to Convers and Stevens Note: Compute partnership share....
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Poodle of $109,740. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $57,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $186,000. How much is distributed to Conyers and Poodle? Note: Compute partnership...
Dividing Partnership Net tncome Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follons: 1. Annual salary allowance to Conyers of $109,620. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net inceme divided to Conyers and bernard, 1:2 Conyers and Bernard had $57,000 and $111.000, respectively, in their January 1 capital balances. Net inoonme for the year was $109,000. How much is distributed to Conyers and Bernard Note: Compute partnership...
Why is my answer wrong? How should it be
done?
EDIT: I think I understand where I went wrong, but I still want
to make sure I'm correct.
For the remaining income, I get a total of $102,360. I missed
the ratio and thought it was divided equally, so should it be:
Conyers $34,120 ($102,360 x 1/3)
Bernard $68,240 (102,360 x 2/3)
Are the calculations above correct?
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bernard formed a partnership,...
Calculator Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bowerformed a partners , dividing income as follows 1. Annual salary allowance to Boxer of $179,760. 2. Interest of 5% on each partner's capital balance on January 1 3. Any remaining net income divided to Conyers and Boxer, 112. Conyers and Bower had $72.000 and $87,000, respectively, in the January 1 c e s et income for the year was $321,000. How much is trued to Canyers and Boer? hare...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $99,120. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Stevens, 1:2. Queen and Stevens had $81,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $168,000. How much is distributed to Queen and Stevens? Note: Compute partnership...
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