Allocation of Partnership Income Ramer Knox Total Net Income (loss) $(36,800) Salary allowances $60,000 $48,000 108,000...
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Ramer and Knox began a partnership by investing $80,000 and $110,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $60,000 to Ramer and $48,000 to Knox, 12% interest allowances on their investments, and any remaining
Homework Answers
| Allocation of Partnership Income: | ||||
| Ramer | Knox | Income | ||
| Opening Capital | 80000 | 110000 | ||
| Net Income (Loss) | -36800 | |||
| Salary Allowances paid | 60000 | 48000 | -108000 | |
| Interest Allowances | 9600 | 13200 | -22800 | (12% of Open Capital) |
| Net Income (Loss) after distribution | -167600 | |||
| Sharing of Loss | -83800 | -83800 | 167600 | (Balanced to be equally shared) |
| Closing Balance | 65800 | 87400 | 0 |
Add Answer to:
Allocation of Partnership Income
Ramer
Knox
Total
Net Income (loss)
$(36,800)
Salary allowances
$60,000
$48,000
108,000...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2....
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $78,000 and $108,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,000 to Ramer and $47,200 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $116.800. 2....
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. Exercise 12-5 Part 2...
Ramer and Knox began a partnership by investing $ 60,000 and $ 90,000, respectively.Exercise 12-5 Part 2 Income allocation in a partnership LO P22. The partners agreed to share income and loss in proportion to their initial investments. Net income is $ 160,000. (Do not round intermediate calculations.)Fraction to Allocate RamerRamer's Share of IncomeFraction to Allocate KnoxKnox's Share of IncomeTotal Income AllocatedExercise 12-5 Part 3 Income allocation in a partnership LO P23. The partners agreed to share income by giving...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. Can you tell me...
Ramer and Knox began a partnership by investing $60,000 and
$80,000, respectively.
Can you tell me what I'm doing wrong?
Exercise 12-6 Income allocation in a partnership LO
P2
The partners agreed to share net income and loss by granting
annual salary allowances of $50,000 to Ramer and $40,000 to Knox,
10% interest allowances on their investments, and any remaining
balance shared equally. (Enter all allowances as positive
values. Enter losses as negative values.)
Required:
2a. Determine the partners' shares...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. The partners agreed to...
Ramer and Knox began a partnership by investing $ 60,000 and $ 80,000, respectively. The partners agreed to share net income and loss by granting annual salary allowances of $ 50,000 to Ramer and $ 40,000 to Knox, 10 % interest allowances on their investments, and any remaining balance shared equally.1. Determine the partners' shares of Ramer and Knox given a first-year net income of $ 98,800.2. Determine the partners' shares of Ramer and Knox given a first-year net loss...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2. Determine each partner's share given a first-year net loss...
please help t hot indice Ramer and Knox began a partnership by investing $90,000 and $135,000,...
please help
t hot indice Ramer and Knox began a partnership by investing $90,000 and $135,000, respectively The partners agreed to share net income and loss by granting annual salary allowances of $70000 to Ramer and S44 000 to Knox 8% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values. Required 2a. Determine the partners' shares of Ramer and Knox given a first-year net income of $118,800...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed...
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,500 to Ramer and $47.600 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $117.800. 2. Determine each partner's share given a first year...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2....
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $78,000 and $108,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,000 to Ramer and $47,200 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $116.800. 2....
Ramer and Knox began a partnership by investing $60,000 and
$80,000, respectively.
Can you tell me what I'm doing wrong?
Exercise 12-6 Income allocation in a partnership LO
P2
The partners agreed to share net income and loss by granting
annual salary allowances of $50,000 to Ramer and $40,000 to Knox,
10% interest allowances on their investments, and any remaining
balance shared equally. (Enter all allowances as positive
values. Enter losses as negative values.)
Required:
2a. Determine the partners' shares...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2. Determine each partner's share given a first-year net loss...
please help
t hot indice Ramer and Knox began a partnership by investing $90,000 and $135,000, respectively The partners agreed to share net income and loss by granting annual salary allowances of $70000 to Ramer and S44 000 to Knox 8% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values. Required 2a. Determine the partners' shares of Ramer and Knox given a first-year net income of $118,800...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,500 to Ramer and $47.600 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $117.800. 2. Determine each partner's share given a first year...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
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