Homework Answers
Allocation
| Cole | Hill | Total | |
| Salary allowance | 8400 | 6000 | 14400 |
| Interest | 2800 | 2400 | 5200 |
| Total | 11200 | 8400 | 19600 |
| Remainder (30000-19600) | 10400/2 = 5200 | 5200 | 10400 |
| Total | 16400 | 13600 | 30000 |
Journal entry
| Date | account and explanation | Debit | Credit |
| Cole's capital | 16400 | ||
| Hill's capital | 13600 | ||
| Income summary | 30000 |
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Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $55,000 and $48,000, respectively. Determine the division of a $28,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows $ 55,000 Byron Leef 48,000 Total $ 103,000 Salary Allowance $ Remainder Net Loss Feedback
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12 NUMWIN Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which...
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At the beginning of 2017 the partnership capital accounts for Robinson and Manning had balances of...
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please help Tyler Hawes and Piper Albright formed a partnership, investing $217,500 and $72,500, respectively. Determine...
please help
Tyler Hawes and Piper Albright formed a partnership, investing $217,500 and $72,500, respectively. Determine their participation in the year's net income of $270,000 under each of the following Independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. C. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3 d. Salary allowances of $34,000 and $48,000, respectively, and the balance...
Dividing at Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided...
Dividing at Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $40,000 and $35,000, respectively. Determine the division of a $20,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance $ 40,000 $ 35,000 $ 75,000 Remainder $ -37,500 X $ -37,500 Net Loss
The net income of the Linder and Hill partnership is $250,000. The partnership agreement specifies that...
The net income of the Linder and Hill partnership is $250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of $200,000 (Linder) and $150,000 (Hill) have been allocated. At the beginning of the year, Linder 's Capital account had a balance of $500,000 and Hill's Capital account had a balance of $650,000. What is the balance of Hill's Capital account at the end of the year after profits and losses have been distributed?
2. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $259,200 and $172,800,...
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Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $55,000 and $48,000, respectively. Determine the division of a $28,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows $ 55,000 Byron Leef 48,000 Total $ 103,000 Salary Allowance $ Remainder Net Loss Feedback
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $156,600 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $78,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. How much is distributed to Conyers and Boxer? Note: Compute partnership...
12 NUMWIN Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $54,000 and $48,000, respectively. Determine the division of a $27,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance Remainder Net Loss
please help
Tyler Hawes and Piper Albright formed a partnership, investing $217,500 and $72,500, respectively. Determine their participation in the year's net income of $270,000 under each of the following Independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. C. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3 d. Salary allowances of $34,000 and $48,000, respectively, and the balance...
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