DIVISION OF NET INCOME |
McGill |
Smyth |
Total |
|
Salary allowance |
$20,000 |
$12,000 |
$32,000 |
|
Interest allowance |
$5,400 |
|
$9,100 |
|
Total salaries and interest |
$25,400 |
|
$41,100 |
|
Remaining income / deficiency [65000 – 41100 = $ 23900 in ratio of 70% and 30%] |
$16,730 |
|
$23,900 |
|
Total division of net income |
$42,130 |
|
$65,000 |
DIVISION OF NET INCOME |
McGill |
Smyth |
Total |
|
Salary allowance |
$20,000 |
$12,000 |
$32,000 |
|
Interest allowance |
$5,400 |
|
$9,100 |
|
Total salaries and interest |
$25,400 |
|
$41,100 |
|
Remaining income / deficiency [20000 – 41100 = $ (21100) in ratio of 70% and 30%] |
($14,770) |
|
($21,100) |
|
Total division of net income |
$10,630 |
|
$20,000 |
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1...
*Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $41,000 and $34,000, rspectively. The partnership income-sharing agreement provides for (1) annual salaries of $25,000 for McGill and $17,000 for Smyth, (2) Interest at 12% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Prepare a schedule showing the distribution of net income, assuming net income is $85,000. (If an amount reduces thcunt balance then...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for McGill and $20,000
for Smyth, (2) interest at 10% on beginning capital balances, and
(3) remaining income or loss to be shared 60% by McGill and 40% by
Smyth.
Please fill out the incorrect chart.
McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement provides...
Not sure how to finish the questions.
Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $48,000 and $30,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $18,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is...
Is (Video) McGill and Smyth have capital balances on January 1 of $53,000 and $34,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $17,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $66,000. (If an amount reduces the account balance then...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for
McGill and $20,000 for Smyth, (2) interest at 10% on beginning
capital balances, and (3) remaining income or loss to be shared 60%
by McGill and 40% by Smyth.
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $50,000. (If an amount reduces the account balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
everything is correct except red boxes
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income- Sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Your answer is partially correct. Try again. (1) Prepare a schedule showing the distribution of net...
McGill and Smyth have capital balances on January 1 of $42,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $23,000 for McGill and $14,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then enter with...