Question
please help
Singer and McMann are partners in a business. Singers original capital was $37,300 and McManns was $53,200. They agree to s
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer d) $36,300

Particlars Amount
Income for the year     60,500
3/5th Share of Singer(3*60500/5)     36,300
Add a comment
Know the answer?
Add Answer to:
please help Singer and McMann are partners in a business. Singer's original capital was $37,300 and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • please help Singer and McMann are partners in a business. Singer's original capital was $37,300 and...

    please help Singer and McMann are partners in a business. Singer's original capital was $37,300 and McMann's was $53,200. They agree to salaries of $14,400 and $19,700 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $60,500? a. $18,130 Ob. $14,400 Oc. $28,540 Od. $36,300

  • Singer and McMann are partners in a business. Singer's original capital was $41,200 and McMann's was...

    Singer and McMann are partners in a business. Singer's original capital was $41,200 and McMann's was $58,500. They agree to salaries of 510,700 and $18,500 for S nger and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $69,800? Oa. $41,880 b. $33,198s O c. $10,700 Od. $14,820

  • Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They...

    Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Cantor $39900 10% Dickens $48800 10% Remaining profits or losses 50% 50% If income for the year was $210000, what will be the distribution of income to Dickens? $96750 $39600 O $113250 $79200

  • 33. Follows on the next page. This question has two parts. Prepare two schedules showing all...

    33. Follows on the next page. This question has two parts. Prepare two schedules showing all of your work. You should determine the total amount each partner is to receive of profits or losses for each scenario. Alexis and Bruce are partners in a business Alexis $45,000 Bruce $55,000 They have original capital balances of | They agree to share profits and losses as follows: As Salaries $34,000 Interest on Original Capital Balances 10% Remaining after salaries and interest 60%...

  • Teri, Doug, and Brian are partners with capital balances of $37,100, $25,600, and $55,400, respectively. They...

    Teri, Doug, and Brian are partners with capital balances of $37,100, $25,600, and $55,400, respectively. They share income and losses in the ratio of 3:2:1. Revenue accounts for the period total $273,000. Expense accounts for the period total $306,000. The revenue and expense accounts are closed to the capital accounts. Doug withdraws from the partnership. How much cash does he receive upon withdrawal? Oa. $33,000 Ob. $50,367 Oc. $25,600 Od. $14,600

  • QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000,...

    QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the distribution of income to Dickens? $92,000 O $108,000 $80,000 $40,000 QUESTION 31 The Mayer and Rodin partnership agreement stipulates...

  • Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital...

    Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital balances for the quarter year were $50,000, $70,000, and $80,000, respectively. Conner and Heyward each receive a “salary” of $8,000 each quarter due to their years of experience in the field.  All three partners receive 5% interest on their average capital balance.  The net income for this quarter was $25,100. Prepare a schedule that shows the distribution of the net income to the partners.

  • please show all calculations for the 2nd question Jordan, Pipen and Kerr are partners with capital...

    please show all calculations for the 2nd question Jordan, Pipen and Kerr are partners with capital balances of $75,000, $126,000, and *01,500, respectively on January 26, 2019. All nominal accounts have been adjusted and Closed as of January 26, 2019. The partners share profits and losses according to the Tollowing percentages: 35% for Jordan, 40% for Pipen and 25% for Kerr. On January 26, 2019, Rodman is to join the partnership upon contributing $67,500 in cash and some equipment with...

  • Tucker and Titus are partners who share income in the ratio of 3:1. Their capital balances...

    Tucker and Titus are partners who share income in the ratio of 3:1. Their capital balances are $32,700 and $61,900, respectively. The partnership generated net income of $41,800 for the year. What is Tucker's capital balance after closing the revenue and expense accounts to the capital accounts? Oa. $76,860 Ob. $38,430 Oc. $51,240 Od. $64,050

  • Problem C. Patrice, Bella and Timmy were partners with capital balances on January 2, 2019 of...

    Problem C. Patrice, Bella and Timmy were partners with capital balances on January 2, 2019 of P175,000; P262,500 and P350,000, respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2. On July 1, 2019, Jade was admitted by the partnership for 20% interest in capital and 25% in profits by contributing P43,750 cash, and the old partners agree to bring their interest to their old capital and profit interest sharing ratio. The partnership had net income of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT