Blake and Matthew are partners who agree that Blake will receive 100,000 salary allowance and that...
Homework Answers
| Share of net income credited to Mathew= $ 2000 | |||||||||||
| Remainig income after salary allowance is shared equally | |||||||||||
| Hence,Remainig income after salary allowance=2000*2=$ 4000 | |||||||||||
| Net income earned=Remaining income after salary allowance+ Salary allowance=4000+100000=$ 104000 | |||||||||||
| I appreciate your ratings | |||||||||||
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Blake and Matthew are partners who agree that Blake will receive
100,000 salary allowance and that...
Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and...
Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew's capital account is credited for $2,000 as his share of the net income, how much net income did the partnership earn? OS 12-5 Partnerstu allocation
Ann Stolton and Susie Bright are partners in a business they started two years ago. The...
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,200 and that Bright should receive a $19,300 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $52,400.
Stolton and Bright are partners in a business they started two years ago. The partnership agreement...
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,100 and that Bright should receive a $20,600 salary allowance Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $52,700. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance...
Ann Stolton and Susie Bright are partners in a business they started two years ago. The...
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,700 and that Bright should receive a $18,900 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $50,700. (Enter all values as positive amounts) Allocation of Partnership Income Total Stolton Bright Net Income 50,700 Salary allowances Balance of income...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
im confused with how they broke down how to do it in parts Ramer and Knox...
im
confused with how they broke down how to do it in parts
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. 2. The partners agreed to share income and loss in proportion to their initial investments...
At the beginning of 2017 the partnership capital accounts for Robinson and Manning had balances of...
At the beginning of 2017 the partnership capital accounts for Robinson and Manning had balances of $40,000 and $125,000, respectively. In accordance with the partnership agreement, net income will be shared as follows: Robinson is to receive a salary of $45,000, Manning is to receive a salary of $30,000, both are to receive an annual interest allowance of 15% of their beginning year capital balances, and any remaining income or loss is to be shared equally. In 2017, the partnership...
Price, Waterhouse, and Coopers complete their first year ofbusiness as a partnership. The partners offer...
Price, Waterhouse, and Coopers complete their first year of
business as a partnership. The partners offer auditing, tax, and
advisory services. Use the Tableau Dashboard to determine
allocation of income.A.Determine each partner’s share of income
assuming the partners agree to share income by giving a $27,000 per
year salary allowance to Price, a $50,000 per year salary allowance
to Waterhouse, a $46,000 per year salary allowance to Coopers, a
15% interest on their initial capital investments, and the
remaining balance...
Ramer and Knox began a partnership by investing $66,000 and $99,000, respectively. 3. The partners...
Ramer and Knox began a partnership by investing $66,000 and $99,000, respectively. 3. The partners agreed to share income by granting a $58,000 per year salary allowance to Ramer, a $40,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $200,000.
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year,...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income. 2. The partners agreed to share income and loss in proportion to their initial investments (round amounts to the nearest dollar). 3....
Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew's capital account is credited for $2,000 as his share of the net income, how much net income did the partnership earn? OS 12-5 Partnerstu allocation
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,100 and that Bright should receive a $20,600 salary allowance Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $52,700. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance...
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $13,700 and that Bright should receive a $18,900 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $50,700. (Enter all values as positive amounts) Allocation of Partnership Income Total Stolton Bright Net Income 50,700 Salary allowances Balance of income...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
im
confused with how they broke down how to do it in parts
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. 2. The partners agreed to share income and loss in proportion to their initial investments...
Price, Waterhouse, and Coopers complete their first year of
business as a partnership. The partners offer auditing, tax, and
advisory services. Use the Tableau Dashboard to determine
allocation of income.A.Determine each partner’s share of income
assuming the partners agree to share income by giving a $27,000 per
year salary allowance to Price, a $50,000 per year salary allowance
to Waterhouse, a $46,000 per year salary allowance to Coopers, a
15% interest on their initial capital investments, and the
remaining balance...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income. 2. The partners agreed to share income and loss in proportion to their initial investments (round amounts to the nearest dollar). 3....
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