Homework Answers
| Xavier | Yolanda | Total | |
| Interest on original investment | 10980 | 18480 | 29460 |
| Salary allowances | 26300 | 29000 | 55300 |
| Remaining net income | 10270 | 10270 | 20540 |
| Total | 47550 | 57750 | 105300 |
| Option D $47,550 is correct |
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net income: interest on original investment at 20%; salary Xavier and Yolanda have original investments o...
Xavier and Yolanda have original investments of $50,900 and $108,900, respectively, in a partnership. The articles...
Xavier and Yolanda have original investments of $50,900 and $108,900, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $25,400 and $31,800, respectively; and the remainder to be divided equally. How much of the net income of $112,400 is allocated to Xavier? a. $56,640 Ob. $47,200 Oc. $25,400 Od. $35,580
X and Y have original investments of $100,000 each in a partnership. The articles of partnership...
X and Y have original investments of $100,000 each in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest of 10% on original capital investment, salary allowance of 25,000 and 10,000 respectively, and the remainder divided based on the amount of original investment. How much of the net income is allocated to X and Y if net income is 92,000 for the year
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Boxer formed a partnership, dividing income as...
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...
1. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $60,000 and $180,000,...
1. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $60,000 and $180,000, respectively. Determine their participation in the year's net income of $280,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $34,000 and $45,000, respectively, and the balance divided equally....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively. Determine their participation in the year's net income of $280,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $40,000 and $46,000, respectively, and the balance divided equally. Allowance...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $62,500 and $187,500, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $62,500 and $187,500, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $34,000 and $45,000, respectively, and the balance divided equally. Allowance...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively. Determine their participation in the year's net income of $300,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $34,000 and $45,000, respectively, and the balance divided equally. Allowance...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $112,000 and $168,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $112,000 and $168,000, respectively. Determine their participation in the year's net income of $300,000 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 $38,000 and $50,000, respectively, and the...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $180,000 and $60,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $180,000 and $60,000, respectively. Determine their participation in the year's net income of $270,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $40,000 and $46,000, respectively, and the balance divided equally. Allowance...
Xavier and Yolanda have original investments of $50,900 and $108,900, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $25,400 and $31,800, respectively; and the remainder to be divided equally. How much of the net income of $112,400 is allocated to Xavier? a. $56,640 Ob. $47,200 Oc. $25,400 Od. $35,580
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
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...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $112,000 and $168,000, respectively. Determine their participation in the year's net income of $300,000 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 $38,000 and $50,000, respectively, and the...
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