Homework Answers
Distribution
| Cantor | Dickens | |
| Salaries | 39900 | 48800 |
| Interest | 16000 | 23600 |
| Remaining profit and loss | 40850 | 40850 |
| Total | 96750 | 113250 |
So answer is c) $113250
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Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They...
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...
Hanson, James, and Smith, a partnership, is in the process of liquidating. The partners have the following capital account balances; $48,000, $48,000, and ($18,000) respectively.
Hanson, James, and Smith, a partnership, is in the process of liquidating. The partners have the following capital account balances; $48,000, $48,000, and ($18,000) respectively. The partners share all profits and losses 16%, 48%, and 36%, respectively. Smith has indicated that the ($18,000) deficit will be covered with a forthcoming contribution. The remaining partners have requested an immediate distribution of $40,000 in cash that is available. How should this cash be distributed?? A) Hanson $10,000;...
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...
Donald, Anne, and Todd have the following capital balances; $40,000, $50,000 and $30,000 respectively. The partners...
Donald, Anne, and Todd have the following capital balances; $40,000, $50,000 and $30,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively. What is the total partnership capital after Anne retires receiving $80,000 and using the bonus method?(A:40,000)
The Second Wind partnership has the following capital balances at the end of the year: Dean 180,000...
The Second Wind partnership has the following capital balances at the end of the year: Dean 180,000 Ed 320,000 Ben 120,000 Dan 150,000 The partners share profits and losses 3:3:2:2, respectively. Dan retired and based on the partnership agreement was paid $200,000. Under the goodwill method, what are the capital balances of the remaining partners? Dean 255,000; Ed 395,000; Ben 195,000; Dean 255,000; Ed 395,000; Ben 170,000; Dean 161,250; Ed 301,250; Ben 107,500; Dean 198,750; Ed 338,750; Ben 132,500; None of the answers is...
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 d. $36,300
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
Jakobs, Penn, and Lundt are partners with beginning-of-year capital balances of $400,000, $320,000, and$160,000, respectively. The partners...
Jakobs, Penn, and Lundt are partners with beginning-of-year capital balances of $400,000, $320,000, and$160,000, respectively. The partners agreed to share income and loss as follows: Salary of $30,000 to Jakobs,$50,000 to Penn, and $36,000 to Lundt. An interest allowance of 8% on beginning-of-year capital balances. Anyremaining balance is to be divided on a 1:2:3 ratio respectively. If partnership net income for the year is$190,000, determine each partner's share.
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly,...
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus. Partnership income for the year is $198.000 Required: Prepare a schedule to allocate partnership income to Arnold, Beverly, and Carolyn. 3. The partnershin armour 3. The partnership agreement of Dan, Hen, and Bai provides that profits are to be divided as follows: • Bai receives a salary of...
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...
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...
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 d. $36,300
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 $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
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus. Partnership income for the year is $198.000 Required: Prepare a schedule to allocate partnership income to Arnold, Beverly, and Carolyn. 3. The partnershin armour 3. The partnership agreement of Dan, Hen, and Bai provides that profits are to be divided as follows: • Bai receives a salary of...
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