based on this what is the answer for 11 to 17 question
please explain for meHomework Answers
Partnership income distribution table
| Partnership income distribution | Partner A | Partner B | Partner C | Total |
| A. Salary allowance | $ 40,000 | $ 30,000 | $ 60,000 | $ 130,000 |
| B. Interest on original capital | $ 20,000 | $ 40,000 | $ 60,000 | $ 120,000 |
| C. Remainder | $ 50,000 | $ 50,000 | $ 50,000 | $ 150,000 |
| Totals = | $ 110,000 | $ 120,000 | $ 170,000 | $ 400,000 |
11) non of there . $ 120,000
12) C) $120,000
13) A) $ 150,000
14) E) non of these.$ 110,000
15) A) $ 400,000
16) B) $ 40,000
17) B) $ 170,000
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based on this what is the answer for 11 to 17 question
please explain for me...
2. 1. The partnership contract of A and B provides that net income or losses are...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income of a partnership is divided among the partners each period. The income or losses of the partnership are divided as specified in the partnership agreement . If there is no agreement, income and losses are divided equally . Feedback Check My Work Most partnerships specify how income or losses are to be divided. Income or losses of a partnership are divided equally if no...
17. A deficient partner A s assumed to be always insolvent B who is solvent and...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
Allocation of Income for Partners. Determine each partner's share and make the appropriate general journal entry...
Allocation of Income for Partners. Determine each partner's share and make the appropriate general journal entry to close the Income Summary account to the capital accounts. Khalid, Dina, and James are partners with beginning-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 Khalid, $50,000 to Dina, and $55,000 to James. An interest allowance of 10% on beginning-of-the year capital balances. Any remaining balance is to be...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
14. The Ronna & Pam Partnership has earned $200.000 this year ko this year is $150.000....
14. The Ronna & Pam Partnership has earned $200.000 this year ko this year is $150.000. Pam's opening capital balance interest allowance on their opening capital balance 385,000, while Pam gets a 'salary allowance' of $35 000. Their profil YOU MUST SHOW ALL CALCULATIONS allowance on the pening capital balance is $75.000. Assume that each partner geus 00 this year. Ronna's opening capital balance for pening capital balance Also Ronna gets a 'salary allowance of Their profitto loss sharing ratio...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
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%...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $195,000 and $65,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $195,000 and $65,000, 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 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $47,000, respectively, and the...
9 Which of the following statements is NOT true with regards to the division of proft...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income of a partnership is divided among the partners each period. The income or losses of the partnership are divided as specified in the partnership agreement . If there is no agreement, income and losses are divided equally . Feedback Check My Work Most partnerships specify how income or losses are to be divided. Income or losses of a partnership are divided equally if no...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
Allocation of Income for Partners. Determine each partner's share and make the appropriate general journal entry to close the Income Summary account to the capital accounts. Khalid, Dina, and James are partners with beginning-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 Khalid, $50,000 to Dina, and $55,000 to James. An interest allowance of 10% on beginning-of-the year capital balances. Any remaining balance is to be...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
14. The Ronna & Pam Partnership has earned $200.000 this year ko this year is $150.000. Pam's opening capital balance interest allowance on their opening capital balance 385,000, while Pam gets a 'salary allowance' of $35 000. Their profil YOU MUST SHOW ALL CALCULATIONS allowance on the pening capital balance is $75.000. Assume that each partner geus 00 this year. Ronna's opening capital balance for pening capital balance Also Ronna gets a 'salary allowance of Their profitto loss sharing ratio...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
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%...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, Investing $195,000 and $65,000, 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 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $47,000, respectively, and the...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
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