Homework Answers
Calculation of Net Income distributed to each partner
| Barr | Eglin | Total | |
| Salary Allowance | 24000 | 18000 | 42000 |
| Interest Allowance | 4000 | 6000 | 10000 |
| Total Salaries and interest | 28000 | 24000 | 52000 |
| Remaining Deficiency | (7000) | (3000) | (10000) loss |
| Total Division | 21000 | 21000 | |
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Question 5 Barr & Eglin Co. reports net income of $42,000. The partnership agreement provides for...
McGill and Smyth have capital balances on January 1 of $42,000 and $40,000, respectively. The partnership...
McGill and Smyth have capital balances on January 1 of $42,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $23,000 for McGill and $14,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then enter with...
McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for
McGill and $20,000 for Smyth, (2) interest at 10% on beginning
capital balances, and (3) remaining income or loss to be shared 60%
by McGill and 40% by Smyth.
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement...
Not sure how to finish the questions. Exercise 12-04 a-b (Video) McGill and Smyth have capital...
Not sure how to finish the questions.
Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $48,000 and $30,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $18,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is...
Hope & Crosby Co. reports net income of $45,000. The partnership agreement provides for annual salaries...
Hope & Crosby Co. reports net income of $45,000. The partnership agreement provides for annual salaries of $29,000 for Hope and $20,000 for Crosby and interest allowances of $6,000 to Hope and $5,000 to Crosby. Any remaining income or loss is to be shared 70% by Hope and 30% by Crosby. Instructions: Part 1: Compute the amount of net income distributed to each partner. HINT: Set up a table to show your work. Part 2: Prepare the journal entry to...
*Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $41,000 and...
*Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $41,000 and $34,000, rspectively. The partnership income-sharing agreement provides for (1) annual salaries of $25,000 for McGill and $17,000 for Smyth, (2) Interest at 12% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Prepare a schedule showing the distribution of net income, assuming net income is $85,000. (If an amount reduces thcunt balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively....
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively....
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
journalize the allocation of net income in each of the situations above. Exercise 12-4 (Part Level...
journalize the allocation of net income in each of the situations
above.
Exercise 12-4 (Part Level Submission) McGill and Smyth have capital balances on January 1 of $41,000 and $34,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $25,000 for McGill and $17,000 for Smyth, (2) interest at 12% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (a) Your answer is correct. (1) Prepare a...
McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for McGill and $20,000
for Smyth, (2) interest at 10% on beginning capital balances, and
(3) remaining income or loss to be shared 60% by McGill and 40% by
Smyth.
Please fill out the incorrect chart.
McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement provides...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively....
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $50,000. (If an amount reduces the account balance then...
McGill and Smyth have capital balances on January 1 of $42,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $23,000 for McGill and $14,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then enter with...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for
McGill and $20,000 for Smyth, (2) interest at 10% on beginning
capital balances, and (3) remaining income or loss to be shared 60%
by McGill and 40% by Smyth.
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement...
Not sure how to finish the questions.
Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $48,000 and $30,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $18,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is...
Hope & Crosby Co. reports net income of $45,000. The partnership agreement provides for annual salaries of $29,000 for Hope and $20,000 for Crosby and interest allowances of $6,000 to Hope and $5,000 to Crosby. Any remaining income or loss is to be shared 70% by Hope and 30% by Crosby. Instructions: Part 1: Compute the amount of net income distributed to each partner. HINT: Set up a table to show your work. Part 2: Prepare the journal entry to...
*Exercise 12-04 a-b (Video) McGill and Smyth have capital balances on January 1 of $41,000 and $34,000, rspectively. The partnership income-sharing agreement provides for (1) annual salaries of $25,000 for McGill and $17,000 for Smyth, (2) Interest at 12% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Prepare a schedule showing the distribution of net income, assuming net income is $85,000. (If an amount reduces thcunt balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $57,000 and $47,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then...
journalize the allocation of net income in each of the situations
above.
Exercise 12-4 (Part Level Submission) McGill and Smyth have capital balances on January 1 of $41,000 and $34,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $25,000 for McGill and $17,000 for Smyth, (2) interest at 12% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (a) Your answer is correct. (1) Prepare a...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for McGill and $20,000
for Smyth, (2) interest at 10% on beginning capital balances, and
(3) remaining income or loss to be shared 60% by McGill and 40% by
Smyth.
Please fill out the incorrect chart.
McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement provides...
Exercise 12-4 McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $50,000. (If an amount reduces the account balance then...
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