Accounting
The partnership contract of A,B and C provided for the division of net income and losses in the following manner.
Bonus of 20% of income before bonus and allowances to A
Interest 15% on average capital account balances to each partner
Remaining income or loss, equally to each partner.
Net income for A, B and C Partnership for 2019 was 90,000 and the average capital account balances for that year were A, 100,000, B, 200,000 and C, 300,000. How much of the 90,000 partnership profit should be distributed to A?
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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...
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...
part 2 number 3 Activity in the capital accounts o 2019, follows: apital accounts of the...
part 2 number 3
Activity in the capital accounts o 2019, follows: apital accounts of the partners of Brown & Finley LLP for the fiscal Brown Capital Finley, Capital Balance, Jan, 1 $140,000 $260,000 Investment, July 1 20,000 Withdrawal, October 1 40,000 Net income of Brown & Finley LLP for the year ended Prepare a working paper to compute & Finley LLP for the year ended December 31, 2019, amounted to 586,000. Working paper to compute the division of the...
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...
DU. 12120 2019: redrick, and Pastel began a partnership with the following balances, as of January...
DU. 12120 2019: redrick, and Pastel began a partnership with the following balances, as of January 1, Miller, Capital Fredrick, Capital Pastel, Capital $ 40,000 60,000 80,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated to 10 percent of beginning capital balance. Each partner is allowed to withdraw up to $10,000 cash per year. Any remaining profits and losses are allocated on a 3:3:4 basis. Assume net income...
based on this what is the answer for 11 to 17 question please explain for me...
based on this what is the answer for 11 to 17 question
please explain for me
Questions 11-17 are based on the following fact statement and partnership income distribution table for Partnership A. Complete the partnership income distribution table and then for each multiple choice question, enter the letter which is your answer in the answer space for this exam. Fact Statement: PARTNERSHIP A: PARTNERSHIP A has three partners A, B and C. The partnership divides its net income among...
help please core and Hill formed the CH Partnership and have capital balances of the $28,000...
help please
core and Hill formed the CH Partnership and have capital balances of the $28,000 and 124,000, respectively, on January 1, 2007. Net Income at December 31, 2007 was $30,000. The partnership agreement provides for: a.) Salary allowances of $8,400 to Cole and $6,000 to Hill. b.) Interest allowances of 10% on capital balances at the beginning of the year. c.) The remainder of net income is shared equally. Instruction: Show the division of net income to each partner...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4 Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $92,000 and Cook receives a salary of $136,000. These amounts were paid to the partners and charged to their drawing accounts. Both partners also receive 10 percent interest on their capital balances at the beginning of the year. The balance of any remaining...
Dividing Partnership Income Dylan Howell and Demond Nickles have decided to form a partnership. They have...
Dividing Partnership Income Dylan Howell and Demond Nickles have decided to form a partnership. They have agreed that Honell is to invest $50,000 and that Nickles is to invest $75,000. Howell is to devote full time to the business, and Nickles is to devote one-half time. The following plans for the division of income are being considered: a. Equal division b. In the ratio of original Investments. c. In the ratio of time devoted to the business. d. Interest of...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose......
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
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...
part 2 number 3
Activity in the capital accounts o 2019, follows: apital accounts of the partners of Brown & Finley LLP for the fiscal Brown Capital Finley, Capital Balance, Jan, 1 $140,000 $260,000 Investment, July 1 20,000 Withdrawal, October 1 40,000 Net income of Brown & Finley LLP for the year ended Prepare a working paper to compute & Finley LLP for the year ended December 31, 2019, amounted to 586,000. Working paper to compute the division of the...
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...
DU. 12120 2019: redrick, and Pastel began a partnership with the following balances, as of January 1, Miller, Capital Fredrick, Capital Pastel, Capital $ 40,000 60,000 80,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated to 10 percent of beginning capital balance. Each partner is allowed to withdraw up to $10,000 cash per year. Any remaining profits and losses are allocated on a 3:3:4 basis. Assume net income...
based on this what is the answer for 11 to 17 question
please explain for me
Questions 11-17 are based on the following fact statement and partnership income distribution table for Partnership A. Complete the partnership income distribution table and then for each multiple choice question, enter the letter which is your answer in the answer space for this exam. Fact Statement: PARTNERSHIP A: PARTNERSHIP A has three partners A, B and C. The partnership divides its net income among...
help please
core and Hill formed the CH Partnership and have capital balances of the $28,000 and 124,000, respectively, on January 1, 2007. Net Income at December 31, 2007 was $30,000. The partnership agreement provides for: a.) Salary allowances of $8,400 to Cole and $6,000 to Hill. b.) Interest allowances of 10% on capital balances at the beginning of the year. c.) The remainder of net income is shared equally. Instruction: Show the division of net income to each partner...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4 Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $92,000 and Cook receives a salary of $136,000. These amounts were paid to the partners and charged to their drawing accounts. Both partners also receive 10 percent interest on their capital balances at the beginning of the year. The balance of any remaining...
Dividing Partnership Income Dylan Howell and Demond Nickles have decided to form a partnership. They have agreed that Honell is to invest $50,000 and that Nickles is to invest $75,000. Howell is to devote full time to the business, and Nickles is to devote one-half time. The following plans for the division of income are being considered: a. Equal division b. In the ratio of original Investments. c. In the ratio of time devoted to the business. d. Interest of...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
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