At the beginning of 2017 the partnership capital accounts for Robinson and Manning had balances of...
At the beginning of 2017 the partnership capital accounts for Robinson and Manning had balances of $40,000 and $125,000, respectively. In accordance with the partnership agreement, net income will be shared as follows: Robinson is to receive a salary of $45,000, Manning is to receive a salary of $30,000, both are to receive an annual interest allowance of 15% of their beginning year capital balances, and any remaining income or loss is to be shared equally. In 2017, the partnership had net income of $116,000. Compute how this net income is allocated between the partners.
Homework Answers
Robinson part of income = $59,125
Manning part of income = $56,875
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At the beginning of 2017 the partnership capital accounts for
Robinson and Manning had balances of...
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...
Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the...
Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year. Net...
Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the...
Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year. b....
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...
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...
Nalle. Clinton and Dole had capital balances of $120,000 and $180,000 respectively at the beginning of...
Nalle. Clinton and Dole had capital balances of $120,000 and $180,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $18,000 and $20,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was (a) $100,000 (b) $50,000
Calculator Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of...
Calculator Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year....
Rodgers and winter had capital balances of $60,000 and 90,000, respectively, at the beginning of the...
Rodgers and winter had capital balances of $60,000 and 90,000, respectively, at the beginning of the current fiscal year. The articles of partrarship provide for Salary allowances of $25.000 and $30,000, respectively, an allowance of interest at 12% on the capital balances at the beginning of the year and the remaining net income divided equally. Net income for the current year was $110,000 a. Present the Division of net income section of the income statement for the current year Net...
Stolton and Bright are partners in a business they started two years ago. The partnership agreement...
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,100 and that Bright should receive a $20,600 salary allowance Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $52,700. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed responsibility for Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining...
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...
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...
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...
Nalle. Clinton and Dole had capital balances of $120,000 and $180,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $18,000 and $20,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was (a) $100,000 (b) $50,000
Calculator Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000, respectively; an allowance of interest at 12% on the capital balances at the beginning of the year; and the remaining net income divided equally. Net income for the current year was $110,000. a. Present the Division of net income section of the income statement for the current year....
Rodgers and winter had capital balances of $60,000 and 90,000, respectively, at the beginning of the current fiscal year. The articles of partrarship provide for Salary allowances of $25.000 and $30,000, respectively, an allowance of interest at 12% on the capital balances at the beginning of the year and the remaining net income divided equally. Net income for the current year was $110,000 a. Present the Division of net income section of the income statement for the current year Net...
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,100 and that Bright should receive a $20,600 salary allowance Any remaining income or loss is to be shared equally Determine each partner's share of the current year's net income of $52,700. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Stolton Bright Total Net Income Salary allowances Balance...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed responsibility for Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining...
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