Homework Answers
Answer:-
Requirement-1
| Ramer | Knox | Total | |
| Net income (loss) | 118,800 | ||
| Salary allowance | 70000 | 44000 | 114,000 |
| Balance of income (loss) | 4800 | ||
| Interest allowance | 7200 | 10800 | 18000 |
| Balance of income( loss) (4800-18000) | (13200) | ||
| Balance allocated equally | (6600) | (6600) | (13200) |
| Balance of income (loss) | 0 | ||
| Share of the partner | 70600 | 48200 |
working note:
Interest allowance (Ramer) =(90000*8%)=7200
Interest allowance (Knox) = (135000*8%)=10800
balance allocated equally (Ramer and Knox) = (118800-(114000+18000) = (118800-132000)= 13200/2 = 6600
Requirement-2
| Ramer | Knox | Total | |
| Net income (loss) | 36,,800 | ||
| Salary allowance | 70000 | 44000 | 114,000 |
| Balance of income (loss) | (77200) | ||
| Interest allowance | 7200 | 10800 | 18000 |
| Balance of income( loss) (77200+18000) | (95200) | ||
| Balance allocated equally | (47600) | (47600) | (95200) |
| Balance of income (loss) | 0 | ||
| Share of the partner | 29600 | 7200 |
working note:
Interest allowance (Ramer) =(90000*8%)=7200
Interest allowance (Knox) = (135000*8%)=10800
balance allocated equally (Ramer and Knox) = (118800-(114000+18000) = (36800-132000)= 95200/2 = 47600
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t hot indice Ramer and Knox began a partnership by investing $90,000 and $135,000,...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. Can you tell me...
Ramer and Knox began a partnership by investing $60,000 and
$80,000, respectively.
Can you tell me what I'm doing wrong?
Exercise 12-6 Income allocation in a partnership LO
P2
The partners agreed to share net income and loss by granting
annual salary allowances of $50,000 to Ramer and $40,000 to Knox,
10% interest allowances on their investments, and any remaining
balance shared equally. (Enter all allowances as positive
values. Enter losses as negative values.)
Required:
2a. Determine the partners' shares...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2. Determine each partner's share given a first-year net loss...
Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. The partners agreed to...
Ramer and Knox began a partnership by investing $ 60,000 and $ 80,000, respectively. The partners agreed to share net income and loss by granting annual salary allowances of $ 50,000 to Ramer and $ 40,000 to Knox, 10 % interest allowances on their investments, and any remaining balance shared equally.1. Determine the partners' shares of Ramer and Knox given a first-year net income of $ 98,800.2. Determine the partners' shares of Ramer and Knox given a first-year net loss...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2....
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed...
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,500 to Ramer and $47.600 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $117.800. 2. Determine each partner's share given a first year...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. Exercise 12-5 Part 2...
Ramer and Knox began a partnership by investing $ 60,000 and $ 90,000, respectively.Exercise 12-5 Part 2 Income allocation in a partnership LO P22. The partners agreed to share income and loss in proportion to their initial investments. Net income is $ 160,000. (Do not round intermediate calculations.)Fraction to Allocate RamerRamer's Share of IncomeFraction to Allocate KnoxKnox's Share of IncomeTotal Income AllocatedExercise 12-5 Part 3 Income allocation in a partnership LO P23. The partners agreed to share income by giving...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $78,000 and $108,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,000 to Ramer and $47,200 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $116.800. 2....
Allocation of Partnership Income Ramer Knox Total Net Income (loss) $(36,800) Salary allowances $60,000 $48,000 108,000...
Allocation of Partnership Income Ramer Knox Total Net Income (loss) $(36,800) Salary allowances $60,000 $48,000 108,000 Balance of income (loss) Interest allowances 9,600 13,200 22,800 Balance of income (loss) Balance allocated equally 0 Balance of income (loss) Shares of the partners Ramer and Knox began a partnership by investing $80,000 and $110,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $60,000 to Ramer and $48,000 to Knox, 12% interest allowances on their...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
Ramer and Knox began a partnership by investing $60,000 and
$80,000, respectively.
Can you tell me what I'm doing wrong?
Exercise 12-6 Income allocation in a partnership LO
P2
The partners agreed to share net income and loss by granting
annual salary allowances of $50,000 to Ramer and $40,000 to Knox,
10% interest allowances on their investments, and any remaining
balance shared equally. (Enter all allowances as positive
values. Enter losses as negative values.)
Required:
2a. Determine the partners' shares...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2. Determine each partner's share given a first-year net loss...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $98,800. 2....
che Ramer and Knox began a partnership by investing $79,000 and $109,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,500 to Ramer and $47.600 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $117.800. 2. Determine each partner's share given a first year...
Exercise 12-6 Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $78,000 and $108,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $59,000 to Ramer and $47,200 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $116.800. 2....
! Required information [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
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