Ramer and Knox began a partnership by investing $56,000 and $84,000, respectively. During its first year,...
Ramer and Knox began a partnership by investing $56,000 and $84,000, respectively.
During its first year, the partnership earned $175,000. Prepare
calculations showing how the $175,000 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.
Homework Answers
| 1] | Ramer [$175000/2] | $ 87,500 |
| Knox [$175000/2] | $ 87,500 |
In the absence of an agreement with respect to sharing of profits/losses, the sharing would be equal.
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Ramer and Knox began a partnership by investing $56,000 and
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! Required information [The following information applies to the questions displayed below. Ramer and Knox began...
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im confused with how they broke down how to do it in parts Ramer and Knox...
im
confused with how they broke down how to do it in parts
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. 2. The partners agreed to share income and loss in proportion to their initial investments...
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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...
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Ramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: 1. The partners failed to agree on a method to share income. 2. The partners agreed to share income and loss in proportion to their initial investments (round amounts to the nearest dollar). 3....
! 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...
im
confused with how they broke down how to do it in parts
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. 2. The partners agreed to share income and loss in proportion to their initial investments...
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...
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