+1-415-670-9189
info@expertsmind.com
Determine the division of the profit or loss
Course:- Accounting Basics
Reference No.:- EM131567751




Assignment Help
Assignment Help >> Accounting Basics

Problem -

A partnership is formed by Robert investing $150,050 and Linda investing $100,000. The partners are considering the following plans for dividing profits and losses:

(a) according to die ratio of their original investment

(b) paying Robert a salary of $60,000 and Linda a sailary of $50,000 and the balance on the basis of their original investment

(c) a $60,000 can salary to Robert, 12% interest on their original investments, and the balance equally

(d) share the profits equally.

Required

A. Determine the division of the profit or loss assuming a profit $200,000.

B. Determine the division of the profit or loss assuming a profit $150,000.

C. Determine the division of the profit or loss assuming a profit $10,000.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
We are pleased to announce some outstanding news for employees looking to further their education. Our company has added a tuition reimbursement plan into the budget. A high
What is the journal entry to record issuing supplies from the storeroom? Omega.com sold 25 jet skis for $7,000 which cost $5,000. The entry to record the sale would include __
The qualified higher education expenses they paid in 2010 totaled 2100. Their modified adjusted gross income for the year was 55000. How much of the 500 interes can bill and
Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $
The income statement for Monroe's business shows thefollowing revenues and expenses for 2007, the initial years ofoperations. Calculate Monroe's AGI using the cash method.
The XYZ Corporation has $1000,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Greenv
A company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance w
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill ar