Solution-By what amount should foxs capital account change

By what amount should foxs capital account change

Assignment Help Financial Accounting

Reference no: EM131098502

Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to Howe, the residual profit or loss is divided equally. In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change? $7,000 increase.

Reference no: EM131098502

Questions Cloud

Proprietary income from running the local power utility : The city of Joslyn has three sources of revenue, borrowing, proprietary income from running the local power utility, and taxes. If it recieved $10 million from running the electric power utility and borrowed $40 million, how much did it collect in ta..

Briefly describe depreciation method based on treating asset : Briefly describe the depreciation methods based on treating assets as: Units and A group or as having a composite life. Explain the arguments for and against the use of each of the two methods.

Identify any internal control weaknesses : Identify any internal control weaknesses and suggest improvements to strengthen the internal controls over machinery and equipment at Rophna.

Demonstrates negativism : A person who rudely rejects a simple request from a subordinate after he or she has been rebuffed by the boss demonstrates negativism.

By what amount should foxs capital account change : In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change? $7,000 increase.

Find the quantity of hangers supplied by us producers : When the United States allows free trade in wire hangers with China, the price of hangers in the U.S. market is $20 per crate. At this price, the quantity of hangers supplied by U.S. producers is _______ crates per week

Which of the following statements about a tariff is true : A tariff increases consumer surplus, decreases producer surplus, increases revenue to the government, and increases total surplus.

What caused the relation between the CEO and the stockholder : What is the R-square of the regression - Can you forecast (predict) what happens to the average price of a house if the number of bedrooms increases from 3 to 4 (keeping everything else constant)?

Total costs as function of input prices and output : Using the same production function as in question 4 {ie: q = (K^1/2 + L^1/2)^2} suppose that the firm is now operating in the long-run. Solve for the long-run cost function (i.e. total costs as a function of input prices and output).

User Account

All Pages

By what amount should foxs capital account change

Reference no: EM131098502

Reference no: EM131098502

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT