User Account

All Pages

Calculate the amount owed to each partner

Assignment Help Accounting Basics
Reference no: EM131604368

Question - The XYZ partnership recorded a profit of $540 000.

Required  -

a. If the three partners had nothing in their partnership agreement on profit sharing, how would profits be distributed?

b. If the partners agreed on a $144 000 salary allowance for each partner and the remaining balance divided 3:2:1, calculate the amount owed to each partner.

c. Assume the same information as in (b) above except profits before salary allowance was only $72 000. What would be the amount owed to each partner?

d. Record the journal entries to allocate profits in (c) above.

Reference no: EM131604368

Questions Cloud

Explain bullying a public health environmental issue : Would you consider bullying a public health environmental issue. Justify your position
How realistic is the model : Acron is a large drug company. Acron is trying to decide whether one of its new drugs, Niagra, is worth pursuing. How realistic is the model?
Describe why it makes measuring intelligence challenging : describe the challenge with specifics and describe why it makes measuring intelligence challenging
Continued use of the property create an easement : Did fuller’s continued use of the property create an easement?
Calculate the amount owed to each partner : If the partners agreed on a $144 000 salary allowance for each partner and the remaining balance divided 3:2:1, calculate the amount owed to each partner
What is the net present value of project : It has a single payoff at the end of year 9 of $8,791. What is the net present value (NPV) of the project.
A comparison to quantitative research : Qualitative Research, a detailed analysis of it. With a comparison to Quantitative Research. No need of history details.
What do you think about the attributes listed : Think about this in your social media use. What kind(s) do you use? Why? What do you think about the attributes listed above for different social media users?
Different countries-cultures demonstrate different levels : Different countries and cultures demonstrate different levels of Uncertainty Avoidance and their consumer behavior is affected.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd