Reference no: EM132766934
Question - Use the following information for the next three cases:
The partnership agreement of A, B and C stipulates the following:
Partners A and C shall receive annual salaries of 12,000 and 8,000, respectively.
A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner.
Each partner shall receive 10% interest on average capital investments.
Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C.
The average capital investments of partners during the year are as follows:
A 100,000
B 60,000
C 120,000
Case 1: The partnership earns profit of 100,000.
Requirement: Compute for the respective shares of the partners on the partnership profit.
Case 2: The partnership earns profit of 10,000.
Requirement: Compute for the respective shares of the partners on the partnership profit.
Case 3: The partnership incurs loss of 20,000.
Requirement: Compute for the respective shares of the partners on the partnership loss.
|
What is marty total investment in harley davidson
: For Four years, Marty Campbell invested $4,000 each year in Harley Davidson stock. The stock was selling for $74 in 2014, $62 in 2015, $51 in 2016, and $59 in 2
|
|
Calculate the average cost per unit in process
: Materials input- 1,000 units costing 10,000 Labour costs- 8,000 Departmental overheads - 6,000. Calculate the average cost per unit in Process 1
|
|
Descibe the practices of culturally sensitive care
: In each week's entry, students should reflect on the personal knowledge and skills gained throughout the course. Journal entries should address one or more.
|
|
What is an expense ratio
: -Closed-end, exhanged-traded, and open-end mutual funds are available today. Describe the differences between each type of fund.
|
|
Compute for the respective shares of the partners
: Case 1: The partnership earns profit of 100,000. Compute for the respective shares of the partners on the partnership profit
|
|
Compute the correct inventory amount on december
: Sheffield shipped goods costing $38,000 to Lilja Company, FOB shipping point, Determine the correct inventory amount on December 31.
|
|
Identify key pieces of additional information that uber need
: Identify three key pieces of additional information that UBER needs to provide with respect to this announcement, in the MD&A section
|
|
Change of equity value in jacks
: Calculate the change of equity value in Jacks account between 1st January and 1st April 2020 as a result of the trading position. Explain workings.
|
|
What is the effect of the errors
: What is the effect of the above errors to the 2020 beginning retained earnings? What is the effect of the above errors to 2020 working capital
|