Determine the amount of income allocated to each partner

Assignment Help Accounting Basics
Reference no: EM13123179

Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $25,000 and $30,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was $50,000. Determine the amount of income allocated to each partner.

Reference no: EM13123179

Questions Cloud

Find the standardized test statistic : Write the claim mathematically and identify H0 and Ha (b)Find the critical value(s) and identify the rejection region(s). (c) Find the standardized test statistic.
Ordered pairs and equations of lines : Complete the given ordered pairs so that each ordered pair satisfies the given equation. Determine the equation of each line. Write the answer in standard form using only integers as the coefficients.
Explain detailed explanation to separation of variables : The problem that I'm having is that there is a nonconstant factor of (x^2+y^2+z^2)^(-1/2) appearing on the RHS of this equation, making it non-trivial to solve.
What mass of o2,in grams,is required : Ethane C2H6 burns in oxygen a.) what are the products of reaction b.)write the balanced equation for the reaction
Determine the amount of income allocated to each partner : Sharp and Townson had capital balances of of 60,000 and 90,000 respectively at the beginning of the current fiscal year.
Explain detailed explanation to separation of variables : The problem that I'm having is that there is a nonconstant factor of (x^2+y^2+z^2)^(-1/2) appearing on the RHS of this equation, making it non-trivial to solve.
Find probability that family-s monthly gasoline lie in range : Find the probability that the family's monthly gasoline purchases will be between 80 and 90 gallons. Find the probability that the family's monthly gasoline purchases will be less than 75 gallons.
Book income to differ from taxable income : List one difference that can cause a corporations book income to differ from its taxable income. Provide an example of a transaction to illustrate this difference. Why do you think these differences exist, and that IRS and GAAP/IFRS regulations ca..
How long would it take in conversion of water in steam : How long would it take for 1.50 mol of water at 100.0 degrees Celsius to be converted completely into steam if heat were added at a constant rate of 15.0 J/s.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How cash and working capital will be affected for following

Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:

  In what amount should the institute recognize revenue

A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?

  Overhead rate calculation-allocation and analysis

Determine the company's predetermined overhead rate for year 2011. Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventory's direct materials costs.

  Prepare journal entries for phillips

Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets

  Product versus period costs-fixed versus variable costs

Write a memo to your partner covering all of the following: Write a description of the difference between product and period costs and examples of each. Explain how the financial results of a business would be reported differently if costs were not..

  Incremental effect on company overall profit

Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.

  Roi and residual income-new product line

Compute the East Division's ROI for last year; also compute the ROI as it would appear if the new product line is added and compute the East Division's residual income for last year; also compute the residual income as it would appear if the new pro..

  Noncumulative-nonparticipating preferred stock

Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.

  Method of accounting for uncollectible accounts

Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.

  Retirement saving funds

You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.

  Computing-journalizing payroll transactions

Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll. Two journal entries required.

  Journal entries and schedule

During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:

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!

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