Reference no: EM13905790
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2010 and $180,000 in 2011. Each partner withdrew $1,000 for personal use every month during 2010 and 2011.
1. What was Wasser's total share of net income for 2010?
2. What was Nolan's capital balance at the end of 2010?
3. What was wasser's total share of net income for 2011?
Please show your work
|
Describe the concept of realization for tax purposes
: Based on the definition of gross income in $61, related regulations, and judicial rulings, what are the three criteria for recognizing taxable income? Describe the concept of realization for tax purposes.
|
|
Discussing the foundations and components of psychoanalysis
: Write a 1,750- to 2,100-word paper discussing the foundations and components of psychoanalysis. Evaluate the contributions and criticisms of psychoanalytic models to the explanation of human behavior
|
|
What was eatons total share of net loss for the first year
: A partnership began its first year of operations with the following capital balances: Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was Eaton's total share of net loss for th..
|
|
Explain what the listener hears
: At an open-air concert a person sits at a location that is 7m and 9.10m, respectively, from speakers at each side of the stage. A musician plays a single 494 Hz tone, explain what the listener hears.
|
|
For division of income-what was capital balance
: Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year,
|
|
Estimate the length of the lake
: A hiker determines the length of a lake by listening for the echo of her shout reflected by a cliff at the far end of the lake. She hears the echo 1.5 s after shouting. Estimate the length of the lake.
|
|
Development of human-computer interface
: In this assignment, you will study how human psychology and behavior drive the development of human-computer interface. Using the South University Online Library or the Internet, research about the following: HCI and How human psychology impacts HCI
|
|
How your local council government are using the web
: You might explore how your local council or regional government are using the web to provide services to its citizens. You should discuss your ideas via email with your e-tutor before committing a substantial effort.
|
|
Afraid upper-level management might recommend cost reduction
: Phil Prior, Broderick Corporation’s controller is concerned that net income may be lower this year. He is afraid upper-level management might recommend cost reductions by laying off accounting staff, including him. Prior knows that depreciation is a ..
|