Orr and graham had 60000 and 150000 respectively in their

Assignment Help Accounting Basics
Reference no: EM13586300

Andrew Orr and Victoria Graham formed a partnership, dividing income as follows:

  1. Annual salary allowance to Orr of $28,000.
  2. Interest of 6% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Orr and Graham, 2:1.

Orr and Graham had $60,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $46,000.

How much net income should be distributed to Orr?

Reference no: EM13586300

Questions Cloud

Your neighbor loot starkin invited you to lunch yesterday : your neighbor loot starkin invited you to lunch yesterday. sure enough it was no free lunch because loot wanted to
Bigdeal corporation manufactures paper and paper products : bigdeal corporation manufactures paper and paper products and is trying to decide whether to purchase smalltek company.
On what basis can white collar offenders be referred to as : on what basis can white collar offenders be referred to as trusted criminals and what is the special significance of
Hancock reported assets of 13362 million at january 1 and : hancock reported assets of 13362 million at january 1 and 13369 million as of december 31 of the current year. hancocks
Orr and graham had 60000 and 150000 respectively in their : andrew orr and victoria graham formed a partnership dividing income as followsannual salary allowance to orr of
A company wishes to buy new equipment for 85000 the : a company wishes to buy new equipment for 85000. the equipment is expected to generate an additional 35000 in cash
Assume that a company produces and sells 90000 units during : assume that a company produces and sells 90000 units during the year at the selling price of 10.35 per unit. prepare a
An auditor is examining loan receivables at a local bank : following is a set of situations that may or may not involve sampling.1.an auditor is examining loan receivables at a
Explain how the phospholipid bilayer is effective as the : what is the difference between mitosis and meiosis where and when do these processes occur? explain how the

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which method would you recommend that dallas cleaning use

create an excel spreadsheet to allocate costs using the direct method and the step-down method. use the results to

  How is tax basis calculated

What is the economic and tax policy rationale regarding corporate formation? When will a transfer be deemed a taxable event? How is basis determined? What if assets are contributed to a corporation by a non shareholder such as a government entity?

  On june 13 the board of directors of siewert inc declared a

on june 13 the board of directors of siewert inc. declared a 2-for-1 stock split on its 60 million 1 par common shares

  Determine probable costs and market potential

Compute the net cash inflow (cash receipts less yearly cash operating expenses) anticipated from the sale of the device for each of the 12 years.

  Determine what was wrong with the bookkeeper entry

Determine what was wrong with the bookkeeper's entry assuming Karlin uses the allowance method.

  Calculate the book value of a three-year-old machine

Calculate the book value of a three-year-old machine that has a cost of $45,000, an estimated residual value of $5,000, and an estimated useful life of four years.

  Audit plan for sales places extensive reliance on internal

audit plan for sales places extensive reliance on internal controls and use of substantive analytical procedures. You're testing for internal control for sales has found a significant number of instances where clients' credit ratings have not been ch..

  Prepare the journal entry for the interest receipt of

on january 1 2013 phantom company acquires 320600 of spiderman products inc. 9 bonds at a price of 304931. the interest

  Create a set of best practices for leadership of

design a set of best practices for the leadership of cross-cultural virtual teams. consider the following questions in

  Show how the amounts related to accoutns receivable

Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.

  Method of accounting for uncollectible receivables

If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?

  How much is budgeted sales revenue for the quarter

Barrys policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

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