Partners flip and flop have capital balances in a

Reference no: EM13612279

Partners Flip and Flop have capital balances in a partnership of $80,000 and $120,000, respectively. They agree to share profits and losses as follows: Flip Flop As salaries $20,000 $24,000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $60,000, what will be the distribution of income to Flip?

Reference no: EM13612279

Questions Cloud

Hazard company is considering the acquisition of a machine : hazard company is considering the acquisition of a machine that costs 375000. the machine is expected to have a useful

The mass of the piston is such that it takes 03mpa of : consider a piston-cylinder device that contains 0.5m3 of saturated water vapor at 0.2mpa and where the piston initially

After the rcs thruster is turned off find a the magnitude : a space vehicle is coasting at a constant velocity of 15.7 ms in the y direction relative to a space station. the pilot

Determine a the quality of steam in the tank at the initial : a rigid tank contains 7.5 kg of saturated water mixture at 400 kpa. a valve at the bottom of the tank is now opened and

Partners flip and flop have capital balances in a : partners flip and flop have capital balances in a partnership of 80000 and 120000 respectively. they agree to share

Flip earns a salary of 7500 per month during the year fica : flip earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal

When the input is 100 kpa the output is 5 mv and when the : a pressure sensing device has an electrical output and is approximately linear. when the input is 100 kpa the output is

Prepare the journal entry on august 31 to record the final : the red white amp blue partnership was begun with investments by the partners as follows red 175000 white 220000 and

It rises to its maximum height and then falls down to the : a golfer hits a shot to a green that is elevated 3.20 m above the point where the ball is struck. the ball leaves the

User Account

All Pages