Sharp and townson had capital balances of 60000 and 90000

Assignment Help Accounting Basics

Reference no: EM13605862

Sharp and townson had capital balances 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 respectivley. 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: EM13605862

Questions Cloud

A calculate the value of the correlation coefficient : the following data on sale price size and land-to-building ratio for 10 large industrial properties appeared in a

Calculate the uncertainty in momentum and velocity of an : calculate the uncertainty in momentum and velocity of an electron in a 1 aring box 1 dimenstional a hydrogen atom in a

The audit of financial statements in the united kingdom : the united kingdom has adopted accounting principles that provide disclosure designed to reflecta. economic

Assume the water is at constant density as it flows : liquid water enters a manifold series of pipes at 1080 psi and 125 degf with a mass flow rate of 3.5 x 10 6 lb hr and

Sharp and townson had capital balances of 60000 and 90000 : sharp and townson had capital balances of 60000 and 90000 respectively at the beginning of the current fiscal year. the

Norwall company variable manufacturing overhead should be : norwall company variable manufacturing overhead should be 3.00 per standard machine hr and its fixed manufacturing

At the end of 2012 delong co has accounts receivable of : at the end of 2012 delong co. has accounts receivable of 700000 and an allowance for doubtful accounts of 54000. on

Knowing that it strikes the water 4 s after release : a stone is thrown vertically upward from a point on a bridge located 40 m above the water. knowing that it strikes the

Scott and quick are accountants for millenium computers : scott and quick are accountants for millenium computers. they disagree over the following transactions that occurred

User Account

All Pages