User Account

All Pages

What is Lori share of the net income

Assignment Help Accounting Basics
Reference no: EM132876058

Question - Lori and Peter enter into a partnership and decide to share profits and losses as follows:

1. The first allocation is a salary allowance with Lori receiving $16,000 and Peter receiving $18,000.

2. The second allocation is 15% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Lori and Peter are $90,000 and $20,000, respectively.

3. Any remaining profit or loss is allocated equally.

Required - For the year ending December 31, 2019, the partnership reported net income of $55,000. What is Lori's share of the net income?

Reference no: EM132876058

Questions Cloud

Financial strategies used in organization : What are the goals of the financial leadership of the company? What are the unique aspects of the financial strategies used in the organization?
Define the stages of dying model as outlined by kubler-ross : Define the Stages of Dying Model as outlined by Kubler-Ross and explain it in detail. How might this theory differ or be the same amongst cultures
How the activity enhances psychosocial development : Identify how the activity enhances psychosocial development (this can be emotional, cultural, and moral development) in the child and adolescent.
Describe company supply chain : Describe the company's supply chain. Identify a process internal to the company that you wish to analyze.
What is Lori share of the net income : For the year ending December 31, 2019, the partnership reported net income of $55,000. What is Lori's share of the net income
How large will the annual payment be : You decided to donate $400,000 to your college for a perpetual annual named scholarship. How large will the annual payment be
Explain the mental process of knowledge development : Discuss the factors of attention and perception in association with successfully moving information from sensory to working memory to long-term memory.
What is the internal rate of return for this investment : Tennessee Corporation is analyzing a capital expenditure that will involve a cash outlay of $109,332. What is the internal rate of return for this investment
Discuss pattern of foreign direct investment : Choose a developing country, and discuss the pattern of foreign direct investment in that region and why it occurs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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