User Account

All Pages

What is small portion of the net income

Assignment Help Accounting Basics
Reference no: EM131939256

Question - Two partners, Small and Big, form a partnership in which Small invested $40,000 and Big invested $60,000 for a total capital of $100,000. But Small devotes more time to the business and earns more from the firm. They have agreed to share the profits as follows:

• The first $20,000 is allocated on the partner's capital balances.

• The next $30,000 is allocated based on service: Small gets $20,000, and Big gets $10,000.

• Any remaining profits are allocated equally.

• The partnership's net income is $100,000.

What is Small's portion of the net income? What is Big's portion of the net income? Make the entry for this allocation.

What would be the right parts to the journal entry for this question?

Reference no: EM131939256

Questions Cloud

How can the craap test help you when you look : Who is the source of the information? How reliable and truthful is the information? Can the information be verified?
Lower forms of animal life behavioral characteristics : There is evidence that among lower forms of animal life behavioral characteristics can be transferred from one individual to another along
What is the amount of depreciation expense : Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year
What is the probability that all 5 tasters will choose corre : If the manufacturer is correct about their inability to tell real from artificial chocolate, find the probability that a taster will correctly choose the one.
What is small portion of the net income : What is Small's portion of the net income? What is Big's portion of the net income? Make the entry for this allocation
Binomial distribution to produce reliable probability : a. What conditions must be true in order to use the binomial distribution to produce reliable probability statements?
What are the budgeted cash receipts from sales on account : If sales on account are budgeted to be $170,000 for June and $200,000 for July, what are the budgeted cash receipts from sales on account for July
Explain subprime mortgages and mortgage-backed securities : Describe the financial crisis in 2008. You need to explain subprime mortgages and mortgage-backed securities (MBS).
Possible different sequences of the stations : He decides to try all possible sequences of the 9 stations and use the shortest of these as his routine round of inspection.

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