What will singers share of the income be if the income

Assignment Help Accounting Basics

Reference no: EM133416714

Question: Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will Singers share of the income be if the income for the year is $50,000?

Reference no: EM133416714

Questions Cloud

Maintain a good ethical reputation : Why should companies be careful to maintain a good ethical reputation? (Refer to Module 11 - Chapter 1 for discussions and guidance on ethics and ethical

One map to teach young children on global issue : If you were to choose one map to teach young children on a global issue not discussed on the above quiz questions, which would it be?

Public policy term garbage can theory : Research the public policy term "garbage can theory" and read at least one article. Share your thoughts/findings.

Which scenario provides the best solution and why : evaluate whether any of the 3 scenarios in the case will meet your PED / PMD evaluation and explain which scenario provides the best solution and why.

What will singers share of the income be if the income : If they agree to share the remaining profits and losses on a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will Singer's share of the income be

Zelman v. simmons-harris could act to limit its impact : Explain how members of the public who disagree with the ruling in Zelman v. Simmons-Harris could act to limit its impact.

How important is it for analysts to consider possibilities : Policies designed for the public good can sometimes produce undesirable side effects. How important is it for analysts to consider the possibilities of moral

Determine the amount of delay each path experiences : Determine the amount of delay each path experiences. Assume the speed of sound is 343 m/s, determine the distance of each object creating echo

Know about texas government : How knowledgeable do you feel about Texas politics/government? What is one thing you want to know about Texas Government?

User Account

All Pages