Advance Accountin x Q Your Sets | Quizlet G By how much will t x + en%20Comprensivo-%20Advanced%20Accounting.pdf W 35 - 70% + | 55) If the average capital balances for Bertram and Ernest are $200,000 and $240,000, what will the total partnership profit allocations be for Bertram and Ernest in 2014? A) $100,000 and $140,000 B) $108,000 and $132,000 C) $120,000 and $120,000 D) $140,000 and $100,000 Use the following information to answer the question(s) below. Alfred and Barne share profits and losses in a ratio of 2:3, respectively, after salary allowances, interest allowances and bonus allocations. Alfred and Barne receive salary allowances of $30,000 and $60,000, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Partners' drawings are not used in determining the average capital balances. Total net income for 2014 is $180,000. If net income after deducting the interest and salary allocations is more than $60,000, Barne receives a bonus of 5% of the original amount of net income. January 1 capital balances Yearly drawings ($3,000 a month) Alfred $ 600,000 36,000 Barne $ 900,000 36,000 56) What is the total amount for the allocation of interest, salary, and bonus, and how much over- allocation is present? A) $180,000 and $0 B) $240,000 and $60,000 C) $249,000 and $0 D) $249,000 and $69,000 Chapter 17 Partnership Liquidation 17.1 Multiple Choice Questions 57) Which statement is correct in describing the rank order of payments as specified by the Uniform Partnership Act? A) Payments to partners are ranked equally, regardless of underlying basis. B) Payments to partners with excess capital balances may be placed ahead of payments to creditors. C) Payments to creditors other than partners are ranked ahead of payments to partners. D) After payments are made to other creditors and partners with loans to the partnership, payment up to the same amount can be made to partners with capital interests. E