Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664d542ac9792_850664d542a6ce0d.jpg)
Transcribed Image Text:
Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $38,400 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $24,000 and $128,800, respectively, in their January 1 capital balances. Net income for the year was $232,800. How much net income should be distributed to Dakota? Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $38,400 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $24,000 and $128,800, respectively, in their January 1 capital balances. Net income for the year was $232,800. How much net income should be distributed to Dakota?
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The e-commerce business in China has entered a golden period, with transaction volume of online trading reaching 21.86 billion yuan (US$2.64 billion) in 2004. With 94 million Internet users, more...
-
Set your graphing window to 0 ¤ x ¤ 4Ï and - 2 ¤ y ¤ 2. a. Graph equations in the form y = sin ax + sin bx, using the a- and b-values listed in the table. Record the...
-
Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labor $20,000, overhead $18,000, and transferred-in costs $67,000. Equivalent units of production...
-
\(43+62+17\) Use properties of real numbers and mental math to calculate the expression.
-
Gildan Active wear Inc. specializes in manufacturing and selling T-shirts, sport shirts, and fleece. The following is adapted from a recent statement of financial position dated September 30, 2012....
-
question 38 . Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $10 per ord...
-
With your group members, work together to answer the following questions about relevant costs and decision making. At the end of the class, each person needs to turn in their own handwritten work in...
-
Give me an explanation regarding the Obtaining and Accepting Professional Appointments(Advanced Audit and Assurance).
-
What is The Planning Stage of Audit? Explain.
-
What is Audit Evidence and what are Audit Procedures? Expalin.
-
What is group audit? Explain.
-
What is meant by the term business model?
-
Use Taylor's formula to find the cubic approximation to f(x,y) = 1/(1+x+3y)^2 near the origin
-
Is times interest earned meaningful for utilities? Why or why not?
-
Perform the following operations without a calculator. Simplify if possible. 1. \((1.2 \sqrt{21}) \times(4.5 \sqrt{14})\) 2. \(38 \pi \div(2 \pi)\)
-
If possible, add the following irrational numbers without using a calculator. If this is not possible, state why. \(4.1 \pi+3.2 \pi\)
-
Rationalize the denominator of the following: 1. \(\frac{24}{\sqrt{15}}\) 2. \(\frac{11 \sqrt{14}}{6 \sqrt{21}}\)
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App