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On April 1, 2023, Dee Dee, Dexter and Bender began a partnership in which Dee Dee and Dexter each contributed cash of $30,000; and Bender
On April 1, 2023, Dee Dee, Dexter and Bender began a partnership in which Dee Dee and Dexter each contributed cash of $30,000; and Bender contributed property with a fair value of $50,000. Bender receives a 15% bonus of partnership income above $15,000. Dee Dee and Dexter receive salaries of $25,000 each. The partnership agreement of Dee Dee, Dexter, and Bender provides that all receive 10% interest on initial capital contributions, , and that profits and losses of the remaining income be distributed to Dee Dee, Dexter, and Bender by a 1:3:1 ratio respectively Required: Prepare a schedule to distribute $50,000 of partnership net income to the partners and answer the following questions afterwards. How much is the interest that Dee Dee receives How much is the interest that Bender receives What is the total amount of the net profit that Bender will receive After payment of the Bonus, Salaries and interest per the agreement, how much is the remaining profit or residual loss ? How much is the interest that Dexter receives What is the total amount of the net profit that Dee Dee will receive What is the total amount of the net profit that Dexter will receive How much is the Bonus that Bender receives On April 1, 2023, Dee Dee, Dexter and Bender began a partnership in which Dee Dee and Dexter each contributed cash of $30,000; and Bender contributed property with a fair value of $50,000. Bender receives a 15% bonus of partnership income above $15,000. Dee Dee and Dexter receive salaries of $25,000 each. The partnership agreement of Dee Dee, Dexter, and Bender provides that all receive 10% interest on initial capital contributions, , and that profits and losses of the remaining income be distributed to Dee Dee, Dexter, and Bender by a 1:3:1 ratio respectively Required: Prepare a schedule to distribute $50,000 of partnership net income to the partners and answer the following questions afterwards. How much is the interest that Dee Dee receives How much is the interest that Bender receives What is the total amount of the net profit that Bender will receive After payment of the Bonus, Salaries and interest per the agreement, how much is the remaining profit or residual loss ? How much is the interest that Dexter receives What is the total amount of the net profit that Dee Dee will receive What is the total amount of the net profit that Dexter will receive How much is the Bonus that Bender receives
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