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(Part A, Part B, and Part C) Hello If anyone can help me with this three part problem that I don't seem to get that
(Part A, Part B, and Part C) Hello If anyone can help me with this three part problem that I don't seem to get that would be greatly appreciated and if you can make sure it's correct.Thanks again
Part A
Part B
Part C
The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $ 107000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $ 590000, Gise $ 1100000, and Bosco $ 1700000. If partnership net income is $ 530000, the amount allocated to Alix should be $ 169500. O $ 88500. O $ 167000. O $ 195500. Partners Cantor and Dickens have capital balances in a partnership of $ 168000 and $ 234000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $ 40500 $ 48900 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If net loss for the year was $ 7600, what will be the allocation to Dickens? O $ 7600 loss O $ 3900 loss O $ 47800 income O $ 3700 income The partnership of Bher and Dhillips reports net income of $ 120500. The partners share equally in income and losses. The entry to record the partners' share of net income will include a O debit to Dhillips, Capital for $ 60250. O credit to Dhillips, Drawing for $ 60250. O credit to Income Summary for $ 120500. O credit to Bher, Capital for $ 60250Step by Step Solution
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