FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

partner A has a capital balance of 120000, partner Bhas a capital balance of 80000, partner C has a capital balance of 100000, Net income

partner A has a capital balance of 120000, partner Bhas a capital balance of 80000, partner C has a capital balance of 100000, Net income for the year totaled 36000 and the partnership agreement includes a salary allowance of 7000 for partner A,, 3500 for partner B and 0 for partner C and remaining income allocated as apercentage of capital.. how much net income is allocated to partner A?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Financial Times Essential Guide To Budgeting And Forecasting How To Deliver Accurate Numbers

The Financial Times Essential Guide To Budgeting And Forecasting How To Deliver Accurate Numbers

Authors: Nigel Wyatt

1st Edition

0273768131, 9780273768135

More Books

Students also viewed these Accounting questions

Question

★★★★★
Assume a consumer with the utility function U = U (X, Y) = (X + 2)(Y + 1) and the budget constraint (M = 95, Px = 10, and Py = 5): 95 = 10X 15Y a. Set up the constrained maximization problem, and...

Answered: 1 week ago

Question

★★★★★
How does a Web server determine whether a requested document includes PHP code?

Answered: 1 week ago

Question

★★★★★
In the article Incidence, risk factors, and mortality associated with orofacial cleft among children in Ontario, Canada published in JAMA Network Open (Malic, 2020), the authors reported the summary...

Answered: 1 week ago

Question

★★★★★
Finger Lakes Winery is a small, family-run operation in upstate New York. The winery produces. Two varieties of wine: riesling and chardonnay. Among the activities engaged in by the winery are the...

Answered: 1 week ago

Question

★★★★★
An unlevered firm has a value of $850 million. An otherwise identical but levered firm has $50 million in debt at a 5% interest rate, which is its pre-tax cost of debt. Its unlevered cost of equity...

Answered: 1 week ago

Question

★★★★★
Required: a Prepare a schedule of the required capital reduction. b Prepare the accounting journal entries required for the reorganization. c Prepare a statement of inancial position (balance sheet)...

Answered: 1 week ago

Question

★★★★★
Transfer functions in X and Y directions at the tool tip have been measured on twodifferent similar machines (Figure 1, a and b). Please compare these two machines interms of dynamic stiffness and...

Answered: 1 week ago

Question

★★★★★
5. A geometric distribution with parameter p has probability mass function f(x) = (1-p)-1p, x = {1, 2,...}. (a) Show that the Jeffreys prior for this distribution is the following improper prior....

Answered: 1 week ago

Question

★★★★★
5. BiCycle, Inc, produces two models of a new line of lightweight bicycles, a deluxe and a professional model. Each deluxe model requires 3 pounds of a titanium alloy while the professional model...

Answered: 1 week ago

Question

★★★★★
What valuable insights can businesses gain from social media analytics? Question 18Answer a. Data on audience demographics and engagement metrics b. Performance measurement of salesman c. Reframing...

Answered: 1 week ago

Question

★★★★★
If feedforward controls are the most proactive, then why do organizations need or use feedback controls? Explain and defend your answer.

Answered: 1 week ago

Question

★★★★★
1. What should the city do prior to issuing personal protective equipment?

Answered: 1 week ago

Question

★★★★★
4. Based on what youve seen to this point, how comprehensive would you say that the companys safety program is? What additional steps should it take?

Answered: 1 week ago

Question

★★★★★
6. Do you agree that safety in the office is a matter of attitude? Why?

Answered: 1 week ago

Previous Question Next Question