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

Question

1 Approved Answer

Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70,000

image text in transcribed
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70,000 and Alex is allowed a salary allowance of $35,000. If the partnership had net income of $70,000 for 2017, Alex's share of the income would be O a. $35,000 O b. $7,000 O c. $28,000 O d d. $42,000

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

Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits

Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits

Authors: E. Scott Dunlap

1st Edition

1439828865, 978-1439828861

More Books

Students also viewed these Accounting questions

Question

★★★★★
Give the size of the product or state "not defined". (a) a 2 3 matrix times a 3 1 matrix (b) a 1 12 matrix times a 12 1 matrix (c) a 2 3 matrix times a 2 1 matrix (d) a 2 2 matrix times a 2 2...

Answered: 1 week ago

Question

★★★★★
Responsibility accounting focuses on the use of accounting measures in evaluating a manager. Might a manager be held responsible for nonaccounting measures? Give an example. How does the use of...

Answered: 1 week ago

Question

★★★★★
Describe strategies for supporting students construction of long-lasting knowledge.

Answered: 1 week ago

Question

★★★★★
Northcutt manufactures high-end racing bikes and is looking for a source of gear sprocket sets. Northcutt would need 1,550 sets a month. Supplier A is a domestic rm, and Suppliers B and C are located...

Answered: 1 week ago

Question

★★★★★
Options: cash, accounts receivable, inventory, prepaid rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable, paid-in-capital, retained earnings, leave blank...

Answered: 1 week ago

Question

★★★★★
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2e2e $ 214,900 $ 111,000 60,...

Answered: 1 week ago

Question

★★★★★
1. Ralph Abernathy owns a small coffee shop. He wants to know the average number of customers queuing (lining up) in his coffee shop, to decide whether he needs to add more space to accommodate more...

Answered: 1 week ago

Question

★★★★★
provide a brief outline of how diversity policy needs to apply to your place of work/type of business

Answered: 1 week ago

Question

★★★★★
United States dollar strengthen and weakening: Present current valuation (U.S. Dollar versus the two countries' currency) and effect on corporate profits for China vs Indonesia

Answered: 1 week ago

Question

★★★★★
. What is meant by the term cash flow? For the table below determine the yearly cash flows and the total cash flow. If a discounting rate of 8% is used what is the Net Present Value? Year 0 1 2 3 4 5...

Answered: 1 week ago

Question

★★★★★
Give two additional competencies that will be required for future project management efforts

Answered: 1 week ago

Question

★★★★★
4.22 a. A very large shipment of parts contains 10% defectives. Two parts are chosen at random from the shipment and checked. Let the random variable X denote the number of defectives found. Find the...

Answered: 1 week ago

Question

★★★★★
4.14 In a geography assignment the grade obtained is the random variable X. It has been found that students have these probabilities of getting a specific grade: A: 0.18 D: 0.07 B: 0.32 E: 0.03 C:...

Answered: 1 week ago

Question

★★★★★
4.21 A municipal bus company has started operations in a new subdivision. Records were kept on the numbers of riders on one bus route during the early-morning weekday service. The accompanying table...

Answered: 1 week ago

Previous Question Next Question