[Solved] Partners Gary and Elaine have agreed to s

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

Partners Gary and Elaine have agreed to share profits and losses in an 75:25 ratio respectively, after Gary is allowed a salary allowance of $30,600

Partners Gary and Elaine have agreed to share profits and losses in an 75:25 ratio respectively, after Gary is allowed a salary allowance of $30,600 and Elaine is allowed a salary allowance of $15400. If the partnership had net income of 292000 for 2020, Elaine's share of the income would be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Data Analysis And Sampling Simplified A Practical Guide For Internal Auditors

Authors: Donald A. Dickie PhD

1st Edition

ISBN: 1634540611, 978-1634540612

More Books

Students also viewed these Accounting questions

Question

★★★★★

Below are the results of a survey of 1364 individuals who were asked if they use social media and other websites to voice their opinions about television programs. a. Show a joint probability table....

Answered: 1 week ago

Question

★★★★★

4. Now construct a comparative stem-and-leaf display that allows you to compare dominant-hand count to nondominant-hand count. Does the display support the theory that dominant-hand count tends to be...

Answered: 1 week ago

Question

★★★★★

The bank portion of the bank reconciliation for LaRoche Company at October 31, 2014, is shown below. The adjusted cash balance per bank agreed with the cash balance per books at October 31. The...

Answered: 1 week ago

Question

★★★★★

Nenn Co.'s allowance for uncollectible accounts was $195,000 at the end of 2014 and $180,000 at the end of 2013. For the year ended December 31, 2014, Nenn reported bad debt expense of $25,000 in its...

Answered: 1 week ago

Question

★★★★★

Apply the theorem of integration of transforms to find the Laplace transform of f(t). sin 8t f(t)= t Click the icon to view the table of Laplace transforms. sin 8t (Type an exact answer, using as...

Answered: 1 week ago

Question

★★★★★

Pedagogically, there has been empirical evidence to support that there is lack of student's interest in enrollment in marketing analytics courses. Specifically, the biased perception of marketing as...

Answered: 1 week ago

Question

★★★★★

A typical wire coating die is shown schematically in the figure below. throughout the mold It is incompressible at steady state and is an isothermal flow. Rheological properties of the fluid, power...

Answered: 1 week ago

Question

★★★★★

What is the purpose of boring out the clearance hole for the bullet on the inside of the A2 flash hider

Answered: 1 week ago

Question

★★★★★

When you are old and grey and full of sleep, And nodding by the fire, take down this book, And slowly read, and dream of the soft look Your eyes had once, and of their shadows deep; How many loved...

Answered: 1 week ago

Question

★★★★★

Exclusive groups often use punishment to ensure group members follow the rules. Usually the greatest punishment is being excluded from the group. Look at the the story: manson family Each of these...

Answered: 1 week ago

Question

★★★★★

3-17 Describe the impact of the Internet on each of the five competitive forces.

Answered: 1 week ago

Question

★★★★★

3. Why do contemporary information systems technology and the Internet pose challenges to the protection of individual privacy and intellectual property?

Answered: 1 week ago

Question

★★★★★

2. What specific principles for conduct can be used to guide ethical decisions?

Answered: 1 week ago

Previous Question Next Question