Partnership income and losses are usually divided on the basis of interest, salaries, and stated ratios because partners seldom contribute time and resources equally this method reflects the amount of time devoted to the partnership by the partners it is simpler than following the legal rules it prevents arguments among the partners

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 10, 2024

Partnership income and losses are usually divided on the basis of interest, salaries, and stated ratios because partners seldom contribute time and resources equally this

Partnership income and losses are usually divided on the basis of interest, salaries, and stated ratios because

		partners seldom contribute time and resources equally
		this method reflects the amount of time devoted to the partnership by the partners
		it is simpler than following the legal rules
		it prevents arguments among the partners

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

Performance Auditing Of Public Sector Property Contracts

Authors: Lori Keating

1st Edition

0566089998, 978-0566089992

More Books

Students also viewed these Accounting questions

Question

★★★★★

Owner has a place on his land where he piles trash. The pile has been there for three months. John, a neighbor of Owner and without Owners consent or knowledge, throws trash onto the trash pile....

Answered: 1 week ago

Question

★★★★★

Nancy Fabio has been operating an apartment-locator service as a sole proprietorship. She and Melissa Motts have decided to form a partnership. Fabio's contribution consists of Cash, $4,000; Accounts...

Answered: 1 week ago

Question

★★★★★

=+24.7. 24.31 Suppose that Po( A) = [ 8 dP for all A (8 2 0) and that T is mixing with respect to P (T need not preserve Pg). Use (21.9) to prove PO(T-"A) = [ 8 dP- P(A). 24.8. 24.61 (a) Show that

Answered: 1 week ago

Question

★★★★★

Allison Cooper opened Allisons Toy House. As her newly hired accountant, your tasks are to do the following: 1. Journalize the transactions for the month of October. 2. Record to subsidiary ledgers...

Answered: 1 week ago

Question

★★★★★

6 4 7 . The most important requirement for aluminium industry is the availability of cheap Ore Electrical power Labour Abundant water

Answered: 1 week ago

Question

★★★★★

Add new computer hardware option exists in a. control panel b. task bar c. main menu d. status bar

Answered: 1 week ago

Question

★★★★★

(b) A Refrigerant-134a (R-134a) with a rate of 0.1 kg/s enters a condenser of a heat pump at 700 kPa and 40C. R-134a leaves the condenser as a saturated liquid with a constant pressure. The rate of...

Answered: 1 week ago

Question

★★★★★

1. (no R needed) Consider the following causal seasonal model xt = xt-4+ Wt Owt-1 where and are nonzero and the variance of the Gaussian white noise terms is 2. (a) Identify the values of p, d, q, P,...

Answered: 1 week ago

Question

★★★★★

Q2) a) From the phase diagram given below; determine the composition, temperature and the type of the transformation for the three phase reactions. b) Schematically show the microstructures that will...

Answered: 1 week ago

Question

★★★★★

In a study of risk factors for cardiovascular disease, researchers measured the serum cholesterol levels of independent samples of women and men, all between the ages of 55 and 64. The following...

Answered: 1 week ago

Question

★★★★★

1. Nonlinear Optimization (45 points) For the following problem min x + x2 a) Set up the KKT conditions s. t. x1 + x2 1.5 x12-2x20 b) Solve the problem by checking the four options a. Both...

Answered: 1 week ago

Question

★★★★★

What aspects would it be impossible to capture?

Answered: 1 week ago

Question

★★★★★

B Why do most newscasters tend to speak with a midwestern accent? Why might that accent be considered the most neutral?

Answered: 1 week ago

Question

★★★★★

Enhance your words with effective presentation aids

Answered: 1 week ago

Previous Question Next Question