Question
Tam is part of a partnership with two other people and the current balance of Tam's capital account is $22 500. According to the partnership
Tam is part of a partnership with two other people and the current balance of Tam's capital account is $22 500. According to the partnership agreement, the net income/loss for each period is shared equally between the three partners. There are no salaries or interest in this agreement. In the current period the business made a net income of $51 300
In the first blank, enter Tam's portion of the net income. In the second blank, enter Tam's new capital amount.
Do not enter any $ signs or spaces.
Answer for blank # 1: | 17100 | |
Answer for blank # 2: | 22500 |
Jamie and Tracy form a partnership in which they share the profits in the ratio 3:5 respectively. Jamie has a current capital of $18 000 and Tracy has a current capital of $28 000. Each partner earns 2% interest on their current capital and a salary of $2000. In the current year the company had a net loss of $24 000.
In the first blank, enter Jamie's interest for the period. In the second blank enter Jamie's share of the company's allocated net income/loss. Do not enter any $ signs or spaces.
Answer for blank # 1: | 360 | |
Answer for blank # 2: | 9000 |
Tom and Alice form a partnership in which the share the income in the ratio of 3:2 respectively. Alice earns a salary of $2000 and Tom earns a salary of $2500. If the company made a profit of $65 000, how much would each partner earn towards their share of the capital? Enter the amount for Tom in the first Blank and the amount for Alice in the second blank. Do not enter a $ sign or any spaces
Answer for blank # 1: | 39000 | |
Answer for blank # 2: | 26000 |
This is the answers i got for the following questions can someone please check and correct my mistake as i was told they are wrong
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