Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions