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problem: At the end of the 1st year of operations on 12 DEC, FMR Corporation's accounts show the following:

Partner

Drawings

Capital

Salary Allowance

Fred

$ 15,000

$ 36,000

8,000

McFeeley

10,000

22,000

12,000

Rogers

20,000

42,000

25,000

Capital balance represents each partner's initial capital investment. The Net Income for 2008 was dollar 27,000. Each partner is allowed 10 percent interest on starting capital balances. Each partner receives a salary allowance. The remainder is shared in the ratio 3:4:3.

Compute every partner's share of the Net Income. Show your all computations.

Fred

 

McFeeley

 

Rogers

 

 

 

 

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M923488

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