Radley and smithers share income and losses in a 21 ratio, Ask an Expert

Accounting

Radley and Smithers share income and losses in a 2:1 ratio after allowing for salaries to Radley of $24,414 and $30,821 to Smithers. Net income for the partnership is $43,590. Income should be divided as follows:

Xavier and Yolonda have original investments of $47,361 and $110,559 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,328 and $29,177 respectively, and the remainder equally. How much of the net income of $99,420 is allocated to Xavier?

X and Y have original investments of $49,693 and $104,479 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $33,032 and $29,137 respectively, and the remainder equally. How much of the net income of $98,208 is allocated to Y?

Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $51,197 and $55,596 respectively. Ray is admitted to the partnership and is given a 40% interest by investing $26,276. What is Ollie's capital balance after admitting Ray?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795595

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Case study 1 apple merging technology business and

Case Study 1: Apple Merging Technology, Business, and Entertainment 1) Why are data, information, business intelligence, and knowledge important to Apple? Give an example of each type in relation to the iPad. 2) Explain ...

Question - on december 31 year 1 day co leased a new

Question - On December 31, year 1, Day Co. leased a new machine from Parr with the following pertinent information: Lease term 8 years Annual rental payable at beginning of each year $60,000 Useful life of machine 10 yea ...

Question - buddy industries inc bii developed the following

Question - Buddy Industries, Inc., (BII) developed the following standard costs for direct material and direct labor for one of their major products, the 10-gallon plastic container. Standard quantity Standard price Di ...

Question - hillary clinton is the vice president of finance

Question - Hillary Clinton is the Vice President of Finance for Trump Industries. At a recent finance meeting, Hillary made the following statement: "the managers of a company should use the same information as the share ...

Question - 2018 pretax accounting income 400000all fixed

Question - 2018 Pretax Accounting Income: $400,000 All Fixed Assets Purchased Prior to January 1, 2018 were Fully Depreciated at 12/31/17 Fixed Assets purchased on January 1, 2018 for $100,000 and have Estimated Life of ...

Question 1 auditor accountability please respond to the

Question: 1. Auditor Accountability" Please respond to the following: • Use the Internet or Strayer Library to research a publically traded company that received an unqualified audit report from external auditors and fac ...

Question - on january 1 2017 pina corporation purchased 333

Question - On January 1, 2017, Pina Corporation purchased 333 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Pina pur ...

Question - douglas bonds mature in 10 years and have an

Question - Douglas bonds mature in 10 years and have an annual coupon rate of 10.5 percent with semiannual payments. The $1,000 par value bond currently trades at $1,105 in the market. Compute the annual yield to maturit ...

Question - if someone self employed earns 195000 what is

Question - If someone self employed earns $195,000, what is the total self employment tax liability? What is the self employment tax deduction?

Question - paid audi company the interest due on the note

Question - Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. Record both the debit and credit to the notes payable account.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert