Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Management Expert

Guenther and Firmin, both of whom are CPAs, form a partnership, with Guenther investing $100,000 and Firmin, $80,000. They agree to share net income as follows:

1. Salary allowances of $80,000 to Guenther and $50,000 to Firmin.

2. Interest allowances at 15% of beginning capital account balances.

3. Any partnership earnings in excess of the amount required to cover the interest and salary allowances to be divided 60% to Guenther and 40% to Firmin.

The partnership net income for the first year of operations amounted to $247,000 before interest and salary allowances. Show how this $247,000 should be divided between the two partners. Use a three-column schedule.List on separate lines the amounts of interest, salaries, and the residual amount divided.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M998593

Have any Question? 


Related Questions in Business Management

Sonnys supermarket chain has decided to build its own

Sonny's Supermarket chain has decided to build its own warehouse. The local chain has four markets (A,B,C,D) with location and weekly demand listed in the table below. a. If Sonny chooses the warehouse location to be adj ...

The archie norman case from the video and readings

The Archie Norman case from the video and readings describes a successful leadership intervention to transform a company on the verge of collapse. As you read the case and the article and view the video, think about the ...

What is hayeks major substantive objection to general

What is Hayek's major substantive objection to general equilibrium theory?

Write a one-pager describing your opinion and understanding

Write a one-pager describing your opinion and understanding of proper classification of activities, stating their importance and allocating resources, plus the pro's and con's of using tools such as the Gantt Chart.

Suppose your friend is thinking of opening a new restaurant

Suppose your friend is thinking of opening a new restaurant, and she hopes that she will have around 20 groups of (on average) 4 customers on a typical busy evening. Each meal will take around 1.2 hours and it is expecte ...

Phases of planned changeit is said that if you are not

Phases of Planned Change It is said that if you are not leading change, you are not leading. 1. Relate this statement to planned and unplanned change 2. As well as to one or more approaches to change previously presented ...

Is it a good idea for pcoab members to be from the

Is it a good idea for PCOAB members to be from the investment community? Why or why not?

Assignment individual employability skills report1500-2000

Assignment: Individual Employability Skills Report 1500-2000 words (excluding appendices, reference list and executive summary). "Designed to link theory to practice and personal development" Theory - academic journals, ...

Final knowledge gained and further development activityin

Final Knowledge Gained and Further Development Activity In this final paper, you will draw upon knowledge gained in this capstone class and also other classes you have taken in your degree program or elsewhere. You will ...

Write a two-page reflection paper by recommending at least

Write a two-page reflection paper by recommending at least six marketing and advertising strategies (concepts) and explaining how each strategy would strengthen the brand for an e-commerce site. Use Times New Roman, 12 p ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro