Question

Steve Jack and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to...

Steve Jack and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Jack of $103,250. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Jack and Boxer, 1:2.

Jack and Boxer had $66,560 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $175,000. How much is distributed to Jack and Boxer?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Steve Chelsy total
Jack Boxer
opening capital balance 66,560 75,000
interest6% on opening bal 6% 6%
interest paid 3994 4500 8494
annual salary to Jack 103,250 0 103,250
total paid before net income 111744
net income in ratio of 1:2 21085 42171 63256
total paid . 128329 46671 175000
net income 175000-111,744
63256
distribution to Jack 128329
Distribution to Boxer 46,671
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to...
Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $95,760. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Boxer, 1:2. Queen and Boxer had $90,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $168,000. How much is distributed to Queen and Boxer? Note: Compute partnership share.
uired: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance...
uired: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $135,090. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $51,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $237,000. How much is distributed to Conyers and Poodle? Note: Compute partnership share. Conyers:........... Poodle:...................
Required: Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance...
Required: Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Queen of $159,030. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $48,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $279,000. How much is distributed to Queen and Dane? Note: Compute partnership share. Queen: $ Dane: $
Dividing Partnership Net Income Required: Steve King and Chelsy Stevens formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve King and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $100,650. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to King and Stevens, 1:2. King and Stevens had $45,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $183,000. How much is distributed to King and Stevens? Note: Compute partnership share. King: $...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Bernard formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Queen of $135,700. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Bernard, 1:2. Queen and Bernard had $88,640 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $230,000. How much is distributed to Queen and Bernard? Note: Compute partnership share to two...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as...
Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $99,000. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $50,000 and $97,560, respectively, in their January 1 capital balances. Net income for the year was $180,000. How much is distributed to Conyers and Poodle? Note: Compute partnership share to two...
Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of...
Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $38,800 Interest of 8% on each partner's capital balance on January 1 Any remaining net income divided equally. Emmett and Sierra had $23,200 and $145,700, respectively in their January 1 capital balances. Net income for the year was $231,900. How much net income should be distributed to Emmett? $fill in the blank 1
Kyle and Andy formed a partnership dividing income as follows: 1. Annual salary allowance to Kyle,...
Kyle and Andy formed a partnership dividing income as follows: 1. Annual salary allowance to Kyle, $50,000 and Andy, $45,000. 2. Interest of 8% of each partner’s capital balance on January 1. 3. Any remaining net income divided equally. Kyle and Andy had $175,000 and $148,000, respectively, in their January 1 capital balances. Net income for the year was $110,000. How much income should be distributed to Andy? a. $55,000 b. $51,420 c. $56,840 d. $58,580
Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett...
Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $96,000 2. Interest of 8% on each partner’s capital balance on January 1 3. Any remaining net income divided equally Emmett and Sierra had $50,000 and $280,000, respectively, in their January 1 capital balances. Net income for the year was $400,000. Required: How much net income should be distributed to Emmett and Sierra?
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively. Determine their participation in the year's net income of $324,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 12% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $45,000 and $63,000, respectively, and the balance divided equally. Allowance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT