Question

Two partner's split the profit $286,494.75 of a boat 50% Partner 1 totalled $9418.25 in expenses...

Two partner's split the profit $286,494.75 of a boat 50%

Partner 1 totalled $9418.25 in expenses

Partner 2 totalled $1592.70 in expenses

With the expenses, how much should partner 1 and 2 receive from the $286,494.75 amount with expenses included?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hope it helps.. In case of any doubts or issues, please do comment below

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
Please explain the difference 1. Under which of the following circumstances will a partner recognize a...
Please explain the difference 1. Under which of the following circumstances will a partner recognize a gain from a non-liquidating distribution? a. A partner will never recognize a gain from a non-liquidating distribution. b. A partner will recognize a gain from a non-liquidating distribution when the partnership distributes property other than money with an inside basis greater than the partner's basis in the partnership interest. c. A partner will recognize a gain from a non-liquidating distribution when the partnership distributes...
Partner D has a deficit balance of $45,000 after the sale of partnership assets, the other...
Partner D has a deficit balance of $45,000 after the sale of partnership assets, the other two partners, M and S, have credit balances of $110,000 and $90,000 each. The profit and loss ratios for the partners are D, 20%, M, 50%, and S, 30%. Partner D does not have the ability to contribute assets to cover the deficit. Answer the following, and explain your answers: (1) how much cash is available to the partners? and (2) how much will...
ohn and Jack own a partnership. The partnership agreement contains the below facts. How much net...
ohn and Jack own a partnership. The partnership agreement contains the below facts. How much net income will be distributed to Jack? Net Income (20X5) = $ 420,000 Beginning Capital Balances (2004) John 110,000.00 Jack 120,000.00 Partnership Agreement 1) John receives a $ 30,000 salary each year. 2) Each partner receives a 10% allowance based on the partner's beginning capital balance. 3) Any remainder will be split based on a 6:4 split (John = 6 & Jack = 4). What...
Partnership agreements can vary, depending upon what a partner contributes to the agreement. Each partner brings...
Partnership agreements can vary, depending upon what a partner contributes to the agreement. Each partner brings certain personal skills and assets into a partnership. For example, one partner could supply technical knowledge, while the other partner supplies business knowledge or perhaps the financing for the partnership. When there are two parties involved, the partnership agreement would easily be split 50/50. However, when there are multiple partners involved, the partnership becomes more complicated. Perhaps one partner supplies time to run the...
Assume that there are three partners in a partnership, A, B, and C. Partner C provides...
Assume that there are three partners in a partnership, A, B, and C. Partner C provides services to the partnership and is entitled to a salary of $90,000. Assume that the partnership revenues less expenses (other than salary to Partner C) amount is $480,000. Finally, assume that the Partnership Agreement provides for a sharing ratio of 40:40:20 for Partners A, B, and C, respectively. How much profit should be allocated to each partner? a. Partner A gets $156,000, Partner B...
Two passengers with masses MR=30 kg and ML=50 kg are standing on the two ends of...
Two passengers with masses MR=30 kg and ML=50 kg are standing on the two ends of A boat with mass Mb=120 kg. The length of the boat is L=10 m and its center of mass is in the middle of the boat a) The two passengers start running toward each other with equal speeds u=1 m/s relative to the boat. With what velocity V=? does the boat start moving? b) After the two passengers reach each other at the center...
Two boats are heading away from shore. Boat 1 heads due north at a speed of...
Two boats are heading away from shore. Boat 1 heads due north at a speed of 2.98 m/s relative to the shore. Relative to Boat 1, Boat 2 is moving 29.0° north of east at a speed of 1.51 m/s. A passenger on Boat 2 walks due east across the deck at a speed of 1.17 m/s relative to Boat 2. What is the speed of the passenger relative to the shore?
1. In how many ways can 10 objects be split into two groups containing 4 and...
1. In how many ways can 10 objects be split into two groups containing 4 and 6 objects, respectively? 2. In how many ways can a committee of 5 people be chosen out of 9 people? 3. Out of 5 mathematicians and 7 physicists, a committee consisting of 2 mathematicians and 3 physicists is to be formed. In how many ways can this be done if (a) any mathematician and any physicist can be included, (b) one particular physicist must...
Johnson Ltd is entering into a contract to sell boat products to Fisher Ltd for $50...
Johnson Ltd is entering into a contract to sell boat products to Fisher Ltd for $50 000. The agreement allows Fisher Ltd to pay for these goods by equal instalments, the first instalment being required on delivery and the remainder to be paid every 6 months for the next 2 years. The boat products are delivered to Fisher Ltd on 1 January 2020. Johnson Ltd determine that an appropriate discount rate for interest on this transaction is 5% per annum....
Kanye West, a partner with 33% profit interest, received his Schedule K-1 from Stronger LLP. At...
Kanye West, a partner with 33% profit interest, received his Schedule K-1 from Stronger LLP. At the beginning of the year, West’s tax basis in his partnership interest was $120,000. His current year Schedule K-1 reported an ordinary loss of $115,000, long-term capital gain of $15,000, qualified dividends of $35,000, $75,000 of non-deductible expenses, a $25,000 cash contribution, and a reduction of $50,000 in his share of partnership debt. What is West’s adjusted basis in Stronger LLP at the end...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT