Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $ 15,000 and that Bright should receive a $ 20,000 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner’s share of the current year’s net income of $ 52,000.
Answer to relevant QuestionsStein agrees to pay Choi and Amal $ 10,000 each for a one- third (331/ 3%) interest in the Choi and Amal partnership. Immediately prior to Stein’s admission, each partner had a $ 30,000 capital balance. Make the journal ...Angela Moss and Autumn Barber organize a partnership on January 1. Moss’s initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the new business ...Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2013, its Cash account shows an $ 22,352 debit balance. Nolan’s June ...Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2013, its Cash account shows a $ 11,589 debit balance. Del Gato ...For each of these five separate cases, identify the principle( s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control. 1. Latisha Tally is the ...
Post your question