Mick&Nick Co. reports net income of $24,000. Interest allowances are Mick $6,000 and Nick $5,000; salary allowances
Question:
Mick&Nick Co. reports net income of $24,000. Interest allowances are Mick $6,000 and Nick $5,000; salary allowances are Mick $15,000 and Nick $10,000; the remainder is shared equally. Show the distribution of income on the income statement.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
Heres how you can show the distribution of income on the income statement Net income ...View the full answer
Answered By
Ernie Moises Evora
I have worked as a teacher, a tutor and instructor.
I have also worked as a community leader in my community.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Question Posted:
Students also viewed these Business questions
-
The NBC Company reports net income of $60000. Partners N, B, and C have an income ratio of 50%, 30% and 20%. What is B's share of the net income if the percentages are applicable after each partner...
-
The Frick & Frack Co. reports net income of $24,000. Interest allowances are Frick $3,000 and Frack $5,000; partner salary allowances are Frick $18,000 and Frack $10,000 and the remainder is shared...
-
Kun-Hee & Jae-Chul Co. reports net income of W31,000 (amounts in thousands). Interest allowances are Kun-Hee W7,000 and Jae-Chul W5,000, salary allowances are Kun-Hee W15,000 and Jae-Chul W10,000,...
-
Arginine, the most basic of the 20 common amino acids, contains a guanidino functional group in its side chain. Explain, using resonance structures to show how the protonated guanidino group...
-
For the January 2002 daily values of the Dow Jones Industrial Average (Table 2.6.8): a. Find the standard deviation of the net change. b. Find the range of net change. c. Find the standard deviation...
-
What is the percentage expected annual rate of return on a $ 1 million investment for a 1 5 % interest in a company? In 4 years, the company will be acquired for $ 1 1 million.
-
Suggest and justify the kind of commission structure that you would put into place.
-
At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Accounts Receivable...............$ 143,000 Allowance for Bad Debts (credit balance)...... 3,300...
-
What strategies and practices can organizations employ to effectively establish and cultivate collaborative partnerships, considering regulatory, employment, and organizational requirements, through...
-
The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $199,000 recorded in the Debit column and $215,345 in the Credit column on the line for the...
-
LAR Co. reports net income of $65,000. Partner salary allowances are Logan $20,000, Adamle $5,000, and Ren $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50...
-
After liquidating noncash assets and paying creditors, account balances in the CAB Co. are Cash $21,000, C Capital (Cr.) $9,000, A Capital (Cr.) $7,000, and B Capital (Cr.) $5,000. The partners share...
-
Provincial Technology Inc. began the year with inventory of $300,000 and purchased $1,600,000 of goods during the year. Sales for the year are $3,000,000, and Provincial's gross profit percentage is...
-
Maria had a worried look as she said goodbye and thanked those members of Team One for their report, assuring them that she would soon advise them of her decisions. Telling her assistant to hold all...
-
Sine Corp. stock sells for \($75.00\) and currently pays an annual dividend of \($2.50\) per share. Calculate analysts projected price one year from today if the expected one-year return is currently...
-
Which of the following is/are true about intuition? a. Its the same as guessing. b. Its the opposite of rationality. c. It evolves over time. d. All of these.
-
Find the real power and the power factor for a load whose impedance is 60 < 60 when connected to an AC source of 120 V and 60 Hz.
-
When there is no known information regarding the outcome of a decision, but enough information exists to estimate the probabilities of several outcomes, a ___________________ exists. a. condition of...
-
The reflection of perpendicularly incident white light by a soap film in air has an interference maximum at 600 nm and a minimum at 450 nm, with no minimum in between. If n = 1.33 for the film, what...
-
Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
-
Indicate how (a) Trading investments, (b) Investment in associates, and (c) Debt investments held to maturity are classified on the statement of financial position?
-
Identify the proper statement presentation of the following accounts: (a) Unrealized Gain on Trading Investments, (b) Realized Loss on Trading Investments, (c) Revenue from Investment in Associates,...
-
Distinguish between other comprehensive income and accumulated other comprehensive income. Indicate how each is reported in the financial statements. Explain how closing entries for other...
-
MM Corp. has 50,000 shares outstanding with share price of $18. It has debt with market value of $300,000. The equity beta is 1.2 and debt beta is 0.1. The risk-free rate is 2% and the market risk...
-
The market is expected to return 15 percent next year and the risk-free rate is 7 percent. What is the expected rate of return on a stock with a beta of 1.3? The covariance of the market's returns...
-
A stock's current price is 145.05. A put option with an exercise price of 120 and maturity of 3 months is currently priced at $ 28.83. What is the option's time value?
Study smarter with the SolutionInn App