Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to
Question:
Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to Kibra and $18,000 to Devrish. They divide the remainder 40% to Kibra and 60% to Devrish. Kibra asks your help to divide the net income between the partners and to prepare the closing entry.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (12 reviews)
Calculate the remaining income after deducting salar...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Villa America Company reported net income of $85,000. The partnership agreement provides for salaries of $25,000 to S.Wiborg and $18,000 to G. Murphy. They divide the remainder 40% to Wiborg and 60%...
-
Frontenac Company reported net income of $75,000. The partnership agreement provides for salaries of $25,000 to Miley and $18,000 to Guthrie. They divide the remainder 40% to Miley and 60% to...
-
Thinking and Inquiry /15 1) A, B, and C formed a partnership. When applicable, the partnership agreement states that salaries are to be paid first, interest on partners' capital second, with the...
-
In Exercises 1318, find the average rate of change of the function from x 1 to x 2 . f(x)=x from x = 4 to x = 9
-
In about 200 words, outline the issues that a user might encounter when using a Web browser on a smart phone to view a Web page. Explain what a Web designer might do to address those issues.
-
You are given the baseband raised-cosine spectrum G(f) pertaining to a certain roll off factor . Describe a frequency-domain procedure for evaluating the pass band in phase pulse p(t) and quadrature...
-
To check the strength of carbon steel for use in chain links, the yield stress of a random sample of 25 pieces was measured, yielding a mean and a standard deviation of 52,800 psi and 4,600 psi,...
-
The Bigco pension plan has invested in dozens of VC funds. The director of the pension plan is preparing his annual report to the Bigco board of directors. Summary information for Bigcos VC portfolio...
-
Save & Exit S A company makes bikes from recycled metal. For a recent job lot of 200 bikes, the company incurred direct materials costs of $6,000 and direct labor costs of $2,000. Factory overhead...
-
Answer the following questions for the given diode circuit assuming ideal diodes. For each diode, determine whether it is in the On or Off state and mark it with an O in the Check column. Then,...
-
Are the financial statements of a partnership similar to those of a proprietorship? Discuss.
-
The partners of CS Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners Arabella, Dufflepud, and Davies are 3 : 2 : 3,...
-
What is a convenience yield for a commodity and why is it important to include in the cost- of- carry model? Give an example of a commodity that has a convenience yield.
-
Derive the number of futures contracts required to hedge a position in a well diversified portfolio of stocks. Briefly explain.
-
Does the company have any other incomes or expenses outside its normal operating bussiness?
-
prepare T-accounts from the followings transactions and post them in a trial balance bril 2 2 3 7 11 12 17 21 24 30 Issued stock to investors in exchange for $40,000 cash. Hired an assistant at a...
-
a house has rooms with 123 ,64 ,82 and 110sq ft respectively .A bundle of tiles will cover 12sq ft and costs $23.75. How much will the tiles cost to tile these rooms
-
In December 1994, the government of Mexico officially changed the value of the Mexican peso from 3.16 pesos per dollar to 5.52 pesos per dollar. What was the percentage change in its value? Was this...
-
Consider the soil profile shown in Figure 9.26: a. Calculate the variations of s, u, and s at points A, B, and C. b. How high should the groundwater table rise so that the effective stress at C is...
-
l ask this second time correnct answer is 38,01 can we look pls Consider a non-conducting rod of length 8.8 m having a uniform charge density 4.5 nC/m. Find the electric potential at P, a...
-
In Lopez Company, total material costs are $36,000, and total conversion costs are $54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for...
-
In Lopez Company, total material costs are $36,000, and total conversion costs are $54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for...
-
Trek Company has the following production data for April: units transferred out 40,000, and ending work in process 5,000 units that are 100% complete for materials and 40% complete for conversion...
-
What strategies do contemporary operating systems employ to enhance security, including memory protection mechanisms, access control lists, and sandboxing techniques, to mitigate the risk of...
-
Ivanhoe Corporation incurred the following transactions. 1. Purchased raw materials on account $50,060. 2. Raw Materials of $38,880 were requisitioned to the factory. An analysis of the materials...
-
Assume no other adjusting entries are made during the year. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $16,000 balance to start the year. A review of...
Study smarter with the SolutionInn App