Toni Graff, Ahmad Nu, and Lindsay Pane are partners in Travel Essentials. Their partnership agreement stated that
Question:
Toni Graff, Ahmad Nu, and Lindsay Pane are partners in Travel Essentials. Their partnership agreement stated that withdrawals would be 10 percent for each partner based on the partnership’s net profits or net losses recorded for the year. In the first year of operation, the partnership reported $25,000 in net profit.
Instructions
Prepare the entry to record the withdrawals of Graff, Nu, and Pane based on the partnership agreement. Use the journal paper provided in your working papers.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
The entry to record the withdrawals of Graff Nu and Pane is as follows i Listed in the j...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Partnership profits or losses allocated to the partners retain their source and characteristics. What does this mean? How does this compare with the manner in which a corporations profits or losses...
-
Partners Rane, Snow, and Hale share profits and losses in the ratio of respectively. The partners vote to dissolve the partnership when its assets, liabilities, and capital are as follows: The...
-
On distribution, for tax purposes, accumulated partnership profits to partners are treated differently from accumulated corporate profits to shareholders. How?
-
What are the main advantages and disadvantages of using 360 degree appraisal?
-
Suppose that Strollers-to-Go (Problem 4-24) is considering the production of TwinTotes for families who are doubly blessed. Each TwinTote would require $7.10 in materials, 4 hours of fabrication...
-
In an aorta that has a radius of \(11 \mathrm{~mm}\) and a transmural pressure (pressure difference across the aorta wall) of \(12 \mathrm{kPa}\), blood is moving in laminar flow at \(350...
-
Two cards are selected from a standard deck of 52 playing cards. The first card is not replaced before the second card is selected. Find the probability of selecting a king and then selecting a...
-
The following feed mixture is to be separated by ordinary distillation at 120 psia so as to obtain 92.5 mol% of the nC4 in the liquid distillate and 82.0 mol% of the iC5 in the bottoms. (a) Estimate...
-
10 kg ideal air goes through a polytropic process where n=1.3. The initial temperature of the air is 300 K. The final temperature of the air is 600 K. Determine the work during the process (in kJ) if...
-
A refrigerator operates for a certain time, and the work done by the electrical energy during this time is W = 1000 J. What can be said about the heat delivered to the room containing the...
-
Barbara Scott and Martin Towers are partners in the firm of Ten Column Accounting Services. Their partnership agreement states that Scott and Towers share net income or net loss in a 3:2 ratio. At...
-
Jo Garrity, Maureen ORiley, and David White decided to form a partnership called OnTime Copy Shop. The partners will invest the following assets in the business: They are considering the following...
-
Find all second-order partial derivatives for the following. z = 9ye x
-
There are several approaches to studying communication in organizations, from interpretive, traditionalist, and critical-interpretative approaches. Analyze the similarities and differences between...
-
What are the ways or means to overcome the stigma of mental illness and access to psychological treatment?
-
Briefly outline, how the following can support your development as a support teacher or early childhood educator: Industry networks Professional associations
-
Create a internship proposal email to a potential company in your career field of journalism. Let them know how interested you are to work with them and who referred you. Also, mention that your...
-
How does the integration between Oracle ERP Cloud and PepsiCo's accounting and finance systems improve the company's decision-making capabilities?
-
Prove that the transpose of an orthogonal matrix is an orthogonal matrix.
-
A glass manufacturer produces hand mirrors. Each mirror is supposed to meet company standards for such things as glass thickness, ability to reflect, size of handle, quality of glass, color of...
-
Applied Nanotech is thinking about introducing a new surface cleaning machine. The marketing department has come up with the estimate that the company can sell 10 units per year at $147,000 net cash...
-
You are the financial analyst for a tennis racket manufacturer. The company is considering using a graphite-like material in its tennis rackets. The company has estimated the information in the table...
-
In Problem 26, suppose youre confident about your own projections, but youre a little unsure about Detroits actual machine screw requirement. What is the sensitivity of the project OCF to changes in...
-
Ned needs to produce more of his two products in order to increase his net income and has found a way to increase the limited resource, machine hours. He has two products, hammers and screwdrivers.....
-
What effect does an antagonist drug have over the receptors ?
-
Read this article on the differences and Comparisons between UNIX and LINUX http://www.diffen.com/difference/Linux_vs_Unix, then do some research and post your thoughts on each of the systems. Based...
Study smarter with the SolutionInn App