Required Information [The following information applies to the questions displayed below.] Ramer and Knox began a...
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Required Information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a first-year net Income of $100,800. 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $18,800. Complete this question by entering your answers in the tabs below. Req 2A Req 28 Determine the partners' shares of Ramer and Knox given a first-year net income of $100,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners S 52,000 $ 42.000 < Req ZA Total $ 100,800 94,000 6,800 0 0 Req 2B > Required Information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a first-year net Income of $100,800. 2b. Determine the partners' shares of Ramer and Knox given a first-year net loss of $18,800. Complete this question by entering your answers in the tabs below. Req 2A Req 28 Determine the partners' shares of Ramer and Knox given a first-year net income of $100,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners S 52,000 $ 42.000 < Req ZA Total $ 100,800 94,000 6,800 0 0 Req 2B >
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Solution 2a Allocation of Partnership Income Ramer Knox Total 10080000 52... View the full answer
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
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