Mathew and Melissa share income and losses in a 2:1 ratio after allowing for salaries of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mathew and Melissa share income and losses in a 2:1 ratio after allowing for salaries of $84,000 to Mathew and $120,000 to Melissa. Net income of the partnership is $264,000. Income should be divided as follows: Mathew, $124,000; Melissa, $140,000 Mathew, $116,000; Melissa, $148,000 Mathew, $150,000; Melissa, $114,000 Mathew, $114,000; Melissa, $150,000 Mathew and Melissa share income and losses in a 2:1 ratio after allowing for salaries of $84,000 to Mathew and $120,000 to Melissa. Net income of the partnership is $264,000. Income should be divided as follows: Mathew, $124,000; Melissa, $140,000 Mathew, $116,000; Melissa, $148,000 Mathew, $150,000; Melissa, $114,000 Mathew, $114,000; Melissa, $150,000
Expert Answer:
Answer rating: 100% (QA)
Allocation of Partnership Income Mathew Melissa Total Net income 2... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
Students also viewed these accounting questions
-
Luke and John share income and losses in a 2:1 ratio after allowing for salaries of Luke $48,000 and $60,000 John. The net income for the partnership is $93,000. Income should be divided as: A: Luke,...
-
Bale, Heller, and Winrow share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Bale, Capital ........... $600,000 Heller, Capital...
-
Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jason's...
-
The Louisiana Grill The Louisiana Grill (TLG) is a restaurant in Toronto. TLG is a regional restaurant created and operated by Alex Ven- tresca, a former football player from New Orleans. The company...
-
A small private midwestern university has been accused of favoring male applicants in its admissions process. Prior to the current academic year, 44% of male applicants were admitted by the...
-
Consider the pairs of measurements shown in the table. For these data, SSxx = 38.9, SSyy = 33.6, SSxy = 32.8, and = -.414 + .843x. a. Construct a scatter plot for these data. b. Plot the least...
-
Public charities are strictly prohibited from engaging in political campaigns for or against a candidate. Why do you think this is the case?
-
American Airlines reports the following pension and retiree health care (Other) footnote as part of its 10-K report. ($ millions) 2016 2017 2018 Total Assets $51,274 $51,396 $60,580 ($ millions) 2016...
-
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable...
-
The ping-pong ball has a mass of 2 g. If it is struck with the velocity shown, determine how high h it rises above the end of the smooth table after the rebound. Take e = 0.8 30 18 m/s 0.75 m 2.25 m
-
Assume we have primary memory access time of 92 nanoseconds, and a magnetic fixed disk with which memory access time on a swap is 99 milliseconds. Compute the effective memory access time at a 0.02...
-
discuss the processes of DNA replication, repair, and recombination in eukaryotic cells, including the roles of replication origins, DNA polymerases, DNA damage response pathways, and homologous...
-
Warren Co. recorded the right of use asset $700,000 in 10 years finance lease. Interest by lessor is 10%. The balance in the right of use assets after 2 years would be:
-
Two 1 kg balls move away from each other, one traveling 5 m/s to the right, the other 10 m/s to the left. What is the magnitude of the total momen- tum of the system? Answer in units of kg m/s.
-
15 Normalized Earnings Using the data in the following data for Magnolia Enterprises Item 2016 2017 2018 2019 EPS $4.20 $3.75 $4.75 $4.30 BVPS $26.02 $27.78 $29.25 $32.29 ROE 14% 12% 16% 14%...
-
A wire of what resistance must be connected in parallel to a wire of 5 ohm resistance, So that the resultant resistance of 4 ohm may be obtained.
-
John decides to buy a phone.So, he visits several websites, gets brochures and compares various models of mobile phones. What kind of information search is he engaged in? Active and external...
-
Huntingdon Capital Corp. is a competitor of Plazacorp and First Capital Realty. Huntingdon reported the following selected information (in millions):...
-
Mertz Company purchased land containing an estimated 5 million tons of ore for a cost of $8,800,000. The land without the ore is estimated to be worth $500,000. During its first year of operation,...
-
A small company maintains a petty cash fund for minor expenditures. The following transactions occurred in June and July 2014: a. The fund was established in the amount of $600.00 on June 1 from the...
-
Eastport Companys operating budgets reveal the following information: net sales, $400,000; beginning materials inventory, $23,000; materials purchased, $185,000; beginning work in process inventory,...
-
Are there any limits to how little inventory a company should carry? Is it possible to entirely eliminate all inventories?
-
How can innovative uses of IT to perform expenditure cycle activities also be used to improve the efficiency and effectiveness of suppliers revenue cycle activities? Why might a company wish to help...
-
George Edmonds, the new accountant for Zigler Company, has recommended the preparation of income statements reporting contribution margin rather than statements reporting gross profit. He states that...
Study smarter with the SolutionInn App