Question: Using the data in (4) above, what is B's share of net income if the percentages are applicable after each partner receives a ($10,000) salary

Using the data in (4) above, what is B's share of net income if the percentages are applicable after each partner receives a $$10,000$ salary allowance?

a. $$12,000$

b. $20,000

c. $19,000

d. $21,000

Data from Exercises 4

The NBC Company reports net income of $60,000. If partners N, B, and C have an income ratio of 50%, 30%, and 20%, respectively, C's share of the net income is.

Step by Step Solution

★★★★★

3.30 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Principles Questions!

Explain Token Ring Algorithm in Mutual Exclusion.

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...

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

Any help is appreciated! Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior...

Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their...

DOP 9 Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes wi as the or partners because of their years of...

Kimble, Sykes, and Gerard open an accounting practice on January 1, 2022, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their...

Siblings Jordan and Morgan Hartley are partners in a trendy toy store called ToyMania! Jordan, as senior partner, receives an annual salary allowance of $20,000 and 60 percent of all income/losses...

Requirement A (2019) Requirement A (2020) Requirement A (2021) Requirement B Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a...

Guillemette Gounod is CEO of the Gounod Corporation, a manufacturer of smartcards and electronic personal identification devices. As chair of the annual meeting of shareholders she is reporting on...

Revise each of the following sentences to eliminate redundancy. A. Discount coupons for select Kelloggs cereals contain rebates of between 10 and 20 percent that can save you money. B. Kellogg...

A balance sheet that groups similar items is called a ( n ) a . temporary balance sheet. b . report form of hatance ilieec c . sccount form of hatance sheet. 4 . danalfied belunce theret.

Cost-oriented approaches to price determination give little or no consideration to customer demand. TF

G. Olde and R. Young share income on a 6 : 4 basis. They have capital balances of $100,000 and $70,000, respectively, when K.Twener is admitted to the partnership. Instructions Prepare the journal...

B. Cates, V. Elder, and S. Nguyen have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Nguyen withdraws from the partnership under each of the...

H. Barrajas, T. Dingler, and R. Fisk have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Fisk withdraws from the partnership under...

Garden Depot is a retailer that provided the following budgeted cash flows for next year: The company's beginning cash balance for next year will be $20,000. The company requires a minimum cash...

Calculate Cash Flows the nearest dollar. Out of Eden, Inc. Net Cash Flows

wid Problem #10 (6 points)A company made the following expenditures related to its restaurant: 1. Replaced the heating and air-conditioning equipment at a cost of $15,000. 2. Remodeled the restaurant...