Mick&Nick Co. reports net income of $24,000. Interest allowances are Mick $6,000 and Nick $5,000; salary allowances

Question:

Mick&Nick Co. reports net income of $24,000. Interest allowances are Mick $6,000 and Nick $5,000; salary allowances are Mick $15,000 and Nick $10,000; the remainder is shared equally. Show the distribution of income on the income statement.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Accounting Tools for business decision making

ISBN: 978-0470095461

4th Edition

Authors: kimmel, weygandt, kieso

See More Books

Question Posted: Nov 10, 2022 12:08 AM

See More Questions

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...
The Frick & Frack Co. reports net income of $24,000. Interest allowances are Frick $3,000 and Frack $5,000; partner salary allowances are Frick $18,000 and Frack $10,000 and the remainder is shared...
Kun-Hee & Jae-Chul Co. reports net income of W31,000 (amounts in thousands). Interest allowances are Kun-Hee W7,000 and Jae-Chul W5,000, salary allowances are Kun-Hee W15,000 and Jae-Chul W10,000,...
Arginine, the most basic of the 20 common amino acids, contains a guanidino functional group in its side chain. Explain, using resonance structures to show how the protonated guanidino group...
For the January 2002 daily values of the Dow Jones Industrial Average (Table 2.6.8): a. Find the standard deviation of the net change. b. Find the range of net change. c. Find the standard deviation...
An advantage of the high-low method is that it a. is objective. b. is subjective. c. is the most accurate method. d. removes outliers. e. is descriptive of nonlinear data.
Unless otherwise specified, which rule will always be processed?
The following were selected from among the transactions complete by Wild Adventures Company during December of the current year. Dec. 3. Purchased merchandise on account from Miramar Co., list price...
Write a Java program to Connect Java Application with Oracle database. Please, use the keyboard and support your answers with a screenshot
How many moles are present in 0.00339 g of LiF?
LAR Co. reports net income of $65,000. Partner salary allowances are Logan $20,000, Adamle $5,000, and Ren $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50...
After liquidating noncash assets and paying creditors, account balances in the CAB Co. are Cash $21,000, C Capital (Cr.) $9,000, A Capital (Cr.) $7,000, and B Capital (Cr.) $5,000. The partners share...
In Exercises 4956, identify each equation without completing the square. y 2 + 8x + 6y + 25 = 0
DaimlerChryslers product portfolio ranges from small cars to sports cars and luxury sedans; and from versatile vans to trucks and coaches. Daimler- Chryslers passenger car brands include Maybach,...
Alvin Conley has been a partner in a large accounting partnership for twenty-five years. This year, he decided to retire. Although Alvin's share of partnership capital is only $\$ 100,000$, the...
Metal Corporation owns all of the stock of Iron Corporation, and owns 100 shares of Steel Corporation, which has 1,000 shares of stock outstanding. The 100 shares of Steel were purchased by Metal in...
Angela filed her 2017 income tax return on February 14, 2018, showing gross income of $\$ 20,000$. She mistakenly deducted a $\$ 6,000$ casualty loss that in good faith she considered deductible....
Why might organisations choose a top-down approach to cultural re-alignment?
Pamela Jones was going to be transferred to another branch about 100 miles from Vancouver. Do you think it is only her husband's work that makes her reluctant to take this position? What other...
Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
Indicate how (a) Trading investments, (b) Investment in associates, and (c) Debt investments held to maturity are classified on the statement of financial position?
Identify the proper statement presentation of the following accounts: (a) Unrealized Gain on Trading Investments, (b) Realized Loss on Trading Investments, (c) Revenue from Investment in Associates,...
Distinguish between other comprehensive income and accumulated other comprehensive income. Indicate how each is reported in the financial statements. Explain how closing entries for other...
Calculate the Financial ratios from the a. Cash Ratio balance sheet b. Total Debt Ratio C. d. Debt/Equity Provide your comments about the above ratios
Identify a local public sector project in the planning or design phases of its lifecycle. Contact project representatives and determine the schedule for any upcoming public review meetings. If no...
'Casablanca' Film Journal In this Film Journal, I would like you to explore tow different fine arts elements that stand out to you in this film. 1. Choose an element to discuss.

Mick&Nick Co. reports net income of $24,000. Interest allowances are Mick $6,000 and Nick $5,000; salary allowances

Question:

Step by Step Answer:

Heres how you can show the distribution of income on the income statement Net income ...View the full answer

Accounting Tools for business decision making

Students also viewed these Business questions