Partners Paul and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after
Fantastic news! We've Found the answer you've been seeking!
Question:
Partners Paul and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Paul is allowed a salary allowance of $70900 and Alex is allowed a salary allowance of $34400. If the partnership had net income of $69000 for 2020, Alex's share of the income would be
- $6920
- $27140
- $41520
- $34600
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70100 and Alex is allowed a salary allowance of $34000. If...
-
Tic, Tac, and Toe have year-end capital balances, before closing entries, of $34000 , $182,000, and $68000 respectively. They have agreed to share profits and losses in the ratio of their capital...
-
Ada, Bell and Carol, all Australian tax residents, operate a beauty salon in partnership. They have agreed to share profits and losses as follows: Ada 30% Bell 20% Carol 50% For the tax year ending...
-
On January 1, 2020, Dole, Inc., declared a 15% stock dividend on its common stock when the market value of the common stock was $20 per share. The date of record is January 30, 2020, and the...
-
Grippers sells its rock- climbing shoes worldwide. Grippers expects to sell 8,500 pairs of shoes for $ 180 each in January and 3,500 pairs of shoes for $ 190 each in February. All sales are cash...
-
Abstract classes cannot __________. a. Be used as superclasses b. Have abstract methods c. Be instantiated d. have fields
-
The finite difference approximation of \(d^{2} U / d x^{2}+\alpha^{2} U=0\) at \(x_{i}\) is given by a. \(U_{i+1}-\left(2-h^{2} \alpha^{2} ight) U_{i}+U_{i-1}=0\) b. \(U_{i+1}-2 U_{i}+U_{i+1}=0\) c....
-
The EastCoasters Bicycle Shop stocks bikes; helmets; clothing; a variety of bike parts including chains, gears, tires, wheels; and biking accessories. The shop is in a storefront location on a busy...
-
An egg test dummy is fitted with a helmet, sealed in a plastic bag and attached to a swing with a clamp. These items have a combined mass of 0.0900 kg. This mass is pulled back to a height of 0.550...
-
Your client, Bigco, is considering buying Littleco. Littlecos particulars are as follows: Assets: FMV=100mm; adjusted basis 40mm Liabilities: none Market Value of stock: 130mm Location: Incorporated...
-
Question 2 Jason is working as a junior accountant at MNC Manufacturing. He had joined MNC since his graduation from university almost a year ago. Brian, his senior during university, had recommended...
-
Legacy issues $ 6 1 0 , 0 0 0 of 6 . 5 % , four - year bonds dated January 1 , 2 0 2 1 , that pay interest semiannually on June 3 0 and December 3 1 . They are issued at $ 5 4 0 , 9 8 1 when the...
-
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows: Percent of Sales Variable expenses Contribution margin Fixed expenses...
-
Solve the initial value problem 1+ x y' + 2xy = 0, y(0) Find the solution of the initial value problem y' = 1 = (y + : v = 1. (y + x + y), y(1) = 0.
-
For the month of November, AC3220 Ltd. recorded $500,000 in sales, 40% of which were on account (terms N30), and 60% of which were cash sales. The company is required to charge 15% HST on all sales....
-
3. A movie studio is releasing a new DVD, and the studio estimates that if the DVD is priced at $19.99, it will sell 6.68 million copies, whereas if it is priced at $15.99, it will sell 11.27 million...
-
When do we look at Adjusted R-squared rather than regular R-squared? What would you do if adding an independent variable decreased the Adjusted R-squared value?
-
As you rewrite these sentences, replace the cliches and buzzwords with plain language (if you don't recognize any of these terms, you can find definitions online): a. Being a jack-of-all-trades, Dave...
-
How would each of the following liabilities be classified (current, non-current, or both) at the end of the financial year? Unearned revenue Accrued expenses Provision for warranty repair costs...
-
The following were among transactions of Everluck Enterprises Ltd during the financial years ending 30 June 2023 and 30 June 2024. Required Record in general journal form all the above transactions,...
-
At 30 June 2024, the accountant for Woodbine Construction, Mary Ellam, is preparing the financial statements for the year ended on that date. To calculate the annual leave payable, the accountant had...
Study smarter with the SolutionInn App