Question: Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $51,500. They agree to salaries of $15,000 and $19,900

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $51,500. They agree to salaries of $15,000 and $19,900 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year is $62,100?

a.$25,050

b.$38,724

c.$19,900

d.$32,270

Step by Step Solution

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 Questions!

Q:

1. Chapter 12Accounting for Partnerships and Limited Liability Companies Question MC #87 (Points: 1.8) Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2....

Q:

QUESTION 1 On January 1, 2010, Zero Company obtained a $52,000, four-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, 2010. The...

Q:

Answer themall multiple I'll rate if you can't do them all please pass it to someone else thanks 1. Lambert invests $14,586 for a 1/3 interest in a partnership in which the other partners have...

Q:

Question Content Area Carla and Eliza share income equally. For the current year, the partnership net income is $47,900. Carla made withdrawals of $13,900, and Eliza made withdrawals of $17,800. At...

Q:

Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10%...

Q:

Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10%...

Q:

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and...

Q:

Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10%...

Q:

Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10%...

Q:

Singer and McMann are partners in a business. Singers original capital was $40,000 and McManns was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10%...

Q:

A company estimates that 8% of their products will fail after the original warranty period but within 2 years of the purchase, with a replacement cost of $450. If they want to offer a 2 year extended...

Q:

Explain how a sinking fund works.

Q:

Exercise 5 - 2 1 ( Algorithmic ) ( LO . 2 ) Valentino is a patient in a nursing home for 5 1 days of 2 0 2 4 . While in the nursing home, he incurs total costs of \ ( \ $ 2 5 , 0 9 2 \ ) . Medicare...

Q:

An object is travelling along the graph of the function () = 3 (in the first quadrant), its -coordinate is increasing at a constant rate of 15 cm/sec. Find how quickly the angle of elevation between...

Q:

2. Take a look at a piece of writing youve produced (an essay, your rsum, or a private Facebook message to a friend). Do you use high or low levels of abstraction? Is your choice of language...

Q:

4. Examine the language you use in mediated communication. Are there subtle ways in which you and your communication partners negotiate influence and create connectedness? Are any language choices...

Q:

1. Describe the power of nonverbal communication