Steve Jack and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane

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

Question:

Steve Jack and Chelsy Dane formed a partnership, dividing income as follows:

Annual salary allowance to Dane of $

191, 400 .

Interest of

5 %

on each partner's capital balance on January

1 .

Any remaining net income divided to Jack and Dane,

1

2 .

Jack and Dane had $

48, 000

and $

87, 000,

respectively, in their January

1

capital balances. Net income for the year was $

330, 00

How much net income should be distributed to Jack and Dane?

Related Book For answer-question

Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books

Posted Date: May 02, 2024 11:32 AM

See More Questions

1. Original investment of journaling partner Austin Fisher contributed land, inventory, and $19,000 in cash to a partnership. The land had a book value of $72,000 and a market value of $136,000. The...
Research about the competitive and comparative advantage of the Argentina in terms of physical and human resources and how it is making use of these resources for international trade purpose. 3....
Bonnie and Clyde want to take a six-month leave of absence from their jobs to travel extensively in South America. Rounded to the next higher month, how long will it take them to save $40,000 for the...
Consider a sample X1,..., Xn of normally distributed random variables with mean Î¼. Suppose that n = 21. (a) What is the value of c for which (b) What is the value off for which...
Rank the following correlation coefficients on strength of their relationship (list the weakest first): +.71 +.36 -.45 +.47 -.62
What was wrong with the previous focus on cost-benefit? Does the PM&C system still include a cost-benefit analysis? MINI CASE Heublein, Inc., develops, manufactures, and markets consumer food and...
Give specific examples of how a restaurant, hotel, or nightclub use price discrimination? Do you think they are effective or not?
Two electromagnetic waves have different frequencies but equal amplitudes. The one with higher frequency has the lower energy. greater speed. None of the above. All of the above. shorter wavelength.
Gabrielle joined the company as head of design in July 2020. She has a high profile and her recruitment was a considerable coup for the company. Her contract stated that she could be dismissed with...
Explain the federalism concerns of Justice O'Connor with the majority's conclusion in Raich that purely intrastate growth and use of marijuana could be regulated by the federal government under the...
How is service of process generally achieved in New Mexico court system? What items are needed?
In a context of a for-profit company manufacturing a tangible product, operating expenses include the following: Promotion costs, administrative salaries, overhead costs, along with expensed research...
When will a partnership not be liable for the acts of a partner committing the partnership to a third party? Explain.
Other things being equal, explain the effect each of the following situations will have on either the demand or supply of corn. Explain also what the effect will be on equilibrium price and quantity....
CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....
A thin stainless steel disk of thickness $b$ and outer radius $r_{o}$ has been heat treated to a high, uniform initial temperature of $T_{i}$. The disk is then placed upon a small stand and...
A power transistor mounted on a finned heat sink can be modeled as a spatially isothermal object with internal heat generation and an external convection resistance. (a) Consider such a system of...
Steel balls $10 \mathrm{~mm}$ in diameter are annealed by heating to $1150 \mathrm{~K}$ and then slowly cooling to $450 \mathrm{~K}$ in an air environment for which \(T_{\infty}=325...

Steve Jack and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane

Question:

Expert Answer:

Answer To calculate the distribution of net income to Jack and Dane we need to follow the ... View the full answer

Accounting

Students also viewed these accounting questions