Assignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inprogress%3Dfalse eBook Show Me HoW Calculator Print Item Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $65,000 and $195,000, respectively. Determine their participation in the year's net income of $295,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $47,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $36,000 and $47,000, respectively, and the remainder divided equally. Hawes Albright S 147,500 V (a) $ 147,500 V 73,750 V (b) $ 221,250 S 139,700 X (c) $ 155,300 X (d) $ 142,000 V $ 153,000 (e) $ 138,100 V $ 156,900 Feedback Y Check My Work Set up a column for each partner and a total columnn. a. Determine the distribution of income and losses in the absence of a partnership agreement. b. Use the ratio of the partner's original capital investment to distribute the net income. C. Use the stated percentage to determine the interest allowance. Distribute the remaining income based on the stated ratio. Check My Work 1 more Check My Work uses remaining. Previous Next 10:06 %24
Assignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inprogress%3Dfalse eBook Show Me HoW Calculator Print Item Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $65,000 and $195,000, respectively. Determine their participation in the year's net income of $295,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $47,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $36,000 and $47,000, respectively, and the remainder divided equally. Hawes Albright S 147,500 V (a) $ 147,500 V 73,750 V (b) $ 221,250 S 139,700 X (c) $ 155,300 X (d) $ 142,000 V $ 153,000 (e) $ 138,100 V $ 156,900 Feedback Y Check My Work Set up a column for each partner and a total columnn. a. Determine the distribution of income and losses in the absence of a partnership agreement. b. Use the ratio of the partner's original capital investment to distribute the net income. C. Use the stated percentage to determine the interest allowance. Distribute the remaining income based on the stated ratio. Check My Work 1 more Check My Work uses remaining. Previous Next 10:06 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dividing Partnership Income
Tyler Hawes and Piper Albright formed a partnership, investing $65,000 and $195,000, respectively.
Determine their participation in the year's net income of $295,000 under each of the following independent assumptions:
a. No agreement concerning division of net income.
b. Divided in the ratio of original capital investment.
c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3.
d. Salary allowances of $36,000 and $47,000, respectively, and the balance divided equally.
e. Allowance of interest at the rate of 6% on original investments, salary allowances of $36,000 and $47,000, respectively, and the remainder divided equally.
Hawes
Albright
S 147,500 V
(a)
$ 147,500 V
73,750 V
(b)
$ 221,250
S 139,700 X
(c)
$ 155,300 X
(d)
$ 142,000 V
$ 153,000
(e)
$ 138,100 V
$ 156,900
Feedback
Y Check My Work
Set up a column for each partner and a total columnn.
a. Determine the distribution of income and losses in the absence of a partnership agreement.
b. Use the ratio of the partner's original capital investment to distribute the net income.
C. Use the stated percentage to determine the interest allowance. Distribute the remaining income based on the stated ratio.
Check My Work
1 more Check My Work uses remaining.
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Next
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