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Chapter 12 Accounting for Partnerships and Limited Liability Companies 2-3 Dividing partnership income OBJ. 2 ElbaM ub 000,73 u Dawson and Willow McDonald formed a partnership, investing $276,000 and 000, respectively. Determine their participation in the year's net income of $380,000 er each of the following independent assumptions: (a) no agreement concerning sion of net income; (b) divided in the ratio of original capital investment; (c) inter- at the rate of 5% allowed on original investments and the remainder divided in the o of 2:3; (d) salary allowances of $47,000 and $59,000, respectively, and the balance ded equally; (e) allowance of interest at the rate of 5% on original investments, ry allowances of $47,000 and $59,000, respectively, and the remainder divided equally. SYOS 101 yllups esdmom to insmotete nie.smpont as to visinkvi 2-4 Dividing partnership income 619 OBJ. 2 g each of the five assumptions as to income division listed in Exercise 12-3, determine income participation of Dawson and McDonald if the year's net income is $136,000. itimba e-sr XX

Chapter 12 Accounting for Partnerships and Limited Liability Companies 2-3 Dividing partnership income OBJ. 2 ElbaM ub 000,73 u Dawson and Willow McDonald formed a partnership, investing $276,000 and 000, respectively. Determine their participation in the year's net income of $380,000 er each of the following independent assumptions: (a) no agreement concerning sion of net income; (b) divided in the ratio of original capital investment; (c) inter- at the rate of 5% allowed on original investments and the remainder divided in the o of 2:3; (d) salary allowances of $47,000 and $59,000, respectively, and the balance ded equally; (e) allowance of interest at the rate of 5% on original investments, ry allowances of $47,000 and $59,000, respectively, and the remainder divided equally. SYOS 101 yllups esdmom to insmotete nie.smpont as to visinkvi 2-4 Dividing partnership income 619 OBJ. 2 g each of the five assumptions as to income division listed in Exercise 12-3, determine income participation of Dawson and McDonald if the year's net income is $136,000. itimba e-sr XX

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer question 12-4, including 12-3 for reference.

LINE le vision foun 01 duw bolibor /b. Dawson, $285,000 16.25 → yd SHOW ME HOW EX 12-3 Dividing partnership income T → SHOW ME HOW Chapter 12 Accounting for Partnerships and Limited Liability Companies Ahub 00 OBJ. 2 Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year's net income of $380,000 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) inter- est at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3; (d) salary allowances of $47,000 and $59,000, respectively, and the balance bas divided equally; (e) allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally. SYOS 101 viups ansdmom to in 912 1919 in suit 101 insmSSION c. Dawson, $60,840 9126.20 2-900 TO 2013 EX 12-4 Dividing partnership income 619 O OBJ. 2 Using each of the five assumptions as to income division listed in Exercise 12-3, determine the income participation of Dawson and McDonald if the year's net income is $136,000. hed nilimba e-s XX OBJ. 2
Transcribed Image Text:LINE le vision foun 01 duw bolibor /b. Dawson, $285,000 16.25 → yd SHOW ME HOW EX 12-3 Dividing partnership income T → SHOW ME HOW Chapter 12 Accounting for Partnerships and Limited Liability Companies Ahub 00 OBJ. 2 Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year's net income of $380,000 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) inter- est at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3; (d) salary allowances of $47,000 and $59,000, respectively, and the balance bas divided equally; (e) allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally. SYOS 101 viups ansdmom to in 912 1919 in suit 101 insmSSION c. Dawson, $60,840 9126.20 2-900 TO 2013 EX 12-4 Dividing partnership income 619 O OBJ. 2 Using each of the five assumptions as to income division listed in Exercise 12-3, determine the income participation of Dawson and McDonald if the year's net income is $136,000. hed nilimba e-s XX OBJ. 2
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