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Check my work Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker General Partnership. In addition to their normal share of the partnership's annual income, Jhumpa and Stewart each receive an annual guarateed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: 3 Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall net income $ 340,000 3,300 1,200 (120,000) (75,000) (28,000) (20,000) (4.500 $97,000 ces (Leave no answer blank. Enter zero if applicable.) b. How will it allocate these amounts to its partners? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Jhumpa Stewart Kelly 1,100 400 1,100 $ 1,100 $ Interest income Long-term capital gain Guaranteed payments Self-employment income 400 10,000 40,833 400 10,000 40,833 30,833

Check my work Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker General Partnership. In addition to their normal share of the partnership's annual income, Jhumpa and Stewart each receive an annual guarateed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: 3 Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall net income $ 340,000 3,300 1,200 (120,000) (75,000) (28,000) (20,000) (4.500 $97,000 ces (Leave no answer blank. Enter zero if applicable.) b. How will it allocate these amounts to its partners? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Jhumpa Stewart Kelly 1,100 400 1,100 $ 1,100 $ Interest income Long-term capital gain Guaranteed payments Self-employment income 400 10,000 40,833 400 10,000 40,833 30,833

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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Check my work Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker General Partnership. In addition to their normal share of the partnership's annual income, Jhumpa and Stewart each receive an annual guarateed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: 3 Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall net income $ 340,000 3,300 1,200 (120,000) (75,000) (28,000) (20,000) (4.500 $97,000 ces (Leave no answer blank. Enter zero if applicable.) b. How will it allocate these amounts to its partners? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Jhumpa Stewart Kelly 1,100 400 1,100 $ 1,100 $ Interest income Long-term capital gain Guaranteed payments Self-employment income 400 10,000 40,833 400 10,000 40,833 30,833
Transcribed Image Text:Check my work Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker General Partnership. In addition to their normal share of the partnership's annual income, Jhumpa and Stewart each receive an annual guarateed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: 3 Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall net income $ 340,000 3,300 1,200 (120,000) (75,000) (28,000) (20,000) (4.500 $97,000 ces (Leave no answer blank. Enter zero if applicable.) b. How will it allocate these amounts to its partners? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Jhumpa Stewart Kelly 1,100 400 1,100 $ 1,100 $ Interest income Long-term capital gain Guaranteed payments Self-employment income 400 10,000 40,833 400 10,000 40,833 30,833
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