how much should A received from C?
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A contribute P48,000 and B contributed P96,000 to form a
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- Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Dee is to be lowed a salary of P 28,000 and that Cee is to be guaranteed P 21,000 as his share of the profits. During the first year of operation, service revenue are P 180,000, while expenses total P 96,000. What amount of net income should be credited to Bee's capital account? What amount of net income should be credited to Dee's capital account?Jasmine Partnership began its first year of operations with the following capital balances: J, Capital: $143,000 A, Capital: $104,000 S, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: - J was to be awarded an annual salary of $26,000 with $13,000 salary assigned to C - Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year - The remainder was to be assigned on a 4:3:3 basis, respectively. - Each partner was allowed to withdraw up to $13,000 per year. If the net loss for the first year of operations was $36,000 with net income of $42,000 in the second year. Assume also that each partner withdrew the maximum amount from the business each year. a. How much was the share of income or loss for the first year of S? b. How much was the balance in the capital account at the end of the second year of S?Smith, Wong, and Krishnan form a partnership. Smith contributes RM180,000, Wong contributes RM150,000, and Krishnan contributes RM270,000. Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of RM174,000 for its first year, what amount of income is credited to Wong's capital account? A RM55,500. B RM57,000. C RM58,000. D RM61,500.
- A, B, and C agreed that A will receive 10% of profit and each partner receive 6% interest on average capital investment. Residual profit or loss is divided equally. The average capital balances of A, B, and C were P80,000, P50,000, and P30,000. What amount should C receive from the partnership income of P100,000?answer in good accounting formJenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.
- A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. • The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. • Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Young's Capital account at the end of the first year? ● ● Multiple Choice O $120,900 $118,300A, B and C are partners sharing profits in the ratio of 3:3:2. On June 30, their capital balances are as follows: A, 720, 000; B, 480, 000 and C, 360, 000. Dong will directly purchase 1/3 of A’s interest for 250, 000 and no bonus or goodwill is to be recognize before the direct purchase of A’s interest. In addition, Dong is also to invest 380, 000 cash in the partnership. The total capital of the partnership after the admission is to be 2, 000, 000. Dong’s interest after his admission by direct purchase and investment is to be 30%. c. What is the capital balance of A after the admission by direct purchase and admission by investment of Dong? d.What is the capital balance of B after the admission by direct purchase and admission by investment of Dong?heng invested $108,000 and Murray invested $208,000 in a partnership. They agreed to share incomes and losses by allowing a $62,000 per year salary allowance to Zheng and a $42,000 per year salary allowance to Murray, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $109,000, the journal entry to allocate net income is: Debit Income Summary, $109,000; Credit Zheng, Capital, $54,500, Credit Murray, Capital, $54,500. Debit Income Summary, $109,000; Credit Zheng, Capital, $36,600, Credit Murray, Capital, $72,400. Debit Zheng, Capital, $59,500, Debit Murray, Capital, $49,500; Credit Income Summary, $109,000; Debit Income Summary, $109,000; Credit Zheng, Capital, $59,500, Credit Murray, Capital, $49,500. Debit Income Summary, $109,000; Credit Zheng, Capital, $42,900, Credit Murray, Capital, $66,100.
- ABC partnership began its first year of operations with the following capital balances: A, Capital: P143,000 B, Capital: P104,000 C, Capital: P143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: A was to be awarded an annual salary of P26,000 with P13,000 salary assigned to C Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year The remainder was to be assigned on a basis 5:2:3, respectively Each partner was allowed to withdraw up to P13,000 per year Assume that the net loss for the first year of operations was P26,000 with net income of P52,000 in the second year. Assume further that each partner withdrew the maximum amount from the business each year. Question: What was A, B, and C's share of income or loss for the year?On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively. The articles of co-partnership provided that: • Each partner shall receive a 6% interest on contributed capital; Carlo and Jamie shall receive monthly salaries of P15,000 and P13,000, respectively; • The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively. If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?