Maria and Carlos formed a partnership, investing $400,000 and $300,000, respectively.Determine their participation in the year's net income of $345,000 under each of the followingindependent assumptions:(a)No agreement concerning division of net income (equally);(b)Divided in the ratio of original capital investment;

Introduction:- A partnership is s an arrangement between two or more 'partners' carrying out a…

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No agreement concerning division of net income (equally); (b) Divided in the ratio of original capital investment;

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 24CE

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Maria and Carlos formed a partnership, investing $400,000 and $300,000, respectively. Determine their participation in the year's net income of $345,000 under each of the following independent assumptions: Adit duidel (b) Divided in the ratio of original capital investment;
Maria and Carlos formed a partnership, investing $400,000 and $300,000, respectively. Determine their participation in the year’s net income of $345,000 under each of the following independent assumptions: (a) No agreement concerning division of net income (equally); (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 5:1; (d) Salary allowances of $44,350 and $33,450, respectively, and the balance divided equally;
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Holly and Luke formed a partnership, investing $240,000 and $80,000, respectively. Determine their participation in the year's net income of $380,000 under each of the following independent assumptions: No agreement concerning division of net income; Divided in the ratio of original capital investment; Interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3; Salary allowances of $50,000 and $70,000, respectively, and the balance divided equally; Allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and $70,000, respectively, and the remainder divided equally.
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 $136,000 under each of the following independent assumptions: a. No agreement concerning division of net income b. Divided into the ration of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3
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Tyler Hawes and Piper Albright formed a partnership, investing $60,000 and $180,000, respectively. Determine their participation in the year's net income of $285,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $40,000 and $47,000, respectively, and the balance divided equally. Allowance of interest at the rate of 6% on original investments, salary allowances of $40,000 and $47,000, respectively, and the remainder divided equally. Hawes Albright (1) $142500 $142500 (2) $95000 $190000 (3) $ $ (4) 139000 $146000 (5) $ $ Can you help me fill in the blank boxes as I don't know how to figure those out after watching seeral examples. Also, can you confirm the boxes I have filled i are correct as well?
Cosmo and Ellis began a partnership by investing $40,000 and $51,000, respectively. During its first year, the partnership earned $185,000. Prepare calculations showing how the $185,000 income should be allocated to the partners under each of the following three separate plans for sharing income and loss: (1) The partners failed to agree on a method to share income. (2) The partners agreed to share income and loss in proportion to their initial investments. (3) The partners agreed to share income by granting a $52,500 per year salary allowance to Cosmo, a $42,500 per year salary allowance to Ellis, 20% interest on their initial capital investments, and the remaining balance shared equally.