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Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $113,800. 2. Determine each partner's share given a first-year net loss of $31,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $113,800. Allocation of Partnership Income Ramer Knox $40boo Not Income (loss) Salary allowances Balance of income (loss) Interest abowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 57.500 7,500 3,850 10,500 3,850 61.150$ 52,650 Total $ 113,800 103,500 18,000 7,700

Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $113,800. 2. Determine each partner's share given a first-year net loss of $31,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $113,800. Allocation of Partnership Income Ramer Knox $40boo Not Income (loss) Salary allowances Balance of income (loss) Interest abowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 57.500 7,500 3,850 10,500 3,850 61.150$ 52,650 Total $ 113,800 103,500 18,000 7,700

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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Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $113,800. 2. Determine each partner's share given a first-year net loss of $31,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $113,800. Allocation of Partnership Income Ramer Knox Not Income (loss) Salary allowances Balance of income (loss) Interest alowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 57,500 ( 7,500 3,850 $ 4boo 10,500 3,850 $ 61,150 $ 52,650 Total 113,800 103,500 18,000 7,700
Transcribed Image Text:Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $113,800. 2. Determine each partner's share given a first-year net loss of $31,800. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $113,800. Allocation of Partnership Income Ramer Knox Not Income (loss) Salary allowances Balance of income (loss) Interest alowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 57,500 ( 7,500 3,850 $ 4boo 10,500 3,850 $ 61,150 $ 52,650 Total 113,800 103,500 18,000 7,700
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