Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year is $15,000?
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Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining
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- Singer and McMann are partners in a business. Singer's original capital was $43,200 and McMann's was $52,800. They agree to salaries of S10,500 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $66,600? Oa. S10,500 Ob. $14,820 Oc. $31,920 Od. S39,960Singer and McMann are partners in a business. Singer's original capital was $37,800 and McMann's was $54,600. They agree to salaries of $10,700 and $18,800 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will Singer's share of the income be if the income for the year is $58,500? a.$14,480 b.$35,100 c.$26,336 d.$10,700Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will McMann's share of the income be if the income for the year is $30,000?
- JOhn and Mack are partners in a business. John's original capital was $39,700 and Mack's was $50,100. They agree to salaries of $11,300 and $18,600 for John and Mack, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio, what will John'a share of the income be if the income for the year is $74,100?Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses on a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will Singer's share of the income be if the income for the year is $50,000? Oa. $16,000 Ob. $24,000 Oc. $22,000 Od. $23,400Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share the remaining profits and losses in a 3:2 ratio (3/5 to Singer and 2/5 to McMann), what will Singer's share of the income (loss) be if the net loss for the year is $(10,000)?
- Graeme, Bella and Anne are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to Graeme, $8,000 to Bella and $14,000 to Anne. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. If profit for the year is $220,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.Paddison and Wager have formed a partnership. During their first year of operations, the partnership earned $160,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 20% of their capital balances. The second level is based on services, with $10,000 to Paddison and $20,000 to Wager. The remainder then will be shared 4:1 between Paddison and Wager, respectively. Read the requirements. ..... Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Paddison's capital balance is $91,000 and Wager's capital balance is $91,000. (Complete all answer boxes. For amounts that are $o, make sure to enter "0" in the appropriate column.) Paddison Wager Total Net income (Iloss) Requirements Capital allocation: Paddison 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Paddison's capital balance is $91,000 and Wager's capital…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 allowed 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?
- 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?GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that JINX is to bellowed a salary of P14,000, and GWEN is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to GWEN's capital account?Phillip and Waddington have formed a partnership. During their first year of operations, the partnership earned $150,000.Their-profit-and-loss-sharing agreement states that, first, each partner will receive 20% of their capital balances. The second level is based on services, with $10,000 to Phillip and $12,000 to Waddington. The remainder then will be shared 3:2 between Phillip and Waddington, respectively. Requirement 1. Calculate the amount of income each partner will receive under their profit-and-loss-sharing agreement assuming Phillip's capital balance is $85,000 and Waddington's capital balance is $85,000.(Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column