Homework Help is Here – Start Your Trial Now!
Business
Accounting
The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented. Partnership income for the year is $180,000. Ansel's share of income is Select one: O a. $30,000. O b. $44,000. c. $72,000. Od. $37.000, O

The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented. Partnership income for the year is $180,000. Ansel's share of income is Select one: O a. $30,000. O b. $44,000. c. $72,000. Od. $37.000, O

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please no hand writing solution for other wise down vote 

The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented. Partnership income for the year is $180,000. Ansel's share of income is Select one: Ⓒa. $30,000. O b. $44.000. c. $72,000. Od. $37,000. O
Transcribed Image Text:The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented. Partnership income for the year is $180,000. Ansel's share of income is Select one: Ⓒa. $30,000. O b. $44.000. c. $72,000. Od. $37,000. O
A partnership agreement specifies that each partner is to receive 25 percent interest on their weighted average capital balance for the year. Suppose a partner's capital account starts the year with a balance of $100,000. On April 1, $10,000 is withdrawn. On August 1, $50,000 is invested. On November 1, $17,000 is withdrawn. How much partnership income for the year will be allocated to the partner for interest on capital? Select one: O O a. $30.975 b. $26,475 C. $27,625 d. $28.675 D 22
Transcribed Image Text:A partnership agreement specifies that each partner is to receive 25 percent interest on their weighted average capital balance for the year. Suppose a partner's capital account starts the year with a balance of $100,000. On April 1, $10,000 is withdrawn. On August 1, $50,000 is invested. On November 1, $17,000 is withdrawn. How much partnership income for the year will be allocated to the partner for interest on capital? Select one: O O a. $30.975 b. $26,475 C. $27,625 d. $28.675 D 22
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS