The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: • Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit. • Each partner receives 15 percent interest on average capital investment. • Any residual profit or loss is divided equally. The average capital investments for 2015 were as follows: Jones $ 105,000 King 210,000 Lane 315,000 How much of the $60,000 partnership profit for 2015 should be assigned to each partner?

The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: • Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit. • Each partner receives 15 percent interest on average capital investment. • Any residual profit or loss is divided equally. The average capital investments for 2015 were as follows: Jones $ 105,000 King 210,000 Lane 315,000 How much of the $60,000 partnership profit for 2015 should be assigned to each partner?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PA

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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 15 percent of the business's profit. Each partner receives 18 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2018 for 2018 were as follows: Jones $250,000 King $350,000 Lane $525,000 How much of the $78,000 partnership profit for 2018 should be assigned to each partner?
The partnership agreement of Jones, King, and Lane provides the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 25 percent of the business's profit. Each partner receives 20 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2018 were as follows: $ 185,000 370,000 Jones King Lane 555,000 How much of the $82,000 partnership profit for 2018 should be assigned to each partner? Income Assignment Jones King Lane
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit. Each partner receives 15 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2018 were as follows: How much of the $90,000 partnership profit for 2018 should be assigned to each partner?
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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 10 percent of the business’s profit. Each partner receives 10 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: Jones $ 80,000 King 160,000 Lane 240,000 The partnership earned $40,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.)
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the managing partner, receives a bonus equal to 15 percent of the business’s profit. Each partner receives 11 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: Jones $ 85,000 King 170,000 Lane 255,000 The partnership earned $42,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. Find Bonus, Interest, and Reminder to allocate for each
The Partnership agreement of Jones, King and Lane provides for the annual allocation of the business's profit or loss in the following sequence: -Jones, the managing partner, received a bonus equal to 20 percent of the business's profit, -Each Partner receives 10 percent interest on average capital investment -Any residual profit or loss divided equally The average investments for 2018 were as follows: Jones 135,000 King 270,000 Lane 405,000 How much of the $60,000 partnership profit for 2018 should be assigned to each partner. Jones____________ King___________ Lane__________________
how do i calculate remainder to allocate?
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: • Jones, the managing partner, receives a bonus equal to 15 percent of the business's profit. • Each partner receives 20 percent interest on average capital investment. • Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: Jones King Lane $ 180,000 240,000 300,000 The partnership earned $60,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.) Net income Bonus Interest Remainder to allocate Total allocation Jones King Lane Total
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: • Jones, the managing partner, receives a bonus equal to 15 percent of the business's profit. • Each partner receives 10 percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: Jones King Lane The partnership earned $84,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.) Net income Bonus Interest $ 190,000 380,000 570,000 Remainder to allocate Total allocation Jones King Lane Total
Manji

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•	Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.
•	Each partner receives 15 percent interest on average capital investment.
•	Any residual profit or loss is divided equally.