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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tyler Hawes and Piper Albright formed a
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?
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