ACCOUNTING (LOOSELEAF)-W/STD.GDE+ACCESS
27th Edition
ISBN: 9781337692298
Author: WARREN
Publisher: CENGAGE L
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Question
Chapter 12, Problem 12.2BPE
To determine
It is that form of organization which is owned and managed by two or more persons who invest and share the
To determine: The division of the net income between P & N.
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Dividing Partnership Net Income
Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows:
1. Annual salary allowance to Delew, $18,000, and Comatof, $51,000.
2. Interest of 6% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Delew and Comatof had $36,000 and $91,000, respectively, in their January 1 capital balances. Net income for the year was $55,000.
Required:
How much net income should be distributed to Delew and Comatof?
Delew: $
Comatof: $
Dividing Partnership Net Income
Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows:
1. Annual salary allowance to Gonzalez of $25,000.
2. Interest of 5% on each partner's capital balance on January 1.
3. Any remaining net income divided to Gonzalez and Van Horme, 2:1.
Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,00
Required:
How much net income should be distributed to Gonzalez and Van Horne?
Gonzalez: $
Van Horne: $
Chapter 12 Solutions
ACCOUNTING (LOOSELEAF)-W/STD.GDE+ACCESS
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1APECh. 12 - Prob. 12.1BPECh. 12 - Prob. 12.2APECh. 12 - Prob. 12.2BPECh. 12 - Prob. 12.3APECh. 12 - Prob. 12.3BPECh. 12 - Prob. 12.4APECh. 12 - Prob. 12.4BPECh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 12.5BPECh. 12 - Prob. 12.6APECh. 12 - Prob. 12.6BPECh. 12 - Revenue per employee Niles and Cohen, CPAs earned ...Ch. 12 - Prob. 12.7BPECh. 12 - Prob. 12.1EXCh. 12 - Prob. 12.2EXCh. 12 - Prob. 12.3EXCh. 12 - Prob. 12.4EXCh. 12 - Prob. 12.5EXCh. 12 - Prob. 12.6EXCh. 12 - Prob. 12.7EXCh. 12 - LLC net income and statement of members equity...Ch. 12 - Prob. 12.9EXCh. 12 - Prob. 12.10EXCh. 12 - Prob. 12.11EXCh. 12 - Prob. 12.12EXCh. 12 - Prob. 12.13EXCh. 12 - Prob. 12.14EXCh. 12 - Prob. 12.15EXCh. 12 - Prob. 12.16EXCh. 12 - Statement of members' equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Prob. 12.20EXCh. 12 - Prob. 12.21EXCh. 12 - Liquidating partnershipscapital deficiency...Ch. 12 - Prob. 12.23EXCh. 12 - Prob. 12.24EXCh. 12 - Prob. 12.25EXCh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Revenue per employee Superior Cleaning Services,...Ch. 12 - Prob. 12.1APRCh. 12 - Prob. 12.2APRCh. 12 - Prob. 12.3APRCh. 12 - Prob. 12.4APRCh. 12 - Prob. 12.5APRCh. 12 - Prob. 12.6APRCh. 12 - Prob. 12.1BPRCh. 12 - Prob. 12.2BPRCh. 12 - Prob. 12.3BPRCh. 12 - Prob. 12.4BPRCh. 12 - Prob. 12.5BPRCh. 12 - Statement of partnership liquidation On August 3,...Ch. 12 - Prob. 12.1CPCh. 12 - Prob. 12.3CPCh. 12 - Prob. 12.4CP
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