A partnership began its first year of operations with the

Assignment Help Cost Accounting

Reference no: EM13370282

A partnership began its first year of operations with the subsequent capital balances:

Young, Capital: $143,000

Eaton, Capital: $104,000

Thurman, Capital: $143,000

The Articles of Partnership stipulated that losses and profits be assigned in the subsequent manner:

Young was to be awarded an yearly salary of $26,000 with $13,000 salary assigned to Thurman.

Every partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.

The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, correspondingly.

Each partner withdrew $13,000 per year.

Consider that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.

Reference no: EM13370282

Questions Cloud

Determine a newspaper or magazine even online and select an : determine a newspaper or magazine even online and select an article relating to the use of governmental funds by state

Forrests gameboards company manufactures games in 3 : forrests gameboards company manufactures games in 3 departments using a process cost system with an average cost flow

This is a project due by the 18th of april get a magazine : this is a project due by the 18th of april. get a magazine newspaper etc. online or otherwise choose an article

1 find what was youngs total share of net loss for the : 1. find what was youngs total share of net loss for the first year?a. 3900 loss.b. 11700 loss.c. 10400 loss.d. 24700

A partnership began its first year of operations with the : a partnership began its first year of operations with the subsequent capital balancesyoung capital 143000eaton capital

Dicks sporting goods makes customized uniforms the great : dicks sporting goods makes customized uniforms. the great northwest league has provided to buy 80 basketball jerseys

Progressive home health care inc is a for-profit provider : progressive home health care inc. is a for-profit provider of home health care services in the pacific northwest. at

Larsen company manufactures and sells a single product : larsen company manufactures and sells a single product widgets. three pounds of clay are required to make one widget.

1or the pair of functions evaluate the domain of f gfx : 1.for the pair of functions evaluate the domain of f g.fx 2x -9 gx 4x -3.2.for the pair of functions evaluate the

User Account

All Pages