User Account

All Pages

Compute how much should be allocated to partner a

Assignment Help Financial Accounting
Reference no: EM132768447

Problem 1: Partners A and B have a profit and loss agreement with the following provisions: salaries of P41,600 and P38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances of #20,000 and #35,000 for A and B, respectively. One-third of any remaining profits are allocated to A and the balance to B. If the partnership had a net income of P36,000, how much should be allocated to Partner A, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries?

Reference no: EM132768447

Questions Cloud

Should the bakery make the purchase : Each costing $2.15 to make and priced at $4.25. Assume that the discount rate is 14 percent and the tax rate is 30 percent. Should the bakery make the purchase?
What is the net present value of growth opportunities : $65 per share with earnings per share of $4.32. What is the net present value of its growth opportunities if the required rate of return is 8 percent?
What is the dividend growth rate for company : Grow at a constant rate forever. The stock is currently selling for $42. If the required rate of return is 10 percent, what is the dividend growth rate?
Evaluate the supervisory and leadership skills : Evaluate the supervisory and leadership skills demonstrated in the Petrakis case study by identifying which supervisory and leadership skills the supervisor.
Compute how much should be allocated to partner a : How much should be allocated to Partner A, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries?
How much will investment be worth in three years : If your securities have an interest rate of 6% compounded semi-annually, how much will you investment be worth in 3 years. Solve by factor formula and table?
Compare various roles and responsibilities of a case manager : Compare the various roles and responsibilities of a case manager. Describe case management responsibilities in the correctional system.
Prepare journal entries upon termination of join arrangement : Prepare all the journal entries upon termination of the joint arrangement, assuming A separate records will be maintained by the operators.
What are three possible key points for your selected issue : Key points are pieces of evidence that support an author's main argument. What are three possible key points for your selected issue? How do they support your.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Impairment losses cannot be reversed for asset-true or false

PFRS allows reversal of impairment losses when there has been a change in economic conditions or in the expected use of the asset.

  Would it be something that would concern you

What if the balance sheet shows negative retained earnings? Where might you look to find out what caused that to happen? Would it be something that would concern you?

  Prepare a journal entry for the salaries and wages paid

Prepare a journal entry for the salaries and wages paid and prepare the entry to record the employer payroll taxes

  Differences in customs, social norms and attitudes

Typically, shares of stock are stored in the vault of the brokerage firm and you, as owner, will not take physical possession.

  Why is it important for a forensic accountant

Why is it important for a forensic accountant to have knowledge of cost behavior patterns in providing services in a litigation support situation?

  What are the total amount of expenses that katelyn will show

What are the total amount of expenses that Katelyn will show on their income statement for the month of January 2020?

  Impact of the journal entries for a

Comment on where the fixed asset and long-term liability associated with the capital lease would be recorded and the impact of the journal entries for a.

  Explain what the budgetary terminology means

Explain why having dedicated budgets for specific departments and projects can be useful (as opposed to only relying on a budget for the whole organisation)

  What is the project NPV

Revenues and other operating costs would be constant over the project's 3-year life. What is the project's NPV? (Hint: Cash flows are constant in Years 1-3.)

  Explain the disclosure required by ias

Explain advantages and disadvantages of each method and explain the disclosure required by IAS 1 Presentation of Financial Statements

  Considering investing in new heart-monitoring equipment

Brooks Clinic is considering investing in new heart-monitoring equipment. It has two options. Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 4 years. Option B would require no rebuilding exp..

  Compute overhead cost to activity-based costing system

Compute the overhead cost, according to the activity-based costing system, of a job that involves installing 1.8 squares.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd