Compute the partnership profit during during year

Assignment Help Financial Accounting
Reference no: EM132755041

Problem 1: A and B formed a partnership. They agreed to divide profits 40:30 respectively, after providing for salaries of 10,000 to A and 20,000 to B and an interest on beginning capital. Interest traceable to A and B were 4,000 and 2,000 respectively. If B received total profit sharing of 28,000, compute the partnership profit during during the year.

Reference no: EM132755041

Questions Cloud

Compute avoidable interest for pronghorn company : Compute avoidable interest for Pronghorn Company. Use the weighted-average interest rate for interest capitalization purposes.
Prepare the required entries made by cullumber corp on jan : Prepare the required entries made by Cullumber Corp. on January 1, 2020, and at its year end of December 31, 2020. Both Cullumber and Marigold use ASPE.
What properly constructed segmented income statement : What properly constructed segmented income statement in a contribution format would show that the segment margin of the East business segment is
How the non-taxable status is achieved : Your client Chloe Dion is going to establish non-for-profit organization to assist homeless women. She wants to know what are the requirements to create NFP.
Compute the partnership profit during during year : Interest traceable to A and B were 4,000 and 2,000 respectively. If B received total profit sharing of 28,000, compute the partnership profit during during year
Discuss the importance of pro-social behavior : Society affects our behaviors and how we interact with others. How has society affected your views? What are some things that you feel pressured to conform to
How much money will daughter have in college fund : How much money will his daughter have in her college fund? (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)
What is the accounting treatment for xyz company : XYZ firm for copyrights of a patent. It is estimated that XYZ probably will lose the case with 5 million. What is the accounting treatment for XYZ company?
What is the important sociology in psychology : Base on your understanding of the topic. What is the important Sociology in Psychology?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much more money must deposit today than sister

Your older sister deposited $5,000 today, How much more money must deposit today than your sister if you are to have the same amount at the end of five years?

  Find the net price will pay for the washing machine

Your firm sells home appliances at retail. If you take advantage of all the trade discounts, find the net price you will pay for the washing machine.

  How will a company contribution margin be affected

How will a company contribution margin be affected by an investment in equipment that increases fixed costs in order to achieve a reduction in direct labor cost

  Compute the margin of safety in dollars and as a ratio

In the month of June, Jose Hebert’s Beauty Salon gave 4,000 haircuts, shampoos, and permanents at an average price of $30. During the month, fi xed costs were $16,800 and variable costs were 75% of sales. Determine the contribution margin in dollars,..

  What is the future value of your loan after five years

What is the future value of your loan after five years assuming you pay $2,500 per month? What would your monthly payments be under the above scenario?

  What is the earned value

What is the earned value, actual cost, and planned value? It's the end of month 4 of your 6 month project and your performance cost reports have arrived.

  Find what amount of the sales tax liability as of december

What is the amount of the sales tax liability as of December 31, 2018? Cash sales for November 2018 were $64,500 plus sales tax of 8 percent.

  Evaluate methods and systems for rewarding

Recommend strategies for determining appropriate compensation and rewards, based on team type. Evaluate methods and systems for rewarding

  Question brubaker inc a manufacturer of high-sugar

question brubaker inc. a manufacturer of high-sugar low-cholesterol frozen dinners low-sodium would like to increase

  Why the maximization of shareholders wealth is the ultimate

Economists view that the goal,Discuss why the maximization of shareholders' wealth is the ultimate objective of a firm from the finance perspective.

  Environmental differences in governments and profit business

Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Boards “Why Governmental Accounting and Financial Reporting Is—and Should Be—Diffe..

  What entry will pass to create provision for doubtful debts

It is supposed that on 31-12-2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 5 % of the sundry debtors are doubtful. It is also suppose that during the year 2008 actual bad debts were Rs. 1,6..

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!

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