User Account

All Pages

Compute what amount must be earned by the partnership

Assignment Help Accounting Basics
Reference no: EM132625257

Problem 1: LL, MM, and PP are partners with capitals of P 40,000, P 25,000, and P 15,000 respectively. The partnership agreement provides that each partner shall be allowed 5 percent on his capital, and that LL shall be allowed an annual salary of P 8,500 and that MM shall be entitled to a minimum of P 14,000 per annum including amounts allowed as interest on capital and as share of profit. Profit after interest and salary allowances is to be divided between LL, MM, and PP 5:3:2 respectively. What amount must be earned by the partnership during 2020 before charges for interest or salary if LL is to receive an aggregate of P 20,000 to include interest, salary, and share of profit?

Reference no: EM132625257

Questions Cloud

How gender stereotypes effect the socialization of children : Define and explain how gender stereotypes effect the socialization of children.
Social problem of homelessness : How can the research of "social problem of homelessness" contribute to Social Change?
What should be the capital balances of a and b and c : D wants to purchase one-fourth interest in the partnership of A, B, and C. what should be the capital balances of A, B, and C respectively?
Sociological issues exhibited in 2006 film the blind side : Identify and provide a brief overview/explanation of SIX (6) sociological issues exhibited in the 2006 film The Blind Side.
Compute what amount must be earned by the partnership : What amount must be earned by the partnership during 2020 before charges for interest or salary if LL is to receive an aggregate of P 20,000
Primary factors in development of transcontinental slavery : Economic needs/desires were the primary factors in the development of transcontinental slavery.
Find what amount of net income should be credited : CC, DD, and EE, doctors, agree to form a partnership, What amount of net income should be credited to each partners' capital account?
Savannah engineering-current environment : Evaluate issues in the current environment that affect the demand for and supply of engineering and technical personnel.
Humn-344 technology and culture : Which people and what institutions might be helped by this technological solution?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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