Determine hassells and lawsons participation in the years

Assignment Help Accounting Basics
Reference no: EM13597789

Candace Hassell and Abby Lawson formed a partnership, investing $240,000 and $80,000, respectively.
Independent assumptions:
(a) no agreement concerning division of net income;
(b) divided in the ratio of original capital investment;
(c) interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3;
(d) salary allowances of $50,000 and $70,000, respectively, and the balance divided equally;
(e) allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and $70,000, respectively, and the remainder divided equally.
Determine Hassell's and Lawson's participation in the year's net income of $200,000 under each of the independent assumptions presented in the exercise.

Reference no: EM13597789

Questions Cloud

You have just graduated from college and landed your first : you have just graduated from college and landed your first big job. you have always dreamed of being a homeowner and
Compute krafts inventory turnover for the yearcompute the : a recent annual report of kraft foods inc. reveals the following information dollar amounts are stated in millions cost
Marcys cumulative earnings before this pay period were : marcys cumulative earnings before this pay period were 6200 and gross for this week is 500. how much of this weeks pay
A recent income statement of walmart reports sales of : a recent income statement of walmart reports sales of 405046 million and cost of goods sold of 304657 million for the
Determine hassells and lawsons participation in the years : candace hassell and abby lawson formed a partnership investing 240000 and 80000 respectively.independent assumptionsa
Ivy industrial packing co purchased a packing machine for : ivy industrial packing co purchased a packing machine for 950000 at the beginning of 2009. the robot has an estimated
You are applying the scattergraph method and find that the : you are applying the scattergraph method and find that the regression line you have drawn passes through a data point
Cd new is a direct marketer of popular music the following : cd new is a direct marketer of popular music. the following information about its revenue and cost structure is
Current assets totaled 100000 and the current ratio was 15 : current assets totaled 100000 and the current ratio was 1.5. assume that the following transactions were completed. 1

Reviews

Write a Review

Accounting Basics Questions & Answers

  On november 1 of the current year richard simmons

on november 1 of the current year richard simmons established a sole proprietorship. the following transactions

  Emily company has sales on account and sales for cash

emily company has sales on account and sales for cash. specifically 60 of its sales are on account and 40 are for cash.

  How much values can be positive or negative the answer

cash dividends totalling 5000 were declared and paid to stockholders on march 31.tell what accounts are affected in

  Assume that income from operations amounts to 350000 and

assume that income from operations amounts to 350000 and top management has established 15 as the minimum rate of

  Making equity section of the balance sheet

Prepare the stockholders' equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.

  Determine the gross profit rate

A company shows the following balances: sales: 800,000, sales returns and allowances: 125,000, sales discounts: 25,000, cost of goods sold: 481,000. What is the gross profit rate?

  Effect of a change in accounting principle

The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

  Wreath process for both old-new manufacturing process

Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.

  If you are a preferred stockholder of a company that has

as a preferred stockholder you are entitled to numerous preferences and privileges over common stockholders. if you are

  Relationship between tax base and tax rate

What is the relationship between tax base and tax rate in determining the revenue collected by the government? Give an example of how a particular tax would fit into the various components of the equation.

  Show in good form a schedule or t-account showing

On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.

  Simple rate of return on the investment

By automating the process, the company would save $108,000 per year in cash operating costs. The simple rate of return on the investment is closest to:

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