Determine hassells and lawsons participation in the years

Reference no: EM13601937

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: EM13601937

Questions Cloud

The finishing department had 5000 incomplete units in its : the finishing department had 5000 incomplete units in its beginning work-in-process inventory which were 100 complete

For february sales revenue is 250000 sales commissions are : for february sales revenue is 250000 sales commissions are 6 of sales the sales managers salary is 50000 advertising

The illinois corp which maintains a periodic inventory : the illinois corp. which maintains a periodic inventory acquired 12000 of merchandise inventory in january of 2012 but

Te point starts moving at t0 find the total distance : the position of a point p on a line is given by the equation x t sinpi t2. the point starts moving at t0. find the

Determine hassells and lawsons participation in the years : candace hassell and abby lawson formed a partnership investing 240000 and 80000 respectively.independent assumptionsa

Suppose that when a 70 earthquake hits it will destroy each : suppose that when a 7.0 earthquake hits it will destroy each highway independently with probability p 03. a town

A potential claim for damages to be received from a lawsuit : skinner company has the following contingenciespotential costs due to the discovery of a possible defect related to one

For some companies property is a minor item and therefore : for some companies property is a minor item and therefore the valuation process is not important. however for

Question a horizontal merry-go-round has a mass of 1000 kg : question a horizontal merry-go-round has a mass of 1000 kg and is a solid disk of radius 2.00 m. it is started from

User Account

All Pages