Determine the division of net income

Assignment Help Accounting Basics
Reference no: EM132611963

Problem 1: Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income when there is no reference to division in the partnership agreement.

Option a. $75,000 and $75,000

Option b. $37,500 and $112,500

Option c. $100,000 and $50,000

Option d. $112,500 and $37,500

Reference no: EM132611963

Questions Cloud

What are the risks for combining organizations : Regarding performance managements systems; what issue could arise if one organization merges with another?
What eliza capital account balance at the end of the year is : The capital account balances were: Carla, Capital, $42,000; Eliza, Capital, $55,000. Eliza's capital account balance at the end of the year is
Part of management of care process : i) Explain how communication is used in your organization as part of management of care process.
Implementation of a tacit collusion strategy : Some have argued that the implementation of a tacit collusion strategy will lead a firm to be relatively inefficient. Others have argued that the implementation
Determine the division of net income : Jackson and Campbell, Determine the division of $150,000 of net income when there is no reference to division in the partnership agreement.
How could this be a problem in the healthcare industry : Regarding an inaccurate performance measurement system;what errors in decision making could occur?
What amount should be debited to the equipment account : Replace and the partners agree on a valuation of $29,000 for the contributed equipment, what amount should be debited to the equipment account?
Performance measurement systems : What issues could arise when merged organizations attempt to combine their performance measurement systems?
Short training presentation during a regional meeting : You are a Training Specialist hired by Universal Medical Supplies, Inc. This organization has been experiencing low productivity and errors in communication in

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate johnsons expense deduction for 2011 using the

in 2011 micah johnson ssn 000-22-1111 incurs the following unreimbursed employeebusiness expensesairplane and taxi

  Discuss reasonable and necessary business expenditures

Reasonable and necessary business expenditures that are not completely deductible in the year incurred will be (1) depreciated, (2) amortized.

  What amount should robben company pay

Robben Company is considering investing in an annuity contract. What amount should Robben Company pay for this investment if it earns an 9% return.

  Solve accounts receivable

Solve Accounts receivable (based on average gross trade receivables). Inventory (based on average total inventory). Total assets (based on average total asset

  Compute the amortization expense of the capitalized software

During 2016, Quartz, Inc. developed a new financial accounting software package for sale. The company spent $15,000,000 on the system, 30%.

  How you expect it will be perceived by prospective employers

Develop a professional career goals statement that is suitable for use on your resume. Explain the rationale underlying development of this statement, and describe how you expect it will be perceived by prospective employers.

  Journalize the January transactions

3 Jan Purchased equipment for $50,000. Paid $10,000 cash, signed $40,000 note payable. Journalize the January transactions. You may omit journal explanations

  How much profit should lebron recognize in year

The Company signed a fixed-price $6,500,000 contract to construct a building. How much profit should LeBron recognize in Year 2

  What is the original carrying amount for these bonds

On December 31, Year 1, Airways Corp. issued $1 million in bonds at 5 percent annual interest, What is the original carrying amount for these bonds

  What purposes after the lease payment would be

What balance of the lease obligation on January 1, 2015, for financial reporting purposes after the lease payment would be (round answers to the nearest dollar)

  Problem related to traditional costing system

Globe uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of B2 would be assigned overhead of:

  What would go in general journal to record receipt of bill

On 6 April, the company received a 90-day, 10% acceptance covering the amount owing by F. What would go in the general journal to record receipt of bill

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