User Account

All Pages

Determine what amount must be earned by the partnership

Assignment Help Accounting Basics
Reference no: EM132604465

LL, MM, PP are partners with capitals of P40,000, P25,000, and P15,000 respectively. The partnership agreement provides that each partner shall be allowed 5 percent interest on their capital, that LL shall be allowed an annual salary of P8,500, and that MM shall be entitled to a minimum of P14,000 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.

Question 1: What amount must be earned by the partnership during 2019 before charges for interest or salary if LL is to receive an aggregate of P20,000 to include interest, salary, and share of profit?

Reference no: EM132604465

Questions Cloud

Human health and disease : This course is called Human Health and Disease. It examines the anatomy, physiology, and pathology of the human body.
Demonstrate the amount paid is : Rivera returned P300 of the merchandise to Dimatulac and later paid the amount due within the discount period. The amount paid is
At what amount should the above items be valued : Green co. ltd has the following items of inventory. In accordance with IAS 2 inventories, at what amount should the above items be valued
Advocacy campaign including the campaign plan : Research and select a public health advocacy campaign that is different than provided. Describe your selected advocacy campaign including the campaign's plan.
Determine what amount must be earned by the partnership : What amount must be earned by the partnership during 2019 before charges for interest or salary if LL is to receive an aggregate of P20,000
Prepare a vertical analysis of the income statement for eins : Prepare a vertical analysis of the income statement for Eins worth Corporation. If required, round percentage answers to the nearest whole number.
Find the depreciation for and book value at December : Using the sum-of-the-years'-digits method, find depreciation for 2022 and book value at December 31, 2022
Calculate the accumulated value of the loan today : Rose received a loan of $56,250, 7 years ago. The interest rate charged on the loan was 4.56%. Calculate the accumulated value of the loan today
Explain what the market opportunity is : What industry or sector of the economy are you addressing? Why is this market attractive? What segment of the overall market are you pursuing?

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