How much net income is allocated to sally

Assignment Help Accounting Basics
Reference no: EM132251168

Question - Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?

Reference no: EM132251168

Questions Cloud

Prepare entries in general journal for summary transactions : Enter items (a) through (c) in general ledger accounts. Prepare entries in a general journal for summary transactions (d) through (g)
What about private text messages or e-mails sent to spouse : What about private data, images or information stored on a personally owned thumb drive that you attached to a government owned device?
Provide a brief history of the sex offender notification : Provide a brief history of the sex offender notification/registration in the United States and explain the specific sex offender registration laws in your state
Draw a graph of canada real gdp : Question 1: Canada's economy (Use the variable "Real GDP growth, % y-o-y" from BMI.)
How much net income is allocated to sally : Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally
Discuss how the process of measuring recidivism can impact : Discuss how the process of measuring recidivism can impact the evaluation effectiveness of corrections policies.
Consider a two-period model of intertemporal choice : Consider a two-period model of intertemporal choice. Bob has wealth $10 at the beginning and will receive $11 in earnings at the end of the first year.
Make a manufacturing overhead flexible budget report : Make a manufacturing overhead flexible budget report for the first quarter. Make a responsibility report for the first quarter
Do you see a relationship between business and politics : Are they helpful or not? Do you see a relationship between business and politics?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The justin companys heating system has just completed its

the justin companys heating system has just completed its 12th year of a estimated 15-year life. at date of purchase

  What is reynolds current debt ratio

Reynolds Construction needs a piece of equipment that costs $200. Reynolds either can lease the equipment or borrow $200 from a local bank and buy.

  What is gomezs value of equity

Gomez has $300,000 in 8 percent debt outstanding, and a similar company with no debt has a cost of equity of 11 percent. According to the Miller model, what is Gomez's value of equity?

  The modified accelerated cost recovery system macrs

the modified accelerated cost recovery system macrs specifies which of the following depreciation methods for

  Purchases of goods or materials

Explain how the purchases of goods or materials is calculated if we know the cost of goods sold and the inventory (stock) at the start and end of the period.

  Determine the unrealized holding gain or loss on the note

Bonita Corporation has elected to use the fair value option for one of its notes payable. Determine the unrealized holding gain or loss on the note

  Assume that logan company uses a periodic inventory system

assume that logan company uses a periodic inventory system and has these account balances purchases 404000 purchase

  Explain three issuesproblems that a company could face when

explain three issuesproblems that a company could face when trying to determine the actual cost of a good or service to

  Danson iron works inc manufactures angular contact ball

danson iron works inc. manufactures angular contact ball bearings for pumps that operate in harsh environments. if the

  Compute cash-basis net income-accrual-basis net income

Compute 2008 cash-basis net income. Compute 2008 accrual-basis net income.

  What an author is arguing

The point of these summaries is to tell us, specifically, what an author is arguing and how they're making that argument. This is meant to be a true summary.

  Poplar corp comparative balance sheets included inventory

poplar corp. comparative balance sheets included inventory of 90200 at december 31 2011 and 70600 at december 31 2012.

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