Journal entry to record the allocation of net income

Assignment Help Accounting Basics
Reference no: EM13859033

Coburn (beginning capital, $62,500) and Webb (beginning capital $90,100) are partners. During 2014, the partnership earned net income of $67,800, and Coburn made drawings of $17,350 while Webb made drawings of $22,330.

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,600 to Coburn and $35,700 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.

Reference no: EM13859033

Questions Cloud

Evaluate the positive benefits and negative aspects : Evaluate the positive benefits and negative aspects
Conduct banking services and research new audio : Participate in online video conferences, web courses and forums -
Contrast property crimes and personal crimes : Compare and contrast property crimes and personal crimes and how domestic violence relates to both
Are the title and abstract representative of the article : Article Critique- In the first half of the critique (objective analysis): Are the title and abstract representative of the article? Is the purpose of the article clear in the introduction
Journal entry to record the allocation of net income : Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,600 to Coburn and $35,700 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the..
Find the primary voltage and voltage regulation : Find the primary voltage and voltage regulation when the transformer is operating at full load 0.8 power factor lagging and 240 V. Find the primary voltage and voltage regulation when the transformer is operating at full load 0.8 power factor leadin..
Characterization of mercantilisms message : "Mercantalism recommends that a country should limit its exports, so that more of the otherwise-exportable products are instead available for local consumption." Do you agree or disagree with this characterization of mercantilism's message? Explain.
How do quality practices the manufacturing industry : How do quality practices that originated in the manufacturing industry differ from the traditional quality practice of healthcare organizations?
Aid is not effective in increasing incomes : We can see that aid to Africa has increased significantly over the last 40 years and that incomes in Africa have stagnated. Explain why these two facts do not constitute proof that aid is not effective in increasing incomes in Africa.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Miguel receives tangible personal property as an

miguel receives tangible personal property as an inheritance in 2011. the property was depreciated by the deceased

  When using the high low method the question says be sure

when using the high low method the question says be sure to consider only the data points contained in the relevant

  Mortonson corporation factored w recourse 300000 of ar with

mortonson corporation factored w recourse 300000 of ar with huskie financing. the finance charge is 3 and 5 was

  Allowance-direct write-off method

What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?

  Bubble corporation manufactures two products i and ii from

bubble corporation manufactures two products i and ii from a joint process. a single production costs 4000 and results

  During the year olivia holds two jobs after an eight-hour

during the year olivia holds two jobs. after an eight-hour day at the first job she works three hours at the second

  Recommendation to use or sell facilities

ABC Corp. owns a piece of land and building a few miles from its headquarters. The land originally cost ABC $500,000 to purchase.

  Schopp inc has been manufacturing its own shades for its

schopp inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of

  The rate per mile reflects the fact that more miles result

preston concrete is a major supplier of concrete to residential and commercial builders in the pacific northwest. the

  Importance of periodic reporting

Discuss the importance of periodic reporting and the time period principle.

  Kinnear plastics manufactures various components for the

kinnear plastics manufactures various components for the aircraft and marine industry. kinnear buys plastic from two

  You were recently admitted to college and your aunt tillie

you were recently admitted to college and your aunt tillie has agreed to fund the tuition for your education. the

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