Prepare a schedule of distribution of income sssumimg

Assignment Help Accounting Basics

Reference no: EM131957768

Problem

Peter Paul and Mary are partners. Their relationship agreement calls for distribution on income unto be done as follows: 1) Salaries for Peter and Mary are $10,000, $20,000, and $25,000 respectively. 2) 10% interest on all average capital balances. Peters capitals balancr was $100,000. Paul's was $40,000 and Mary's was $50,000. 3) the remainder was divided on a 2:1:1 ratio.

Prepare a schedule of the distribution of income assuming that net income was $110,000 in 2016.
Prepare a schedule of distribution of income sssumimg that there was a net loss of 30,000 in 2016.

Reference no: EM131957768

Questions Cloud

Calculate peytons return on assets and profit margin : Peyton's Palace has net income of $14.4 million on sales revenue of $124 million. Calculate Peyton's return on assets, profit margin, and asset turnover ratios.

Determine the amount that should be capitalized : Determine the amount that should be capitalized in the Mineral Resources asset account as a result of the lease agreement.

What is the likely post-merger bargaining outcome : Pharmaceutical Benefits Managers or PBMs are intermediaries. Now suppose the two drug companies merge. What is the likely post-merger bargaining outcome?

Define decision rules : Phil, a corporate controller, was preparing a comprehensive presentation of his firm's financial statements for the board of directors. Define decision rules.

Prepare a schedule of distribution of income sssumimg : Prepare a schedule of distribution of income sssumimg that there was a net loss of 30,000 in 2016.

What is the maximum amount of deductible contributions : Assuming Phil's wages were $27,000 and Linda's wages were $18,500. What is the maximum amount of their deductible contributions to a traditional IRA for 2016?

When did you live with your parents : a) When did you live with your parents? b) When did your daughter live with you? c)Where is the child's mother? d) Were you a full-time student?

Prepare the production budget for pet nutrition : Prepare the production budget for Pet Nutrition for the months of March and enter the units to be produced for the Month of March.

Find the price of the bonds at each : An investor has two bonds in her portfolio, Bond C and Bond Z. Each bond matures in 4 years, has a face value of $1,000,.

User Account

All Pages