Prepare table to show distribution of partnership income

Assignment Help Accounting Basics
Reference no: EM132652737

Question - "Khalid, Dina, and James are partners by making capital contributions of $400,000, $320,000, and $160,000, respectively. The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid, $50,000 to Dina, and $55,000 to James and an interest allowance of 10% on beginning-of-year capital balances to each partner. Any remaining balance is to be divided equally. Partnership net income for the year is $190,000."

Required - Prepare a table to show the distribution of the partnership income.

Reference no: EM132652737

Questions Cloud

Non-technical collection disciplines : Select one of the non-technical collection disciplines (HUMINT, OSINT), and Describes the key characteristics of the discipline,
Find the cash received from Accounts Receivable : Question - Find the cash received from Accounts Receivable for the year ended 30 June 2012? Accounts Receivable 01/07/11 78,765
What is the firm weighted average cost of capital : What is the firm's weighted average cost of capital (WACC) if it does not issue any new common stock?
Explain business valuation and its purpose : Explain business valuation and its purpose (also referred to as company valuation).
Prepare table to show distribution of partnership income : The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid, Prepare table to show distribution of partnership income
Find the amount of the weekly deposits into the fund : The sinking fund will earn 12% compounded weekly. Find the amount of the weekly deposits into the fund.
The constitution and original meaning : We examined two different ways of interpreting the Constitution. Using one or the other as basis, make case for or against the constitutionality of Roe v. Wade
What is globalization and what does it encompass : What is globalization and what does it encompass? Discuss liberalism and its purpose for studying international politics.
Record the acquisitions of Meta Company : SAXON exchanged 150,000 shares of its Br 10 par common stock for all 100,000 issued. Record the acquisitions of Meta Company

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd