Reference no: EM13527487
Allocating profits and losses to the partners, preparing partnership financial statements
Edwards, French, and Gill formed the E, F and Gill partnership. Edwards invested $21,000; French, $35,000; and Gill, $44,000. Evans will manage the store; Furr will work in the store three-quarters of the time; and Gill will not work.
Requirements
1. Compute the partners' shares of profits and losses under each of the following plans:
a. Net loss is $42,000, and the partnership agreement allocates 45% of profits to Edwards, 35% to French, and 20% to Gill. The agreement does not discuss the sharing of losses b. Net income for the year ended September 30, 2012, is $97,000. The first $25,000 is allocated on the basis of partner capital balances. The next $48,000 is based on service, with $38,000 going to Edwards and $10,000 going to French. Any remainder is shared equally.
2. Revenues for the year ended September 30, 2012, were $209,000, and expenses were $112,000. Under plan (b), prepare the partnership income statement for the year
State the solubility of n2 in a diver''s blood
: As a scuba diver descends under water, the pressure increases. At a total air pressure of 2.70 atm and a temperature of 25.0 *C , what is the solubility of N2 in a diver's blood
|
Explain what volume of the hn3 is needed
: What volume of the HN3(aq) made in part b is needed to add to 100.0 mL of the NaN3(aq) solution of made in part a to make a buffer at pH= 5.00
|
Calculate how fast is the third piece moving
: A firecracker is tossed straight up into the air. It explodes into three pieces of equal mass just as it reaches the highest point. How fast is the third piece moving
|
Calculate the velocity of the center of mass of the pair
: If a particle of mass 4.9 kg is moving east at 10 m/s and a particle of mass 19 kg is moving west at 10 m/s, what is the velocity of the center of mass of the pair
|
Prepare the partnership income statement for the year
: Revenues for the year ended September 30, 2012, were $209,000, and expenses were $112,000. Under plan (b), prepare the partnership income statement for the year
|
Find with what speed do the block of wood and bullet move
: A block of wood of mass 1.01 kg is initially at rest. With what speed do the block of wood and the bullet move just after the collision
|
Journalize sandys withdrawal from the partnership
: Journalize the asset revaluations and journalize Sandys withdrawal from the partnership.
|
Explain solubility of unprecipitated mg(oh)2 in g/100 ml
: Solubility of unprecipitated Mg(OH)2 in g/100 ml. Final PH of solution. 25 ml of 0.10 M solution of MgCl2 is mixed with 25 ml of 0.25 M NaOH solution.
|
Obtain the velocity of the center of mass of the pair
: If a particle of mass 4.9 kg is moving east at 10 m/s and a particle of mass 19 kg is moving west at 10 m/s, what is the velocity of the center of mass of the pair
|