Share of the income, They agree to salaries of $12,000 and

Share of the income

Assignment Help Accounting Basics

Reference no: EM13138083

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for the year was $30,000?

1. $18,600

2. $20,000

3. $17,400

4. $18,000

Reference no: EM13138083

Questions Cloud

Organisational change event : Think of the organisational change scenario in an organisation which has occurred or is currently occurring and in which the concepts of leadership, conflict, power and politics, culture and managing organisational change are relevant.

Basics of capital account balance at the end of year : Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla c..

Calculate the number of moles of gaseous n2 contained : calculate the number of moles of gaseous N2 contained in a sample of 300 ml of gas saturated with water vapour at 25 degree celcius and 95 kPa.

Calculate the rate of energy transfer : a chemical reaction produces 653,550 kJ of energy as heat in 142.3 mins. Calculate the rate of energy transfer in kilojoules per minute.

Share of the income : They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for ..

Democracy and government intervention : Why does R.Dahl consider the relationship of market-capitalism and governmental intervention a practical necessity for democratic countries?

Effects of migration on island societies : Migration effects all societies. Big or small, the society changes with different patterns of migration. However, the effects of migration very by society,

I encourage you to use headings : Should comprise of several sections to support your argument as outlined in the introduction. While using headings is not compulsory, I encourage you to use headings as signposts for the markers which will also help the structure of your essay cleare..

Orton capital balance after admitting ramsey : Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balan..

User Account

All Pages