Shelby and mortonson formed a partnership with capital

Assignment Help Accounting Basics

Reference no: EM13595615

Shelby and Mortonson formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Shelby to receive a $60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Shelby and Mortonson's respective shares are?

Reference no: EM13595615

Questions Cloud

30 g of steam at 100ec condenses and drops to a : 30 g of steam at 100ec condenses and drops to a temperature of 70ec. how much energy is needed to cool the liquid water

During june 28000 units of direct materials are purchased : the standard cost of product b manufactured by mateo company includes three units of direct materials at 5.00 per unit.

After swimming in a pool or lake the air feels cool because : after swimming in a pool or lake the air feels cool because heat is required to evaporate the water from our skin. how

Nguyen invested 100000 and hansen invested 200000 in a : nguyen invested 100000 and hansen invested 200000 in a partnership. they agreed to share incomes and losses by allowing

Shelby and mortonson formed a partnership with capital : shelby and mortonson formed a partnership with capital contributions of 300000 and 400000 respectively. their

Nickel has a face-centered unit cell with all atoms at : nickel has a face-centered unit cell with all atoms at lattice points and an edge length of 352.4 pm. the density of

1000 ml solution that was made by adding 1026 grams of : 100.0 ml solution that was made by adding 10.26 grams of sucrose c12h22o11 to 95.0 ml of pure water density of pure

An investor in the 35 tax bracket may purchase a corporate : an investor in the 35 tax bracket may purchase a corporate bond that is rated double a and is traded on the nyse the

Rice hepburn and dimacro formed a partnership with rice : rice hepburn and dimacro formed a partnership with rice contributing 60000 hepburn contributing 50000 and dimacro

User Account

All Pages