What amount of income is credited to west capital account

Assignment Help Financial Accounting

Reference no: EM13136527

Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000, and Krug contributes $270,000. Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is credited to West's capital account?

Reference no: EM13136527

Questions Cloud

How many grams of water are required : How many grams of water are required to dissolve 24g od KNO3 at 100 degrees celsius?

Journal entry to record the sales portion : MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:

Paper on leadership philosophy : As a self-aware, adaptive leader, it is important to reflect on what you believe and why. A written leadership philosophy allows us to do this.

How many grams fo lead(ii) iodide are formed : When 0.5000L of a 1.00M solution of Pb(NO3)2 is mixed with and excess of 1.00M solution of KI how many grams fo lead(II) iodide are formed

What amount of income is credited to west capital account : Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is ..

Reissuance of treasury shares : Gaines share. During the current year, 1,000 of these shares were reacquired for $20 each. 500 treasury shares are subsequently reissued at $25 per share.

Internationational security assistance : After 2014, will NATO continue in AFG or is it more likely to shift to a 'Coalition of the willing' and why? What multinational C2 relationship would best suit your chosen scenario and why?

Prepare a schedule reflecting an incremental analysis : The company received a proposal from a foreign company to buy 6,000 units of Alder Company's product for $50 per unit. This is a one-time only order and acceptance of this proposal will not affect the company's regular sales.

What is the activation energy : Given that the rate constant is 4.0×10-4 at 25.0 degrees C and that the rate constant is 2.6×10-3 at 42.4 degrees C, what is the activation energy in kilojoules per mole?

User Account

All Pages