User Account

All Pages

What elaine share of the income would be

Assignment Help Financial Accounting
Reference no: EM132949734

Problem 1: Partners Gary and Elaine have agreed to share profits and losses in an 85:15 ratio respectively, after Gary is allowed a salary allowance of $29700 and Elaine is allowed a salary allowance of $15600. If the partnership had net income of $29900 for 2020, Elaine's share of the income would be

Option 1: $15400.
Option 2: $2140.
Option 3: $13290.
Option 4: $16610.

Reference no: EM132949734

Questions Cloud

Pros and cons of regional economic integration : 1. Explain if regional economic integration is a good idea
What is the maximum amount can annually spend : If her life expectancy is ten years, what is the maximum amount she can annually spend on a nursing home, doctors, and taxes?
Establish enforceable monetary penalties : An organization is considering outsourcing its payroll and benefits to a global service provider. The employee representative says employees want to know what h
Identify the quantitative factors that should be considered : In gathering relevant information for these two alternatives, identify the quantitative factors that should be considered
What elaine share of the income would be : Elaine is allowed a salary allowance of $15600. If the partnership had net income of $29900 for 2020, Elaine's share of the income would be
What amount of cumulative unrealized gain should be reported : What amount of cumulative unrealized gain should be reported as component of OCI in the statement of changes in equity for 2020
Coordinate implementation of customer service strategies : Discuss the term 'customer'. Who might the term include? Why it is important to assess the customer needs, and what strategies could you implement
How much interest will earn : How much interest will you earn if the interest is withdrawn each year? How much interest will you earn if the interest is left to accumulate?
Determine the relative value : Job evaluation is the use of job analysis information to determine the relative value of each job in relation to all jobs within the organization.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find how much additional capital need to have accumulated

$2million (actual donation at death), how much additional capital would they need to have accumulated at the time they retire at age 64?

  What is the total contribution margin for next quarter

The variable cost per case, including both manufacturing and selling costs, is $105. What is the total contribution margin for next quarter?

  Problem with economics is that it assumes that consumers

Your roommate, Serafina, a psychology major, said, "The problem with economics is that it assumes that consumers and firms always make the correct decision. But we know that everyone's human, and we all make mistakes." Do you agree with her comment?

  Calculate the operating cash flows of the project

Laurel's Lawn Care, Ltd., has a new mower line that can generate revenues of $129,000 per year. Direct production costs are $43,000, and the fixed costs of maintaining the lawn mower factory are $16,500 a year. The factory originally cost $0.86 mi..

  Define the fair value and re-evaluation for assets

Define The Fair value and re-evaluation for assets. Define partnerships and explain its types , characteristics and compare it with similar organizations .

  State which of the items should be included in the inventory

In the annual audit of Tricky-Dicky Ltd, State which of the items should be included in the inventory balance at year end and why?

  Difference between the periodic and perpetual method

What is the difference between the periodic and perpetual method, how will you record it in your book?

  Which is the better offer

The salaries would be paid in a lump sum at the end of each year. If the interest rate is 5%, compounded monthly, which is the better offer?

  What does mean to be a risk-averse versus a risk-taker

What does it mean to be a risk-averse versus a risk-taker? What types of information must be considered when it comes to risk and return? Explain.

  Prepare in good order an income statement

Prepare in good order an Income Statement (covering the period), a Statement of Retained Earnings (end of period), and a Balance Sheet (end-of-period).

  Illustrate what are the adjusting journal entries

The new patent will protect the value of the old one only for a 4 year period. Illustrate what are the adjusting journal entries

  Prepare all necessary journal entries

Prepare all necessary journal entries, correcting entries (if any) and adjusting journal entries for the fiscal year ending December 31, 2019

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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