Reference no: EM132659780
Garcia and Henson formed a partnership on January 2, 2013 and agreed to share profits 90%, 10%, respectively. Garcia contributed capital of P25,000. Henson contributed no capital but has a specialized expertise and manages the firm full time. There were no withdrawals during the year. The partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of begining capital. Henson is to be paid a salary of PI,000 a month.
Henson is to received a bonus of 20% of income calculated before deducting his salary and interest on both capital accounts. Bonus, interest, and Henson's salary are to be considered partnership expenses.
The partnership 2011 income statement follows:
Revenues P96,450
Expenses (including salary, interest, and bonus) 49,700
Net income P46,750
Problem 1: What is Henson's 2013 bonus?
|
What should the court and prison system do differently
: Each day we hear of more and more persons locked away in prison, and still others released only to return. What are your thoughts on prison and the purpose.
|
|
Sociological imagination of a current event
: Question 1. Describe the sociological imagination of a current event. How does it play into your personal life
|
|
What is Anne realized gain
: Installed an elevator for medical reasons. The total cost was $20,000, and Anne deducted $13,000 as medical expenses. What is Anne realized gain
|
|
Explain the impact and implications of the changes
: Write a brief explanation of the effect of Apartheid in South Africa. Provide two specific examples that demonstrate how people adapted.
|
|
What is henson bonus
: What is Henson's 2013 bonus? Garcia and Henson formed a partnership on January 2, 2013 and agreed to share profits 90%, 10%, respectively.
|
|
Describe the significant manner in which the court rulings
: Select two (2) U.S. Supreme Court decisions that impacted the manner in which the juvenile justice system handles juvenile delinquency.
|
|
What is Harvey and Ling recognized gain on the second sale
: The realized gain on the second sale is $180,000. What is Harvey and Ling's recognized gain on the second sale
|
|
Determine the main idea of the article
: Determine the main idea of the article. After you have determined the main idea of the article, craft your own thesis in response to the article's main idea.
|
|
What is Constanza realized and recognized gain
: Constanza, who is single, sells her current personal residence (adjusted basis of $165,000) for $450,000. What is Constanza realized and recognized gain
|