What is lori share of the net income

Assignment Help Accounting Basics
Reference no: EM132822189

Lori and Peter enter into a partnership and decide to share profits and losses as follows:

1. The first allocation is a salary allowance with Lori receiving $16,000 and Peter receiving $18,000.

2. The second allocation is 15% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Lori and Peter are $90,000 and $20,000, respectively.

3. Any remaining profit or loss is allocated equally.

Problem 1: For the year ending December 31, 2019, the partnership reported net income of $55,000. What is Lori's share of the net income?

Reference no: EM132822189

Questions Cloud

Explain administrative and operational functions : Why is it important for HR management to transform from an administrative and operational functions to a strategic partner?
Global logistics and risk management : We reviewed global logistics, risk management, and the product and supply chains.
Explain the loan taken by Dada Pty : Using the definition of the term "liability" per the Conceptual Framework, explain whether the loan of $1,000,000 taken by Dada Pty. Limited
Risk management process evaluation report : Risk management process evaluation report - valuate and report on the risk management process that you have completed in the previous two assessment tasks.
What is lori share of the net income : For the year ending December 31, 2019, the partnership reported net income of $55,000. What is Lori's share of the net income?
Treasury direct web site : Go to the Treasury Direct Web site and find the Debt to the Penny.
Detailed individual development plan : Structural plateaus are a common issue, especially within large organizations like Advanced Hero. A detailed individual development plan (IDP) is the best
Write a report on staff training options : Write a report on staff training options - develop a short report outlining your recommended option/s for the training, including a rationale for each recommend
Calculate the contribution margin per unit : Sales Commission Expense - @2.5% of sales revenue $2,500.00. Calculate the contribution margin per unit

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the components and use of financial analysis

Discuss the components and use of financial analysis. Explain the impact of accounting transactions in financial statements

  Prepare a schedule of expected cash payments for purchases

Use this information to prepare a schedule of expected cash payments for purchases of inventory for the months of November and December only

  Discuss three possible risks of using technologies

From your point of view, discuss three (3) possible risks of using technologies in managing personal financial transactions through Mobile Financial Apps.

  The production budget for the next four months is july 5000

albertville inc produces leather handbags. the production budget for the next four months is july 5000 units august

  Journalize transactions using a perpetual inventory system

Krey Distributing Company completed these merchandising transactions in the month of April.

  Compute intrinsic values and time values

The following option prices are given for Yum Inc, whose stock price equals $50: Compute intrinsic values and time values for each of these options and identify whether they are in the money, at the money, or out of the money

  What is the single equivalent discount

What is the single equivalent discount and what is the net cost to the company

  Journalize transactions and the closing entry for net income

The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Journalize transactions and the closing entry for net income

  Provide rational and clarifications of the proper treatment

Discuss with your team the following case study: Provide rational and clarifications of the proper treatment of interest cost under the rules of GAAP.

  Which is the term in the credit terms

The buyer received an invoice from the seller for merchandise with a list price and credit terms of 2/10, n/60. The term 'n/60' in the credit terms is which

  Corporation purchased the asset

Assume the same information in RE11-3, except that Albany Corporation purchased the asset on April 1, Year 1. Calculate the depreciation for Year 1 and Year 2 using the double declining balance method (round to the nearest dollar).

  Greatest cause of poverty

An opinion column in the Economist argued: "Globalisation, far from being the greatest cause of poverty, is its only feasible cure." What does globalization have to do with reducing poverty?

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!

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