User Account

All Pages

What is the amount of profit and loss allocated to Sarah

Assignment Help Accounting Basics
Reference no: EM132665284

Question - Norman, Sarah, and Taylor are partners. The partnership income for the period is P130,000. The partnership agreement assigns salaries to the partners of P10,000, P15,000, and P18,000, respectively. In addition, the partners have profit and loss residual ratios of 30%, 45%, and 25%. What is the amount of profit and loss allocated to Sarah as a result of applying the residual ratios?

Reference no: EM132665284

Questions Cloud

National organization of nurse practitioner faculties : The National Organization of Nurse Practitioner Faculties (NONPF) is devoted to endorsing high-quality nurse practitioner education.
Learning the roles of advanced practice nurse : We all are moving through the process of learning the roles of an advanced practice nurse.
Construct genetically modified organism of choice : Assume you are a scientist in a lab and wanted to construct a genetically modified organism of choice.
Production of staple food crops to feed world population : We may be forced to choose between production of staple food crops to feed the world population and the production of luxury crops, such as tea, coffee, cocoa
What is the amount of profit and loss allocated to Sarah : In addition, the partners have profit and loss residual ratios of 30%, 45%, and 25%. What is the amount of profit and loss allocated to Sarah
Record the journal entry on January : On January 1, 2025, 1,920 of the options were exercised when the fair value of the common shares was $37. Record the journal entry on January
What amount of direct materials costs is assigned to work : Direct materials costs added during June 500,000. What amount of direct materials costs is assigned to the ending Work-in-Process account for June
Set up the ledger accounts for Magic Cleaning Co : Set up the following ledger accounts for Magic Cleaning Co. Include the account the balances. Supplies used during the accounting period amounted to $200
Compute the ending inventory under LIFO : On January 10, Sheffield purchased 6 units at $680 each. The company sold 2 units on January 8 and 5 units on January 15. Compute the ending inventory

Reviews

Write a Review

Accounting Basics Questions & Answers

  How transactions would be recorded in a general journal

On January 31, Check 3159 was issued to replenish the petty cash fund. Indicate how these transactions would be recorded in a general journal

  Determine the adjusted balance in the cash account

Medina Company received its February bank statement on March 6. Determine the adjusted balance in the cash account after completing a bank reconciliation

  Calculate the weighted average number of common shares

Calculate the weighted average number of common shares outstanding for 2017 (for the purposes of calculating EPS) for each of the independent situations above

  What is the minimum selling price management

A company makes one product, What is the minimum selling price management can be expected to set to meet their profitability goals?

  The company demolished the old building at a cost

Property taxes paid were $2,900, of which $350 covered the period subsequent to the purchase date. The capitalized cost of the land is:$294,600.$162,220.$296,300.$296,650.

  What is the depletion cost per ton of coal

The first year of operations in the area yielded 110,000 tons of coal. What is the depletion cost per ton of coal

  Management acts to reduce or eliminate incentives and

components of internal control the chapter identified five components of internal control.listed below are specific

  Technologically sophisticated and uniquely designed

1. Assume that the organizers can negotiate the fixed payment for the pavilion's operating expenses. If the organizers expect to sell 8,000 tickets, how much can they afford to pay and still earn a profit of $80,000 (ignore taxes)?

  What is the crab shacks internal rate of return

What is The crab shack's internal rate of return if the required rate of return is 14%. The company is considering the purchase of a new machine that

  Prepare a straight-line amortization table for the bonds

Prepare a straight-line amortization table for the bonds. Duval Co. issues four-year bonds with a $100,000 par value on January 1, 2019, at a price of $95,952.

  Prepare a cash collections schedule for the month of may

A cash budget is being prepared for Tractors Inc for the month of May. Prepare a Cash collections schedule for the month of May

  Assuming an annual interest rate of 12 what factor from the

assuming an annual interest rate of 12 what factor from the tables would be used to calculate the amount that would be

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