User Account

All Pages

What is yanni share of the net loss for the first year

Assignment Help Financial Accounting
Reference no: EM132776137

A partnership began its first year of operations with the following capital balances: Yanni, capital $143,000 Easton, capital $104,000 Thune, capital $143,000 The Articles of Partnership stipulated that profits and losses be allocated in the following manner:

  • Each partner was to be allocated with interest equal to 10 % of the capital balance at the beginning of the year.
  • The remainder was to be assigned on a 5:2:3 basis to Yanni, Easton, and Thune, respectively.
  • Each partner withdrew $13,000 per year.
  • Assume that there was a net loss for the first year of operation of $26,000 with net income in the second year.

Problem 1: What is Yanni's share of the net loss for the first year?

A. $3,900 loss.
B. $9,100 loss.
C. $10,400 loss.
D. $11,700 loss.

Reference no: EM132776137

Questions Cloud

What do you see as your strategies : Eliminating your real weaknesses and gaining a new imaginary level of strength, and thereby capitalize on further imagined opportunities of the future
Explain how the organization monitors ethics : Conduct an interview with the Texas Department Of Criminal Justice. Use this as an opportunity to learn more about the business.
What is easton capital balance at the end of the first year : What is Easton's capital balance at the end of the first year? Each partner was to be allocated with interest equal to 10 % of the capital balance at beginning.
How many units should swanson purchase for the quarter : On the basis of this information, how many units should Swanson purchase for the quarter ended September 30
What is yanni share of the net loss for the first year : What is Yanni's share of the net loss for the first year? Assume that there was a net loss for the first year of operation of $26,000 with net income
What is the expected growth rate in earnings : Church & Dwight had a beta of 0.85 in 1993, and the unlevered beta is not expected to change over time. What is the expected growth rate in earnings
Discuss process use to gather pool of qualified candidates : You have been tasked with recruiting a new HR Director for your corporation. Discuss in detail the process you would use to gather a pool of highly qualified.
How much contribution margin would the company expect : If Bush follows proper managerial accounting practices in terms of setting a production schedule, how much contribution margin would company expect to generate
Should person open a new credit card and why or why not : Should this person open a new credit card? Why or why not? You may not just say yes or no. You have to explain why or why not.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is her basis for the house

In 2001, Ellen purchased a house for $60,000 to use as her personal residence. She paid $12,000 and borrowed $48,000 from the local savings and loan company. In 2005, she paid $15,000 to add a room to the house. In 2007, she paid $625 to have the hou..

  Calculate the adjusted cash balance per books

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.

  Difference between gross margin and a gain

Explain the difference between gross margin and a gain and what is the difference between a multistep income statement and a single-step income statement?

  Estimate the percentage of uncollectible credit sales

Based on an again of accounts receivable, management estimates the end-of-year uncollectible accounts receivable to be $38,700.

  Computing ending inventory and cost of goods sold under

computing ending inventory and cost of goods sold under fifo and lifo cost-flow assumptions.cost flow assumptions -

  Calculate the amounts of the adjusting entries

Calculate the amounts of the adjusting entries and enter them in the adjustments column.

  How wal-mart utilizes accrual journal entries

Journal entries to comply with the matching principle. Without plagiarizing, explain how Wal-Mart utilizes accrual journal entries and complies with principle

  What is the minimum line of credit to request from a lender

Do you believe that the company needs outside financing? What is the minimum line of credit to request from a lender? Do you think you are a good candidate

  Determine functional currency of vcl is the canadian dollar

Evaluate the factors that should be considered to determine whether the functional currency of VCL is the Canadian dollar or the Mexican peso.

  What would be the remaining book value after two years

It is to be depreciated at a rate of 20% using the reducing balance method. What would be the remaining book value after two years?

  What is the break-even sales if costs fixed

fixed costs are $250,000, the unit selling price is $20, and the unit variable costs are $16, what is the break-even sales (units) if fixed costs are reduced by $40,000?

  Identify and explain the risks to mobile creations

identify and explain the risks to Mobile Creations (Pty) Ltd that will arise from the outsourcing arrangement with WASP Innovations CC. In your explanation you should include a description of the potential consequences of each risk

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