User Account

All Pages

What the total amount credited to mary capital account

Assignment Help Accounting Basics
Reference no: EM133025195

Question - Mary and David are partners who share profits and losses on a 3:1 basis. This means Mary receives 75% and David receives 25% of income after any allocations. Mary receives a salary allowance of $15,000. Earnings for the period total $51,000. What will be the total amount credited to Mary's Capital account when the Income Summary account is closed?

Reference no: EM133025195

Questions Cloud

Discuss the importance of the successive rounds : -Define GATT and discuss the importance of the successive rounds. Do you think that GATT was essential to promoting world trade or would we be in the same place
What is quinn recognized gain for tax purposes : Quinn's basis in his stock was $25,000. Quinn received the $5,000 in property. What is Quinn's recognized gain for tax purposes
Calculate the future value : 1) Calculate the future value of a $6000 investment if it earns interest at 4.5% P.A compounded semi-annually for 5 years?
How high could the residual value get : Consider the $200,000 estimated residual value. How high could the residual value get before the net advantage of leasing falls to zero
What the total amount credited to mary capital account : Earnings for the period total $51,000. What will be the total amount credited to Mary's Capital account when the Income Summary account is closed
Explain functionality of an operating system : For this week's discussion think about what characteristics are common among operating systems? List types of operating systems, and examples of each.
Describe the term benchmarking : Describe the term 'Benchmarking' and list three examples that you could use as part of your financial planning and management
Explain in detail the importance of documentary credits : Explain in detail the importance of Documentary Credits and Collections by highlighting its advantages and disadvantages on international trade
What is the market yield you would expect : What is the market yield you would expect on a 3-year, BB-rated corporate bond that pays a 7.5% annual coupon

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the issue price of the debentures

Determine the issue price of the debentures and calculate any premium or discount. Show workings. Note - you will need to use the Present Value tables

  What is internal rate of return of launching the new product

The company estimates sales of 8,100 units in each of the next 4 years, What is the internal rate of return of launching the new product

  Record the December adjusting entries

Problem - Adjusting Entries - Record the December 31 adjusting entries for the following transactions and events in general journal form

  Maserati corporation purchased a new machine for its

maserati corporation purchased a new machine for its assembly process on august 1 2010. the cost of this machine was

  Prepare a journal entry to record income taxes

Prepare a journal entry to record income taxes for the year 2016. Show well labeled computations for the amount of income tax payable.

  Discuss about the general controls

Tests of Controls: General Controls. The audit team of Packer Company identified the following general controls in obtaining its overall understanding.

  Do think is okay to modify photos digitally to improve

Do you think it is okay to modify photos digitally to improve their appearance, or is that deceiving his customers? Why or why not?

  What is your annualized holding period return

During this period the stock paid dividends of $3.21 per share. What is your annualized holding period return (annual percentage rate)

  What additional types of information including qualitative

What additional types of information, including qualitative measures, would you need in order to assess the validity and appropriateness

  How much is the total net adjustments for payable

Compute the amount that should be reported on the financial position as current liability in United As One Inc. on December 31, 2018

  Identified the organizations swot

Explain why this opportunity/threat was selected, and how it is anticipated to benefit the organization. Identified the organizations SWOT

  Prepare in journal the adjusting entries for the items

Revenue earned by December 2019 for L.E.30000. Prepare in journal, the adjusting entries for the seven items listed for New Slang Pest Control

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