User Account

All Pages

What was pinkman total share of net income

Assignment Help Accounting Basics
Reference no: EM133186650

Question - Goodman, Pinkman, and White formed a partnership on January 1, 2022, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: interest of an amount equal to 10% of the that partner's beginning capital balance for the year:

Annual compensation of $15,000 to Pinkman: and he remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White.

Net income was $200,000 in 2022 Each partner withdrew $1,500 for personal use every month during 2022. What was Pinkman's total share of net income for 2022?

Reference no: EM133186650

Questions Cloud

Show the entries that Brian Company will make : For the year 20X1, show the entries that Brian Company will make related to the above transactions, assuming that it uses the equity method
Identify revenue sources and expenditures : Identify three revenue sources and three expenditures for that agency. The impact of the expenditures on the revenue source
What amount would the company recognize as a gain : On January 25, Year 2, when the payment was made, $1 could purchase 0.85 euros. What amount would the company recognize as a gain
Relationship between positive analysis and public economics : Explain the relationship between positive analysis and public economics. Explain the relationship between normative analysis and pubic economics.
What was pinkman total share of net income : Net income was $200,000 in 2022 Each partner withdrew $1,500 for personal use every month during 2022. What was Pinkman's total share of net income for 2022
How do you understand the theory of capitalism : How do you understand the theory of capitalism? what direction to the stage of economics of 21st century?
Determine his taxable income for current year of assessment : South African dividends of R35 000, foreign dividends of R120 000 - Determine his taxable income for current year of assessment
What promotional mix does company employ : Define the 4 Ps for your product/service. What promotional mix does the company employ?
How much did digby productivity improvements save : Now, refer to the Income Statement in Digby's Annual Report. How much did Digby's productivity improvements save it in direct labor costs

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write farriss memo to home office to report on her purchases

Write Farris's memo to the home office to report on her purchases. Include the store's balance sheet as the final part of your memo. Prepare a T-account to compute the balance for Cash.

  Describe one of the financial measures of profitability

How can an analyst use one of these financial measures to evaluate the financial condition of a corporation?Describe one of financial measures of profitability

  Calculating present values in 2008

To assess the value of the firm's shares, financial analysts want to discount this liability back to the present. If the relevant discount rate is 5.6 per cent, what is the present value of this liability?

  In todays technology environment hackers present a

in todays technology environment hackers present a substantial risk to a firms accounting or business system. as the

  Sam smith invested 17000 in anchor insurance company at the

sam smith invested 17000 in anchor insurance company. at the endof the year smiths investment was worth 19500 becasue

  Prepare the appropriate adjusting entry for vacations earned

MullerB Company's employees earn vacation time at the rate of 1 hour. Prepare the appropriate adjusting entry for vacations earned but not taken in 2016.

  Compute the net realizable value of receivables

Compute the Net realizable value of receivables at the end of 2016. Using the allowance method, the amount of uncollectible accounts expense for 2016.

  Discuss the company no longer uses in its own operations

The company has a $100,000 payroll each week and employees have a 5 day work week. December 31 is on a Thursday.

  What is a limited liability partnership

What is a limited liability partnership (LLP)? What is the purpose of partner Capital Accounts? How does the Capital Account change during the accounting period

  Discuss brief summary of the wall street journal article

Discuss brief summary of the WSJ article. Describe what you found interesting about the article and how it relates to this week's learning

  Compute the company degree of operating leverage

Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows Amount % of Sales Sales $121,000

  How the note will appear on the December balance sheet

Prepare the entry to: a. Issue the note on January 2, 2020. Show how the note will appear on the December 31, 2020, balance sheet

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