User Account

All Pages

What was rafael total share of net income

Assignment Help Financial Accounting
Reference no: EM133000736

Aníbal, Rafael and Marisela formed a partnership on January 1, 2020, with investments of $ 100,000, $ 150,000 and $ 200,000, respectively.

For the division of income, they agreed to the following:

(1) an interest of 10% of the beginning balance of the principal each year,

(2) an annual "salary" compensation of $ 10,000 to Becker, and

(3) share the rest of the income or loss in a proportion of 20% for Aníbal, 40% for Rafael and 40% for Marisela.

The company's net income was $ 150,000 in 2020 and $ 180,000 in 2021. Each member withdrew $ 1,000 for personal use each month for both years.

Problem 1: What was Rafael's total share of net income for 2021?

Reference no: EM133000736

Questions Cloud

Regulatory environment and financial reporting : You are the training manager for TWP, a large national professional services firm that undertakes financial statement audits for large companies but has also re
Calculate the firm operation cash flow : Operating expenses is $14,200 of depreciation and amortization expenses. The firm's marginal income tax is 35%. Calculate the firm's operation cash flow.
Where do present in financial statement : If goods sent out to consignee was not yet sold by the end of the accounting period, where do you present it in your financial statement?
Briefly explain the nature of consignment sale : In what situations would consignment sales be most appropriate. Give 2 examples and explain why. Briefly explain the nature of consignment sale
What was rafael total share of net income : What was Rafael's total share of net income for 2021? Aníbal, Rafael and Marisela formed a partnership on January 1, 2020, with investments of $ 100,000
Calculate the total share capital balance : Calculate the total share capital balance that BC Co. should report on its December 31, 2020, Statement of Financial Position
Which is an example of vertical analysis : Which of the following is an example of vertical analysis? Comparing the client's return on investment (ROI) to the ROI last year.
How much can you borrow : You have determined you can afford to pay $350 per month toward a new convertible sports car. How much can you borrow
Give the Adjusting Journal Entry at the end of the month : Question - A Law firm has been hired on December 15 to provide legal services to a client. Give the Adjusting Journal Entry at the end of the month

Reviews

Write a Review

Financial Accounting Questions & Answers

  What amount of goodwill should sheridan record

On 12/31/21, Sheridan Corporation paid $7173000 to acquire Pharoah. What amount of goodwill should Sheridan record as a result of this purchase

  What is the amount of interest paid

A demand loan for ?$3841.44 with interest at 6.5% compounded quarterly is repaid after 5 ?years, 11 months. What is the amount of interest? paid

  Calculate the closing balance of the asset pool

Calculate any amounts that are deductible for the 2017/18 tax year. Calculate the closing balance of the asset pool.

  Data relative to those activity cost pools and cost drivers

Flynn Industries has three activity cost pools and two products. It expects to produce 3,340 units of Product BC113 and 1,920 of Product AD908. Having identified its activity cost pools and the cost drivers for each pool, Flynn accumulated the follow..

  What is combined federal and provincial marginal tax rate

What is the combined federal and provincial marginal tax rate for an individual living in British Columbia who has taxable income of $250000 in 2020?

  What amount can toni claim as a tax deduction

Cheers Pty Ltd is an Australian resident company which is involved in the wine and beer industries where it owns a number of vineyards in South Australia and has two boutique breweries in Adelaide where it produces Southern Bitter and Port Lincoln..

  Transactions to the taxpayers gross income

Calvin miscalculated his income in 2013 and overpaid his state income tax by $10,000. In 2015, he amended his 2013 state income tax return and received a $10,000 refund and $900 interest. Calvin itemized his deductions in 2013, deducting $12,000 in s..

  A firms income statement include the following data the

a firms income statement include the following data. the firms average tax rate was 20.cost of goods

  Prepare amortization schedule that determines interest

When Patey Pontoons issued 4% bonds on January 1, 2016, with a face amount of $820,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature December 31, 2019 (4 years). Prepare the journal entry to record their issuance b..

  About the sarbanes-oxley act

You likely have read about the Sarbanes-Oxley Act.  Why do you suppose Congress passed this law?  In your opinion, is the law providing any benefit for the average investor?  Do you think if we have enough such laws, it will eventually be impossible ..

  Produces a single product had a net operating income

A company that produces a single product had a net operating income of $93,000 using variable costing and a net operating income of $132,440 using absorption costing. Total fixed manufacturing overhead was $60,180 and production was 11,800 units both..

  Matt broderick company began operations

Matt Broderick Company began operations on January 2, 2013. It employs 9 individuals who work 8-hour days and are paid hourly

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