Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. xyz co. reports net income of $500,000. partner sa

XYZ Co. reports net income of $500,000. Partner salary allowances are X $60,000, Y $20,000,...

90.2K

Verified Solution

Question

Accounting

XYZ Co. reports net income of $500,000. Partner salary allowances are X $60,000, Y $20,000, and Z $20,000, assuming the income ratio is 50: 30: 20, respectively. the division of net income to partner includes:Question 23Answera.Credit to Y capital $ 120,000.b.Debit to Y capital $ 140,000.c.Debit to Y capital $ 120,000.d.Credit to Y capital $ 140,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Assume that the average volume of raindrops globally is normally distributed with mean 0.45 ml and...

Basic Math
Q

1.(15):Define Partition function Equipartition principle How the energy of a system can be gotten from the partition function. Quantum mechanical...

Chemistry
Q

There are two speakers at the front of the room. Each is outputting a 250Hz pure...

Physics
Q

Suppose that you design an amplifier circuit but measuring the output on the oscilloscope shows that...

Electrical Engineering
Q

In the carbon cycle carbon is taken in by plants O A OB O C...

Biology
Q

A heat engine has the three step cycle shown above. Starting from point A, 1...

Physics
Q

shows a square current carrying loop ABCD of side 2m and current i A The...

Physics
Q

From previous integration techniques we know that sec t dt In sec t tan t...

Calculus
Q

Exercise 19-12(Algo) EPS; shares issued; stock dividend [LO19-5,19-6] For the year...

Accounting
Q

The City Council of the City of Thurston decided to pool the investments of its...

Accounting
Q

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage...

Accounting
Q

Thornton, Incorporated estimates manufacturing overhead costs for the Year 3 accounting period as follows. ...

Accounting