Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. charlie and lucy share profits and losses in a rat

Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed...

90.2K

Verified Solution

Question

Accounting

Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed payments (salary allowances), interest allowances and bonus allocations. Charlie and Lucy receive guaranteed payments (salary allowances) of $40,000 and $60,00, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Total net income for 2023 is $550,000. What amount of net income is allocated for 2023 to each of the partners, Charlie and Lucy's?" January 1 capital balances Charlie-$900,000 and Lucy-$700,000

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

5 Find the value of a that makes AOLD AAGE E x A 3x 5...

Geometry
Q

Consider the given set operation Let U 1 2 3 4 5 6 7 8...

Basic Math
Q

Given that f(x)=x-15 and g(x)=5-x, find (f - g)(6), if it exists.Select the correct choice...

Basic Math
Q

Consider the graph of the function f(x) = x^2+ 3x - 18 / x^2 -...

Basic Math
Q

a Estimate the area under the graph of f x 5 x from x 0...

Calculus
Q

1 When the numerator and denominator are the same degree the horizontal asymptote is the...

Algebra
Q

Putnam & Putnam, a legal firm, uses the balance sheet approach to estimate uncollectible accounts...

Accounting
Q

Bed & Bath, a retalling company, has two departments-Hardware and Linens. The company's most recent...

Accounting
Q

Sandhill Co. had the following account balances: What would Sandhill report as total expenses in...

Accounting
Q

Which of the following is not a reason that Congress passed the Sarbanes-Oxley Act? a.To...

Accounting
Q

Carriveau Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Beginning Balance Balance...

Accounting
Q

In order to purchase a home, a family borrows $ 589,000 at 2.6% for 30...

Finance