Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ramer and knox began a partnership by investing $7

Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed...

70.2K

Verified Solution

Question

Accounting

Ramer and Knox began a partnership by investing $75,000 and $105,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,500 to Ramer and $46,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally.
Note: Enter all allowances as positive values. Enter losses as negative values.
Required:
Determine each partner's share given a first-year net income of $113,800.
Determine each partner's share given a first-year net loss of $31,800.
Complete this question by entering your answers in the tabs below.
Determine each partner's share given a first-year net income of $113,800.
\table[[Allocation of Partnership Income],[,Ramer,Knox,Total],[Net Income (loss),,,,,$,113,800],[Salary allowances,$,57,500,$,46,000,,103,500],[Balance of income (loss)],[Interest allowances,,7,500,,10,500,,18,000],[Balance of income (loss)],[Balance allocated equally,,47,900,,47,900,,95,800],[Balance of income (loss)],[Shares of the partners,$,(23,000),$,(11,500),,]]
image

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A severe tricuspid valve problem that can be viewed via cardiac ultrasound is called?

Medical Sciences
Q

What is the benefit of studying culture from the anthropological perspective for the individual? For society?

Psychology
Q

Could you give me a basic introduction about “Validation of Reynolds analogy concept “ ?

Mechanical Engineering
Q

What is the function of the coronary circulation?to transport oxygenated blood from the lungs to...

Biology
Q

4 Given angle IJK is bisceted by ray JE and angle IJE 4x 10 and...

Geometry
Q

Rewrite the equation 6x-2y-2=0 in slope-intercept form.Give the slope and y-intercept.Use the slope and y-intercept...

Basic Math
Q

3 Sketch a graph of the equation and upload a picture of the graph Label...

Calculus
Q

Multiply Write your answer as a fraction or as 2 1 4 times 1 1...

Algebra
Q

Graph the linear equation y 6 Use the graphing tool to graph the linear equation...

Algebra
Q

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item...

Accounting
Q

Kingbird sells a Snowboard, White out, that is popular with snowboard enthusiats. Presented below is...

Accounting
Q

Emma is 78 years old and files as single. She has pension income of $12,000...

Accounting