Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ramer and knox began a partnership by investing $8

Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first...

90.2K

Verified Solution

Question

Accounting

image
Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, the partnership earned $255,000 Prepare calculations showing how the $255,000 income is allocated under each separate plan for sharing income and loss: Exercise 12-5 (Algo) Part 3 Income allocation in a partnership LO P2 3. The partners agreed to share income by giving a $69,000 per year salary allowance to Ramer, a $43,000 per year salary allowance to Knox, 10% interest on their initial capitai investments, and the remaining balance shared equally. Net income is $255,000 Note: Enter all allowances as positive values, Enter losses as negative values

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

The functions u and w are defined as follows u x 2x 2 w x...

Basic Math
Q

1.Medication non-adherence among patients with hypertension is a major pharmaceutical care challenge. How can you as...

Medical Sciences
Q

4 may be a hyperbola 3 A proton of mass m charge e is released...

Physics
Q

A block A of mass m is at rest and another block B of equal...

Physics
Q

Required information (The fotlowing information applies to the questions displayed below.j...

Accounting
Q

On November 1, 2022,...

Accounting
Q

The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance...

Accounting
Q

E-Z Loan, Co. makes loans to high-risk borrowers. E-Z borrows from its bank and then...

Accounting
Q

Choose one or more institutions from the local environment, and reflect the practical reality of...

Accounting
Q

Dirt sifting equipment was purchased in January 2018 for $32,500 and is depreciated by the...

Accounting
Q

Which of the following is not a correct statement about noncontrolling interest? a. Noncontrolling interest...

Accounting
Q

When an equiptmebt dealer recieves a long term note in exchsbgr for equiptmebt abd the...

Accounting