What was C's share of income or loss for the first year
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What was C's share of income or loss for the first year?
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.Aquila partnership began its first year of operations with the following capital balances: N, Capital: P143,000 A, Capital: P104, 000 C, Capital: P143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: -N was to be awarded an annual salary of P26,000 with P13,000 salary assigned to C -Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. -The remainder was to be assigned on a 4:3:3 basis, respectively. -Each partner was allowed to withdraw up to P13,000 per year. Assume that the net loss for the first year of operations was P36,000 with net incomeof P42,000 in the second year. Assume further that each partner withdrew the maximum amount fiom the business each year. A. What was C's share of income or loss for the first year? B. What was the balance in C's capital account at the end of the second year?ABC partnership began its first year of operations with the following capital balances: A, Capital: P143,000 B, Capital: P104,000 C, Capital: P143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: A was to be awarded an annual salary of P26,000 with P13,000 salary assigned to C Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year The remainder was to be assigned on a basis 5:2:3, respectively Each partner was allowed to withdraw up to P13,000 per year Assume that the net loss for the first year of operations was P26,000 with net income of P52,000 in the second year. Assume further that each partner withdrew the maximum amount from the business each year. Question: What was A, B, and C's share of income or loss for the year?
- A B C partnership began its first year of operations with the following capital balances: A, Capital: $143,000 B, Capital: $104,000 C, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: A was to be awarded an annual salary of $26,000 with $13,000 salary assigned to C Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year The remainder was to be assigned on a basis 5:2:3, respectively Each partner was allowed to withdraw up to $13,000 per year Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. Assume further that each partner withdrew the maximum amount from the business each year. A. What was A's share of income or loss for the first year? B. What was B's share of income or loss for the first year? C. What was C's share of income or loss for the first year? D. What was the balance in…ABC partnership began its first year of operations with the following capital balances: A, Capital: P143,000 B, Capital: P104,000 C, Capital: P143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: A was to be awarded an annual salary of P26,000 with P13,000 salary assigned to c Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year The remainder was to be assigned on a basis 5:2:3, respectively Each partner was allowed to withdraw up to P13,000 per year Assume that the net loss for the first year of operations was P26,000 with net income of P52,000 in the second year. Assume further that each partner withdrew the maximum amount from the business each year. Question: What was the balance in A, B, and C's Capital account at the end of the 2nd year?1. A partnership began its first year of operations with the following capital balances: Young, Capital: $143,000 Eaton, Capital: $104,000 Thurman, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: • Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. • Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. • Each partner withdrew $13,000 per year. Assume that the net loss was $26,000. What was the ending balance in the capital account of each partner? Eaton Thurman Total Supporting details Young Capital 10% interest Salary Drawings Loss
- 1. Partners MM and LL have profit and loss agreement with the following provisions: salaries of P30,000 and P45,000 for MM and LL, respectively; a bonus to MM of 10% net income after salaries and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for MM and LL, respectively. One-third of any remaining profits will be allocated to MM and the balance to LL. If the partnership had a net income of P104,500, how much should be allocated to MM, assuming the provisions of the profit and loss agreement are ranked by order of priority, starting with salaries?2. Renalie and Ben are partners who share profits and losses in the ratio of 6:4, respectively. On June 1, 20X2, their respective capital accounts were as follows:• Renalie - P60,000 • Ben - P50,000On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an investment of P40,000. What is the capital of Ben after Jeremiah’s admission if the partnership began with a total…The following are the partnership agreement between partners Baby Love & Honey Sweet for their partnership’s profit distribution:A. Each partners shall be entitled for an annual salary of P50,000 each.B. 15% Bonus of partnership profits after salaries to Honey Sweet being a managing partner.C. 20% interest is given to both partners based on average capital ratio.D. Residual profit and loss shall be distributed on the ratio 2:2The ledgers of their capital balances are shown below: Baby Love Debit: July 1. P20,000 Credit: Jan 1. P80,000 Oct 1. P40,000 Honey Sweet Debit: Oct 1. P10,000 Credit: Jan 1. P120,000 May 1. 30,000 The partnership profit for the year is P150,000 before distribution to partners Required: 1. Prepare a Schedule for Profit Distribution.2. Journal entry to record the distribution of profit to partners.Jasmine Partnership began its first year of operations with the following capital balances: J, Capital: $143,000 A, Capital: $104,000 S, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: - J was to be awarded an annual salary of $26,000 with $13,000 salary assigned to C - Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year - The remainder was to be assigned on a 4:3:3 basis, respectively. - Each partner was allowed to withdraw up to $13,000 per year. If the net loss for the first year of operations was $36,000 with net income of $42,000 in the second year. Assume also that each partner withdrew the maximum amount from the business each year. a. How much was the share of income or loss for the first year of S? b. How much was the balance in the capital account at the end of the second year of S?
- A partnership begins its first year of operations with the following capital balances: ABC, Capital DEF, Capital GHI, Capital P 110,000 80,000 110,000 According to the articles of partnership, all profits will be assigned as follows: ➤ ABC will be awarded an annual salary of P20,000 with P10,000 assigned to GHI. > The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. ➤ The remainder will be assigned on a 5:2:3 basis, respectively. > Each partner is allowed to withdraw up to P10,000 per year. Reminder from the Student Handbook: Code of Ethics- 24. Assume that the net loss for the first year of operations is P30,000 and that net income for the subsequent year is P40,000. Assume also that each partner withdraws the maximum amount from the business each period. What is the balance in ABC's capital account at the end of the first year?admission with invalidation of grade15. A partnership begins its first year of operations with the following capital balances: A, Capital P70,000 B, Capital P90,000 C, Capital P110,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 10% of the beginning capital. B is allocated compensation of P2,000 per month. Any remaining profits of losses are allocated on a 4:2:4 basis, respectively. Each partner is allowed to withdraw up to P3,000 cash per year. Assuming that the net income is 50,000 and that each partner withdraws the maximum amount allowed, what is the balance of the capital of partner A at the end of that year?A partnership begins its first year of operations with the following capital balances: Winston, Capital $ 52,000 Durham, Capital Salem, Capital 42,000 52,000 According to the articles of partnership, all profits will be assigned as follows: • Winston will be awarded an annual salary of $12,000 with $6,000 assigned to Salem. ⚫ The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. The remainder will be assigned on a 5:2:3 basis, respectively. • Each partner is allowed to withdraw up to $5,000 per year. The net loss for the first year of operations is $20,000 and net income for the subsequent year is $25,000. Each partner withdraws the maximum amount from the business each period. What is the balance in Winston's capital account at the end of the second year?