Guenther and Firmin, both of whom are CPAs, form a partnership, with Guenther investing $100,000 and Firmin, $80,000. They agree to share net income as follows:
1. Salary allowances of $80,000 to Guenther and $50,000 to Firmin.
2. Interest allowances at 15 percent of beginning capital account balances.
3. Any partnership earnings in excess of the amount required to cover the interest and salary allowances to be divided 60 percent to Guenther and 40 percent to Firmin.
The partnership net income for the first year of operations amounted to $247,000 before interest and salary allowances. Show how this $247,000 should be divided between the two partners.
Use a three-column schedule of the type illustrated in Exhibit C-9.
List on separate lines the amounts of interest, salaries, and the residual amount divided. (Leave no cells blank - be certain to enter "0" wherever required. Negative amount should be indicated by a minus sign. Omit the "$" sign in your response.)
What set of acid and base combinations below could be used to generate sodium iodide, NaI?a. NaOH and HFb. HIO3 and Na2CO3c. Na2CO3 and HId. NaOH and HIe. both c & dMay 20 2021
QUESTION 3 10 points Save Answer In a job shop, effective capacity is only 38 pereent of design capacity, and actual output is 35 percent of effective output. What design...Jun 14 2020
Erie Health Care common stock offers an expected total return of 9.5%. The last annual dividend was $2.10 a share and dividends are expected to increase at a constant 3.5...May 15 2021
Marshall-Miller & Company is considering the purchase of a new machine for $50,000, installed. The machine has a tax life of 5 years, and it can be depreciated according ...Jun 12 2021
When the financial crisis started in August 2007, inflation was rising and the Fed began an aggressive easing lowering of the federal funds rate, which indicated that A) ...Aug 17 2020
From given data calculate the number of excavators 22000000 cubic yards of clay 4000000 cubic yards of clean to max density based on ASTM D698 30 feet below ground level ...Jul 03 2020
For the beam with recta height h = 75 mm in Figure Q3: with rectangular cross-section with dimensions base b = 50 mm and a) Find the reactions at the supports A and B if ...Aug 18 2020
he following function written in pseudocode inputs INCOME as a variable and outputs the TAX corresponding to that income You can think of this as a greatly simplified inc...Feb 15 2020
How is scarcity related to the study of economics?Apr 13 2020
XYZ Corporation expects an EBIT of $8,000 every year forever. XYZ Corporation currently has no debt, and its cost of equity is 20 percent. The firm can borrow at 8 percen...May 01 2020