Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lori and peter enter into a partnership and decide

lori and peter enter into a partnership and decide to share profits and losses as...

70.2K

Verified Solution

Question

Accounting

Lori and Peter enter into a partnership and decide to share profits and losses as follows: 1. The first allocation is a salary allowance with Lori receiving $12,000 and Peter receiving $14,000. 2. The second allocation is 20% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Lori and Peter are $80,000 and $16,000, respectively. 3. Any remaining profit or loss is allocated equally. For the year ending December 31, 2019, the partnership reported net income of $119,000. What is Lori's share of the net income? A. $64,900 B. $126,700 C. $54,100 D. $28,000

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

Finance
1.2K views

The Analysis of Walmart's recent Financial Statements

Physics
1.2K views

We observe a glancing collision between two billiard balls of the same mass. The first ball is...

General Management
1.2K views

Given the following all-integer linear program: (COMPLETE YOUR SOLUTION IN EXCEL USING SOLVER AND UPLOAD YOUR...

Biology
1.2K views

2 How might the following substances end up in urine Glucose Albumin

Biology
1.2K views

phrase A As in The Meadow Mouse Roethke draws connections between nature and human nature...

Physics
1.2K views

36 Time period of a simple pendulum of length L as measured in an elevator...

Algebra
1.2K views

One 8 oz serving each of coffee energy drink and soda contains 209 mg of...

Accounting
1.2K views

5. Suppose that the market for milk can be...

Accounting
1.2K views

1) Depreciation computed under doubledecliningbalance will decrease each year because: A.the book value used in...

Accounting
1.2K views

Suppose that a firm makes two products, A and B. The sales mix in units...

Finance
1.2K views

LEKTOL LTD. reported income tax expense for the year of $4 million. Interest payable decreased...

Accounting
1.2K views

Sunland Corporation uses the perpetual inventory system and began business on April 1. During the...