On January 1,2023, Batman and Superman formed Justice League Departmental Store with capital investments of...
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Accounting
On January Batman and Superman formed Justice League Departmental Store with capital investments of $ and $ respectively. The partnership agreement provides that profits are to be allocated as follows: Annual salaries of $ and $ are granted to Batman and Superman, respectively. Batman is entitled to a bonus of of net income after salaries and bonus but before interest on capital investments is subtracted. Each partner is to receive an interest credit of on the original capital investment. The remaining profits are allocated to Superman and to Batman. On December the partnership reported net income before salaries, interest, and bonus of $ Requirements Calculate the allocation of Partnership Bonus. Calculate the allocation of partnership Profit.
On January Batman and Superman formed Justice League Departmental Store with capital investments of $ and $ respectively. The partnership agreement provides that profits are to be allocated as follows:
Annual salaries of $ and $ are granted to Batman and Superman, respectively.
Batman is entitled to a bonus of of net income after salaries and bonus but before interest on capital investments is subtracted.
Each partner is to receive an interest credit of on the original capital investment. The remaining profits are allocated to Superman and to Batman.
On December the partnership reported net income before salaries, interest, and bonus of $
Requirements
Calculate the allocation of Partnership Bonus.
Calculate the allocation of partnership Profit.
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