Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. partners a and b have a profit and loss agreement

Partners A and B have a profit and loss agreement with the following provisions: salaries...

90.2K

Verified Solution

Question

Accounting

Partners A and B have a profit and loss agreement with the following provisions: salaries of $40,000 and $45,000 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 15% on average capital balances of $40,000 and $60,000 for A and B, respectively. One-third of any remaining profits or losses are allocated to B and the balance to A. If the partnership had net income of $52,000, how much should be allocated to Partner A

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

All things equal, diversification of total risk is most effective when the ROPC associated with each security...

Finance
Q

Design and write a Corporate Code of Ethics for a professional computing/IT company. Your COE should...

Programming
Q

MUSCLES OF THE LOWER LIMB With the models available in lab, identify to the best of...

Medical Sciences
Q

A stone weighs 50 N at an altitude equal to radius of earth The ratio...

Physics
Q

The point P(2, -1) lies on the curve y = 1/(1-x).(a) If Q is the...

Basic Math
Q

A vertical photo has an air base of 265 ft Stereoscopic measurements of parallax at...

Statistics
Q

What is the solution of the quadratic equation 2x 5x 1 0 Solve by using...

Algebra
Q

Factor the expression Use the fundamental identities to simplify if necessary There is more than...

Algebra
Q

3 > Question 34 (1 point) Interest and dividends paid and charged to retained earnings...

Accounting
Q

Which of the following it passive income? Select one: a. Net Rental income from Real...

Accounting
Q

a markup language is associated with formatting of text files using specific codes called tags...

Accounting
Q

On January 1, 2017, Kingbird Corporation granted 2,100 shares of restricted $5 par value common...

Accounting