Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ramer and knox began a partnership by investing $6

Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. During...

60.1K

Verified Solution

Question

Accounting

Ramer and Knox began a partnership by investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss.
3. The partners agreed to share income by giving a $56,000 per year salary allowance to Ramer, a $46,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $190,000.
Note: Enter all allowances as positive values. Enter losses as negative values.
\table[[,Ramer,Knox,Total],[Net Income,,,],[Salary allowances,,,0],[Interest allowances,,,],[Total salary and interest,,,],[Balance of income,,,],[Balance allocated equally,,,],[Balance of income,,,],[Shares of the partners,$,0,$
image

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

Basic Math
1.2K views

Suppose 239239 subjects are treated with a drug that is used to treat pain and 5151 of them developed nausea....

Accounting
1.2K views

Leslie Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority...

Basic Math
1.2K views

The following pulse rates were recorded for a group of 15 students Find the mode...

Basic Math
1.2K views

How many ways can twelve numbers be arranged around a circle?

Basic Math
1.2K views

The coordinates of the endpoints of RT are R(-6,-5) and T(4,0), and point S is...

Statistics
1.2K views

If the consequences of making a Type I error are severe would you choose the...

Algebra
1.2K views

2 Use the key features of the function to sketch its graph x intercept none...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below] Aram's taxable income before...

Accounting
1.2K views

Exercise 15-12 . Don Lieberman and Associates, a CPA firm, uses job order costing to...

Accounting
1.2K views

Marc, a single taxpayer, earns $145,000 in taxable income and $4,500 in interest from an...

Accounting
1.2K views

help answering 1-10 ...

Accounting
1.2K views

The time value of money is explained by which of the following? A) Invested money...