Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. singer and mcmann are partners in a business. sing

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's...

80.2K

Verified Solution

Question

Accounting

Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year was $15,000?

a. $12,600

b. $9,400

c. $14,000

d. $6,000

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

Other questions asked by students

Q

alpha is expected to provide a dividend of sh 20 per share per year forever starting...

Finance
Q

sketch the fourier series of f(x) on the interval -L <= x <= L for A) f(x)...

Advance Math
Q

How does opportunity cost relate to the notion of incremental cash flow for a project? Explain and...

Finance
Q

1/ Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with...

Accounting
Q

Which of the following is equal to one O O cos 30 sin 60 cos...

Geometry
Q

A map has a scale of 1 in.: 25 mi. Two cities are 175 mi...

Basic Math
Q

Identify the population and the sample Describe the sample data set A survey of 138...

Statistics
Q

132. Dave Shurek started Hindsight Electric in February 2020. Hindsight completed the following...

Accounting
Q

E 1-18 Goodwill Measurement Washer Company has a reporting unit resulting from an earlier business...

Accounting
Q

provide a ratio analysis for all liquidity and profitability ratios MSI...

Accounting
Q

Question 4 The Garcia Corporation's stock has a 60% probability of experiencing an 12% return,...

Finance
Q

Quick Running Shoes reports the following: (1) (Click the icon to view the transaction information.)...

Accounting