1 answer

Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital...

Question:

Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital balances for the quarter year were $50,000, $70,000, and $80,000, respectively.

Conner and Heyward each receive a “salary” of $8,000 each quarter due to their years of experience

in the field.  All three partners receive 5% interest on their average capital balance.  The net income

for this quarter was $25,100.

Prepare a schedule that shows the distribution of the net income to the partners.


Answers

Conner Tuitt Heyward Total/Balance
Net income for the quarter $           25,100
Salary allowed $               8,000 $                     -   $             8,000 $           16,000
Balance to be distributed $                      -   $                     -   $                    -   $              9,100
Interest at the rate of 5% on average capital $               1,000 $              1,400 $             1,600 $              4,000
Balance to be distributed $              5,100
Shared in the ratio of 3:4:5 $               1,275 $              1,700 $             2,125 $              5,100
Balance to be distributed $                     -  
Total distributed $             10,275 $              3,100 $          11,725 $           25,100
.

Similar Solved Questions

1 answer
A certain substance has a heat of vaporization of 60.91 kJ/mol. At what Kelvin temperature will...
A certain substance has a heat of vaporization of 60.91 kJ/mol. At what Kelvin temperature will the vapor pressure be 4.50 times higher than it was at 293 K? Number...
1 answer
%. Which graph represents the relationship between the gravitational potential energy (GPE) of an object near...
%. Which graph represents the relationship between the gravitational potential energy (GPE) of an object near the surface of Earth and its height above the surface of Earth? A) B) Height Height C) D) Height Height 1 Three neonle of eaual mass climb a mounta...
1 answer
Please help, not sure why I got this wrong. absorption costing ? 100 x 3.58 =...
please help, not sure why I got this wrong. absorption costing ? 100 x 3.58 = 13,833. High-Low Method Cost Formulas During the past year, the high & low use of three oufferent resources for Fly High Airlines occurred in July, Aile The resources are ourplane depreciation, fuel, & ai...
1 answer
How do you simplify #tan^-1 1#?
How do you simplify #tan^-1 1#?...
1 answer
14. Nicolette raised her quantity demanded of hockey pucks from 100 to 150 when the price...
14. Nicolette raised her quantity demanded of hockey pucks from 100 to 150 when the price fell from $5 to $3 per puck. Using the midpoint method, her price elasticity of demand is -0.80 b. 0.40 c. -1.25 d 8...
1 answer
The iconic In-N-Out Burger, Inc. burger chain plans to sue an Australian burger restaurant called Down-N-Out,...
The iconic In-N-Out Burger, Inc. burger chain plans to sue an Australian burger restaurant called Down-N-Out, claiming that the eateries were trying to mimic themselves after In-N-Out and mislead customers into believing that Down-N-Out has received the endorsement or is in some other way affiliated...
1 answer
Calculate SAUNDERS COMPREHENSIVE REVIEW FOR THE Home History Exam-100 Mode Question 96 of 100 A health...
calculate SAUNDERS COMPREHENSIVE REVIEW FOR THE Home History Exam-100 Mode Question 96 of 100 A health care provider's prescription reads hydralazine 5 mg intravenously stat. The medication label reads hydralazine 20 mg/mL. The nurse prepares how many milliliters of the medication to administer ...
1 answer
How do you simplify #7/(4k+8)-k/(k+2)#?
How do you simplify #7/(4k+8)-k/(k+2)#?...
1 answer
1. [Suggested time 20-30 minutes] The reverse water gas shift (WGS) reaction occurs during many high temperature processes involving hydrocarbons and typically reaches equilibrium: coag) + H2(g)...
1. [Suggested time 20-30 minutes] The reverse water gas shift (WGS) reaction occurs during many high temperature processes involving hydrocarbons and typically reaches equilibrium: coag) + H2(g) 근 COe) + H2O(g) AG 298K (kJ/mol) AH1298K (kJ/mol) -137.66 -229.25 -395.51 0.00 -110.84 -242.52 -39...
1 answer
What are some examples of Action items that can be taken to help combat human trafficking In the next 10 minutes: 2. 3....
What are some examples of Action items that can be taken to help combat human trafficking In the next 10 minutes: 2. 3. In the next 10 days: 2. 3. In the next 10 months: 1. 2. 3....
1 answer
Situation: The town of Waterville has the following past population data projected beyond 1990 Year Population...
Situation: The town of Waterville has the following past population data projected beyond 1990 Year Population 10,240 12,150 18,430 26210 22,480 32.410 45,050 57,200 64,030 77,320 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 The average water consumption (including every possible sector) is 160...
1 answer
QUESTION 22 Select the major product of the following reaction scheme: Reaction NaOH H H3C Acetone,...
QUESTION 22 Select the major product of the following reaction scheme: Reaction NaOH H H3C Acetone, EtOH 25 °C ora voda HEC B E OH O CHE нс нус CH F с H HC (No Reaction) CI CI ol. A oll. B o III.C IV.D .V. E o VI.F...
1 answer
Wed 11:08 AM Emi 100% History Bookmarks Window Help DCOMIO0-215P1oPERSUASsION angcengage.com CENGAGE MINDTAP Search this course...
Wed 11:08 AM Emi 100% History Bookmarks Window Help DCOMIO0-215P1oPERSUASsION angcengage.com CENGAGE MINDTAP Search this course Homework (Ch 08) 1. Understanding the implications of taxes on welfare The fellowing graph represents the demand and supply for pinckneys (an imaginary product). The black ...
1 answer
Problem 6.99 < 32 The simply supported truss is subjected to the central distributed load w...
Problem 6.99 < 32 The simply supported truss is subjected to the central distributed load w = 110 lb/ft. The top member is a pipe having an outer diameter of 1 in and thickness of 3/16 in., and the bottom member is a solid rod having a diameter of 1/2 in. 5.75 in. T MIT 6 ft Part A Neglect the ef...