Ivanhoe Company reported net income of $93,300. The partnership agreement provides for salaries of $24,200 to Miley and $17,400 to Guthrie. They divide the remainder 30% to Miley and 70% to Guthrie.
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- Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55: 22:23, respectively. Salary allowance Remaining income Total division of net income LA Pitts $ $ Division of Net Income Filbert $ $ Witten to $ $ CA TotalProblem IAriel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel BeautyCash 113 126Accounts Receivables 200 100Inventories 50 50Equipment 80 0Furniture 0 30Prepayments 5 15TOTAL 448 321 Accounts Payable 75 95Capital 373…Use the following information for the next two questions: A and B formed a joint operation. The following were the transactions during the year: A B Total purchases 400 320 Total sales 480 240 Expenses paid 800 Other income 40 The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales. Any remaining profit or loss is divided equally. 23. How much is the profit (loss) of the joint operation? c. 840 d. (840) a. 760 b. (760) 24. On the cash settlement between the joint operators, a. A pays B P368. b. B pays A P368. c. A pays B P428. d. B pays A P428.
- Instructions: Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) Problem: Partners Angela and Gabriel received a salary allowance of P30,000 and P70,000, respectively, and agreed to share the remainder of the profit equally. If the company earned P40,000 during the period, how will the profit be distributed: 1. Angela 2. GabrielWildhorse Co. reports net income of $62,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $4,000. Indicate the division of net income to each partner, assuming the income ratio is 56:27:17. respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ S Division of Net Income Filbert S Witten S S Tot:Use the following information for the next two questions: A and B formed a joint operation. The following were the transactions during the year: A B Total purchases 400 320 Total sales 960 720 Expenses paid 800 Other income 40 The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales. Any remaining profit or loss is divided equally. How much is the profit (loss) of the joint operation? _____________________ On the cash settlement between the joint operators a. A pays B ₱368 b. B pays A ₱368 c. A pays B ₱428 d. B pays A ₱428
- Oriole Co. reports net income of $53,000. Partner salary allowances are Pitts $17,000, Filbert $6,000, and Witten $8,000. Indicate the division of net income to each partner, assuming the income ratio is 55:22:23, respectively. Salary allowance Remaining income Total division of net income $ $ Pitts $ $ Division of Net Income Filbert $ $ Witten $ $ TotalThe Fig & Olive Co. reports net income of $25,100. Interest allowances are Fig $3,400 and Olive $6,200; partner salary allowances are Fig $18,300 and Olive $10,300 and the remainder is shared equally. Indicate the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg. (15,000).J Salary allowance Interest allowance on partners' capital Total salaries and interest Remaining income Total division of net income $ Fig Account Titles and Explanation Division of Net Income $ Debit Olive Prepare the entry to distribute the net income. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) $ Credit TotalMarquis Westbury invested $119,100 in the Trenton and Rainwater partnership for ownership equity of $119,100. Prior to the investment, equipment was revalued to a market value of $77,400 from a book value of $57,300. Daniel Trenton and Ann Marie Rainwater share net income in a 2:1 ratio. Question Content Area a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
- A, B, and C are in partnership as recreational suppliers, sharing residual profits or losses in the ratio of 5:2:3 respectively. At 1st November 2011 their capital and current balances were: Capital account Current account TZS TZS A 8,000,000 580,000 Cr 10,000,000 350,000 Dr 12,000,000 210,000 Cr Avitus Dominick: Msc Finance and Investment, CPA (T ) & BAC (0714-336097) 16The following data pertain Ali,Saeed partnership for the first year of operations: Revenues OR360,000 Cost of goods sold OR150,000 Salaries expenses OR25,000 Interest expenses OR3,000 OR8,000 (for Insurance policy two years) The net income for the first year will be: Select one: a. OR178,000 b. OR174,000 C. OR210,000 d. OR182,000Dowill & Co. is a partnership firm with partners Mr. A, Mr. B and Mr. C, charing profit and losses in the ratio of 10 : 6 : 4. Balance Sheet of the firm as at 31st March, 2015 is as under : 2$ Сapital: Mr. A Land 10,000 2,00,000 1,30,000 43,000 12,000 1,30,000 1,39,000 Mr. B Mr. C 80,000 20,000 30,000 Buildings Plant & Machinery Furniture Reserves (Unappropriated Profit) Long Term Debt Bank Overdraft Trade Creditors 1,30,000 | Investments 20,000 | Stock 3,00,000 Debtors 44,000 1,70,000 Total 6,64,000 Total 6,64,000 It was mutually agreed that Mr. B will retire from partnership and in his place. Mr. D will be admitted as a partner with effect from 1st April, 2015. For this purpose, the following adjustments are to be made: (i) Goodwill is to be valued at $1 lakh but the same will not appear as an asset in the books of the reconstituted firm. (ii) Buildings and Plant and Machinery are to be de reciated by 5 percent and 20 percent respectively. Investment are to be taken over by the…