Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows: Annual salary allowance to Delew, $18,000, and Comatof, $51,000. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided equally. Delew and Comatof had $36,000 and $91,000, respectively, in their January 1 capital balances. Net income for the year was $55,000. Required: How much net income should be distributed to Delew and Comatof?

Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balances are $95,000 and $140,000 respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Rex's capital balance after closing the revenue and expense accounts to the capital accounts? a. $71,000 b. $119,000 c. $146,000 d. $111,000 e. None of the above.

Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Yolanda? Oa. $77,000 Ob. $36,000 Oc. $44,000 Od. $38,000

Xavier and Yolanda have original investments of $51,500 and $100,100, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $27,200 and $29,600, respectively; and the remainder to be divided equally. How much of the net income of $114, 400 is allocated to Xavier? a. $37,500 b. $61, 368 с. $51,140 d. $27,200

Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $418, 200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $418, 200 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments.

On January 2, Y1, Arch and Bean contribute $10,000 cash each to form Partnership. Arch and Bean share profits and losses in a ratio of 50% to 50%, respectively. For Y1, the partnership's ordinary income was $40,000. In addition JK Partnership took out a loan for $20,000 and a distribution of $5,000 was made to Arch during Y1. What is Arch's basis in JK Partnership at the end of Y1? $25,000. $5,000. $35,000. O $15,000.

Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net income of $40,000 is allocated to Xavier? 21. a. $20,000 b. $22,000 c. $32,000 d. $0 Moderate OBJ: LO: 12-02 DIF: PTS: 1 ANS: B KEY: Bloom's: Application NAT: BUSPROG: Analytic

Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?

The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary.  Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A $10,000 C. ($12,000)