iii. Share of divisible income/loss Irfan Iftina The partnership's Statement of Comprehensive Income for the year ended 31 December 2014 was as follows: RM Income from construction contract Less: Cost of construction Profit from construction 8,418,600 7,961,400 457,200 190,700 647,900 Other income Less: General overheads 420,300 Net profit for the year 227,600 Included in the general overheads are: Partners' salaries Partners' interest on capital Depreciation on fixed asset RM 57,000 18,750 30,700

A partnership agreement states that following: the partners shall participate in profits: partner 1 - 70%, partner 2 - 25% and partner 3 - 5%. if the partnership had net income for the year of $135,000, what would be partner's 2 share of the income?      a. $33,750.     b. $94,500.     c. $100,000.     d. $6,750.

4

Current Attempt in Progress The A and B partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $80900 for A and $40100 for B. At the beginning of the year, A's capital account had a balance of $79300, while B's capital account had a balance of $71000. Profit for the year was $96000. The balance of B's capital account at the end of the year after closing is $40100. $121000. $68400. Ⓒ$98600.

Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $100,000 and $150, 000, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $49,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $49, 000, respectively, and the remainder divided equally. Dawson McDonald a. $fill in the blank 1 $fill in the blank 2 b. $fill in the blank 3 $fill in the blank 4 c. $fill in the blank 5 $fill in the blank 6 d. $fill in the blank 7 $fill in the blank 8 e. $fill in the blank 9 $fill in the blank 10

Answer with short Explanation Each Quation

Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year’s net income of $380,000 under each of the following independent assumptions: a. No agreement concerning division of net income.b. Divided in the ratio of original capital investment.c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.d. Salary allowances of $47,000 and $59,000, respectively, and the balance divided equally.e. Allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally.   Dawson McDonald a. $fill in the blank 1 $fill in the blank 2 b. $fill in the blank 3 $fill in the blank 4 c. $fill in the blank 5 $fill in the blank 6 d. $fill in the blank 7 $fill in the blank 8 e. $fill in the blank 9 $fill in the blank 10

Dividing Partnership Net Loss Lynn Carpenter and Matthew Fredrick formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000, respectively. Determine the division of a $24,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Lynn Carpenter Matthew Fredrick Salary Allowance Remainder Net Loss Total

Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,500 to Ramer and $44,400 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. ces Required: 1. Determine each partner's share given a first-year net income of $109,800 2. Determine each partner's share given a first-year net loss of $27,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net loss of $27,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners < Required 1…

The Adam and Daniel partnership reports net income of $54,000. Partner salary allowances are Adam $19,400 and Daniel $11,000. Any remaining income is shared 60:40. Determine the amount of net income allocated to each partner. Division of Net Income Adam Daniel Total Salary allowance 2$ 2$ Remaining income Total division 24 24 %24