The net income of the Mohammad and Ahmed partnership is 250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of 200,000 (Mohammad) and 300,000 (Ahmed) have been allocated. At the beginning of the year, Mohammad's Capital account had a balance of 500,000 and Ahmed's Capital account had a balance of 650,000. What is the balance of Mohammad's Capital account at the ?end of the year after profits and losses have been distributed

Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $10,700 and that Bright should receive a $20,600 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $54,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Allocation of Partnership Income Stolton Net income Salary allowances Bright Total $ 54,000 0 Balance of income Balance allocated equally 0 Balance of income $ 0 Shares of the partners $ 0 $ 0

Peter and Paul are partners in a partnership. Their share of the partnership profits and losses are 60% and 40% respectively. Peter is a resident and Paul is a non-resident. In this income year, the partnership derived the following income:   interest income from an Australian Bank Account: $30,000 interest income from an overseas bank account: $18,000 Calculate the net income of the partnership and explain how that amount will be allocated and assessed in the hands of Peter and Paul.

Robert and Matthew have a partnership agreement which includes the following provisions regarding sharing net income or net loss: 1. A salary allowance of $47,600 to Robert and $36,400 to Matthew. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 70% to Robert and 30% to Matthew. The capital balance on January 1, 2020, for Robert and Matthew was $99,000 and $135,000, respectively. During 2020, the Robert and Matthew Partnership had sales of $496,000, cost of goods sold of $285,000, and operating expenses of $84,000. Prepare an income statement for the Robert and Matthew Partnership for the year ended December 31, 2020. As a part of the income statement, include a Division of Net Income to each of the partners.

PLEASE ANSWER ALL THE FOLLOWING QUESTIONS   1. Seth and Beth 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 to be divided equally. How much of the net income of $42,000 is allocated to Seth? a.$32,000 b.$23,000 c.$20,000 d.$0   2. Tucker and Titus are partners who share income in the ratio of 3:1 (3/4 to Tucker and 1/4 to Titus). Their capital balances are $31,500 and $61,000, respectively. The partnership generated net income of $48,000 for the year. What is Tucker's capital balance after closing the revenue and expense accounts to the capital accounts? a.$67,500 b.$81,000 c.$40,500 d.$54,000   3. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the…

Rahul

Assume that partners A and B share all profits and losses in the ratio of 3:2. Partner B has $100,000 credited to her Partnership Capital account when net income is allocated at year‐end. The amount of partnership net income for the year is ??? Why is the answer = $250,000?

Ben and Carrie enter into a partnership agreement whereby they undertake to share profits according to the following rules: (a) Ben and Carrie will receive a salary of $1,500 and $13,500 respectively (b) The next allocation is based on 20% of the parner's capital balances ('c) Any remaining profit or loss is to be borne completely by Carrie The partnership's Net Income for the first year is $40,000. Ben's capital balance is $90,000 and Carrie's capital balance is $10,000 as at the end of the year. Calculate the share of profit/loss to be borne by Carrie. (it's asking for the total share of the Net Income Carrie will obtain) A  $                         4,000.00 B  $                       17,500.00 C  $                       19,500.00 D  $                       20,500.00

Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according to the following rules: (a) Nancy and Betty will receive a salary of $1,400 and $11,500 respectively. (b) The next allocation is based on 10% of the partner's capital balances. (c) Any remaining profit or loss is to be borne completely by Betty. The partnership's profit for the first year is $40,000. Nancy's capital balance is $88,000 and Betty's capital balance is $12,000 as at the end of the year. Calculate the share of profit/loss to be borne by Betty. Select one: a. $29,800 O b. $9,000 O c. $1,000 O d. $10,200

X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits?  A $14,000  B $22,000  C $26,000  D $26,667