Identify the respective shares of Partner J and Partner B.

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 5MCQ

To determine

Identify the respective shares of Partner J and Partner B.

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Jamison and Blue form a partnership with capital contributions of $600,000 and $800,000, respectively. Their partnership agreement calls for Jamison to receive $120,000 per year in salary. Also, each partner is to receive an interestallowance equal to 10% of the partner’s beginning capital contributions, with any remaining income or loss divided equally. If net income for its initial year is $270,000, then Jamison’s and Blue’s respective shares are:

Jamison and Blue form a partnership with capital contributions of $600,000 and $800,000, respectively. Their partnership agreement calls for Jamison to receive $120,000 per year in salary. Also, each partner is to receive an interest allowance equal to 10% of the partner’s beginning capital contributions, with any remaining income or loss divided equally. If net income for its initial year is $270,000, then Jamison’s and Blue’s respective shares are a. $135,000; $135,000. d. $185,000; $85,000. b. $154,286; $115,714. e. $85,000; $185,000. c. $120,000; $150,000.

Christie and Jergens formed a partnership with capital contributions of $350,000 and $450,000, respectively. Their partnership agreement calls for Christie to receive a $65,000 per year salary allowance. Also, each partner is to receive an interest allowance equal to 8% of the partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is S144,000, then Christie and Jergens's respective shares of income are: Multiple Choice S43.000, $101,000. thing $72,000: S72.000 $100.500: $43,500. S93,000 S36.000. 563.000, $81,000

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 5MCQ

To determine

Identify the respective shares of Partner J and Partner B.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 5MCQ

To determine

Identify the respective shares of Partner J and Partner B.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 5MCQ

To determine