Maurice Tutor

(5)

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 14 Aug 2017 My Price 6.00

Summers and Winters

Summers and Winters formed a partnership on January 1. Summers contributed $90,000 cash and equipment with a market value of $60,000. Winters' investment consisted of cash, $30,000; inventory, $20,000; and all at market values. Partnership net income for year 1 and year 2 was $75,000 and $120,000, respectively. 1.) Determine each partner's share of the net income for EACH year, assuming each of the following independent situations: a. Income is divided based on the partners' failure to sign an agreement b. Income is divided based on a 2:1 ratio (Summers; Winters) c. Income is divided based on the ratio of the partners' original capital investments d. Income is divided based on the interest allowance of 12% on the original capital investments; salary allowance 2.) Prepare a journal entry to record the allocation of the year 1 income under alternative d. above. Thank you for your help!!

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Aug 2017 01:08 AM My Price 6.00

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