Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 7.00

South Central Company.

Distribution of Income: salaries and Interest

P5. Jan, Pat, and Misa are partners in South Central Company. The partnership agree- ment states that Jan is to receive 8 percent interest on his capital balance at the begin- ning of the year, Pat is to receive a salary of $200,000 a year, and Misa will be paid inter- est of 6 percent on his average capital balance during the year. Jan, Pat, and Misa will share any income or loss after salary and interest in a 5:3:2 ratio. Jan’s capital balance at the beginning of the year was $1,200,000, and Misa’s average capital balance for the year was $1,440,000.

 

reQUIreD

Determine each partner’s share of income and losses under the following conditions. In each case, the income or loss is stated before the distribution of salary and interest.

1.  Income was $1,090,400.

2.    Income was $311,200.

3.    The loss was $113,600.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 7.00

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